MNC strategies, exogenous shocks, and performance outcomes
研究了国际多元化如何影响跨国公司在外生冲击后的短期和长期绩效，以9·11事件为例，发现短期负面但长期正面效应。
Abstract This paper examines the effect of international diversification on multinational corporation (MNC) performance in the face of exogenous shocks in the global business environment, and the extent to which MNCs' internationalization aids or impedes post‐shock performance. We use the September 11, 2001 attacks as a research setting to investigate the relationship between international diversification and MNC performance after a sudden change in the environment. The empirical tests on a sample of 191 U.S. MNCs and a matched sample of non‐U.S. MNCs indicate that the level of pre‐September 11 international diversification is negatively correlated with immediate cumulative abnormal returns to shares, but positively correlated with longer‐term performance. Copyright © 2011 John Wiley & Sons, Ltd.