Host country uncertainty, intra‐MNC production shifts, and subsidiary performance
研究了跨国公司子公司在东道国汇率变动时是否发生生产转移，发现子公司因本币贬值而增产会减少同一网络中其他子公司的产量，且参与生产转移的子公司绩效更高。
Abstract This study examines whether or not production shifts occur among the foreign subsidiaries of multinational corporations (MNCs) under the influence of differing macroeconomic conditions in their host countries. This study compares intra‐MNC production shifts under the influence of exchange rate changes across different host countries. Our findings indicate that the increase of a subsidiary's production at the time of its host country currency depreciation decreases the production of other subsidiaries within the same MNC network. Our empirical evidence also shows that MNC subsidiaries that engage in production shifts with other affiliated subsidiaries command a higher performance. Copyright © 2012 John Wiley & Sons, Ltd.