Performance and business relatedness as drivers of exit decision: A study of MNCs from an emerging country
研究新兴市场跨国公司中，外国子公司的国际绩效与退出决策的关系，发现产品关联性和无形资源关联性对绩效与退出关系有不同调节作用，基于180家中国企业的数据。
Research Summary This study examines the exit behavior of emerging market MNC s in the context of the parent company ( PC )‐foreign affiliate ( FA ) relationship. Specifically, we consider business relatedness as a moderating variable and examine its impact on the relationship between an FA ’s international performance and its exit decision from a foreign market. Our results, based on data collected from multiple informants in 180 C hinese firms, indicate that product relatedness and intangible resource relatedness have different moderating impacts on the FA performance‐ FA exit decision relationship. Implications of these findings, along with the limitations of the study, are discussed. Managerial Summary Although the research on international entry and expansion is particularly important, an aspect that has been largely ignored in the literature is the exit behavior of firms. This study examines whether the extent to which a foreign subsidiary is similar to its parent's core business may influence the firm's exit decision. The findings indicate that managers are more likely to exit a poorly performing FA if there is a high (vs. low) level of product relatedness between the FA and its PC 's core business. The results also suggest that intangible resource relatedness exerts a different contingent effect on the FA performance‐ FA exit relationship than does product relatedness.