Weathering storms – Technological exploration of MNCs in times of financial crisis
研究了金融危机对跨国公司技术探索的负面影响，发现该效应主要限于母国单位和新建子公司，而对收购的外国子公司影响较小，揭示了跨国性的优势。
We generate new knowledge about financial crises and their consequences for MNC technological development, thereby addressing a largely uncharted issue at the crossroads of the organization, strategy and international business literatures. Drawing on threat-rigidity theory, we argue that financial crises have an overall negative effect on MNC technological exploration and that the strength of the effect differs across greenfield and acquired subsidiaries. Results from an empirical investigation of 21 MNCs over the 1890–2008 period suggest that the dampening effect of financial crises on technological exploration is confined to home-country units and greenfield subsidiaries, whereas it is found to be of less significance among acquired foreign subsidiaries. We suggest that such differentiation within the MNC is indicative of a previously unobserved advantage from multinationality, which allows it to smoothen the effects of financial crises on long-term technological development and corporate growth.