The effect of restructuring internationalized companies on performance: Evidence from European firms
研究分析了国际化公司实施重组策略对财务绩效的影响，基于1998-2011年15个欧盟国家932家公司的数据，发现国际化能提升重组企业的资产回报率。
Abstract This paper analyzes the effect of restructuring internationalized companies on financial performance. We hypothesize that companies implementing restructuring strategies in internationalized companies obtain better financial performance than non‐internationalized companies that restructure. Both strategies exploit resource complementarities that promote improved resource access, generation, and use. We empirically analyze a sample of 932 companies from 15 European Union countries from 1998 to 2011, including periods of economic growth and financial crisis. Our study extends the internationalization literature by demonstrating that internationalization improves financial performance (return on assets) for companies facing narrowing or refocusing their scope.