Search results

The Penrose effect, or the limitation of the growth rate during expansion due to managerial constraints, has been examined in the context of business diversification, withdrawal and MNE’s foreign direct investment, primarily in the for-profit sector. However, insufficient attention has been paid to its impact on professional service firms, particularly in the context of their expansion through service exports. The main purpose of this study is to examine the Penrose effect in the internationalization of professional service firms through service exports.

This study focuses on large Japanese patent firms as traditional professional service firms and constructs panel data for 48 large patent firms over the observation period from 2002 to 2010 to test our hypotheses.

Our results demonstrate a negative relationship between degree of internationalization and international business growth, thus confirming the Penrose effect. Furthermore, we found that the degree of internationalization has a curvilinear relationship with international business growth and that institutional distance does not have a negatively moderating effect on the relationship between the degree of internationalization and international business growth.

This study made a theoretical contribution to Penrose's growth theory and previous studies on international management and professional service firms and international management by showing that the Penrose effect can be observed in the international expansion of professional service firms through service exports. Moreover, this study identifies the factors that modify the Penrose effect, thereby making a significant theoretical contribution.

This research aims to examine the moderating role of digital orientation (DO) on the relationship between innovation and internationalization by framing the relationship under an agency, resource-based view (RBV) and organization orientation (OO) theory.

This study focuses on a sample of 392 listed companies in Malaysia from 2011 to 2018 and estimates the model under the double clustered regression, dynamic GMM panel model and one-lagged model to tackle endogeneity and reversal causality. This study also did a logit model as an additional robustness check.

The findings support the RBV perspective: Companies with intensive innovation have high internationalization. However, the findings refute OO theory by revealing the evidence that DO leads to low internationalization. Supplemental analysis suggests that innovation impact on internationalization occurs in assets and sales internationalization (exports).

According to the RBV theory, innovation is strategic value creation for the organization to achieve competitiveness. A company can expand its market internationally when the business process is more productive and efficient due to innovation. The innovation process is closely related to DO. Hence, this research explores whether DO may strengthen the effect of innovation on the internationalization process.

This study examines the effect of DO on innovation and internationalization implementation by contesting agency theory, RBV theory and OO theory within an emerging country context.

This study aims to theoretically hypothesize and empirically examine the impact of economic policy uncertainty (EPU) on firms' innovation performance as well as the contingency conditions of this relationship.

This study collects and combines secondary longitudinal data from multiple sources to test for a direct impact of EPU on firms' innovation performance. It further examines the moderating effects of firms' operational and marketing capabilities. A series of robustness checks are performed to ensure the consistency of the findings.

In contrast to the common belief that EPU reduces the innovativeness of firms, the authors find an inverted-U relationship between EPU and innovation performance, indicating that a moderate level of EPU actually promotes innovation. Further analysis suggests that firms' operational and marketing capabilities make the inverted-U relationship steeper, further enhancing firms' innovation performance at a moderate level of EPU.

This study adds to the emerging literature that investigates the operational implications of EPU, which enhances our understanding of the potential bright side of EPU and broadens the scope of operational risk management.

The purpose of this study is to present the overall trend and dynamics in global mergers and acquisitions activity while suggesting future research avenues in this domain. The analysis covers two aspects to examine the main contours of the domain, that is performance analysis followed by thematic cluster analysis.

Bibliometric analysis has been used for examining 1,433 publications extracted from the Scopus database to identify the research trend between 2000 and 2021. With the help of VosViewer (a bibliometric software), bibliographic coupling, citation, co-authorship, keyword and network analysis have been carried out.

The analysis reveals that most of the research on cross-border mergers and acquisitions (CBMA) is concentrated in the context of developed markets, USA and UK being the largest. Most of the research till date is confined to wealth effects, value creation, corporate governance, socio-cultural aspects and various determinants of CBMA, all from the standpoint of the acquirer.

The present study highlights numerous opportunities for future research based on empirical analysis. There exists a dearth of studies around CBMA in the context of emerging nations which provides a relatively unexplored field to carry out research work.

The study makes use of a comprehensive list of keywords to have an extensive analysis. This is a pioneering study that has used bibliographic coupling of documents for content analysis and to the best of authors’ knowledge, no previous works on cross-border acquisitions have performed bibliographic coupling for this.

This study evaluates the performance of green finance and investment scenarios in 15 carbon emitting countries, among which 7 are developed countries and 8 are developing countries. The principal component analysis is applied to form the global green financing (GF) and investment index, a composite indicator for assessing the multidimensional characteristics of GF and investment. The global green finance and investment index is developed to map the country’s overall GF and investing scenario. The indicator is developed on the basis of 30 variables that represent 11 quantitative factors. These factors are aggregated into four parameters: transparency, efficiency, efficacy and resilience. Transparency includes political stability and the development of the countries’ capital markets to adapt to the green transition. Efficiency consists of the performance of existing resources and regulatory conditions of the countries. Efficacy refers to the factors related to international engagement and the growth of specific financial instruments. Lastly, resilience includes factors that promote the adaptability of the countries towards a green economy and green financial system. It contains the regulatory structure of the country’s growth of macroeconomic variables. These variables represent social, economic, environmental and governance factors that influence the countries’ GF and investment scenario. The countries are ranked on the basis of the composite indicator score. The USA scored the highest rank, and India scored the least. In terms of developed countries, the USA has achieved the highest value, followed by Germany and in developing countries, China has scored the highest performance, followed by Mexico.

Previous investigations into the connection between strategic orientation (SO) and firm performance (FP) have generated inconsistent outcomes. The authors aim to reconcile and explain these varying results through the application of a mediated moderation model. The purpose of this paper is to explore how SO and strategic flexibility (SF) could create the possibility of improving FP. The indirect effect of SO was also tested in this study. Furthermore, by using the moderated mediation model, the authors also investigated the moderating role of strategic human resource management (SHRM).

This study adopted the empirical research method, collecting data through questionnaires by a two-wave and multi-source data collection approach. The sample consisted of 188 firms from Shandong and Fujian Province in China. SPSS was used to test the research hypotheses.

This study examines how and when SO enhances FP by considering SF as a critical mediator and SHRM as an important contingency of the mediation effect. The results revealed that SO positively affects SF and FP in small and medium-sized enterprises (SMEs). Furthermore, the mediating role of SF between the relationships of SO and FP was also confirmed. Moreover, SHRM strengthens the connection between SO, SR and FP.

This study contributes to the SO literature by revealing how firms translate their SO-based strategies into positive FP through SF and when this indirect effect is most effective.

Despite the increasingly salient role of smart manufacturing (SM) in revolutionizing operational processes, little research has explored the dynamics of corporate executives’ decision-making on SM projects after their initiation. To fill this research gap, this study examines the configurations of project complexities (i.e. technological breadth and organizational breadth) and industry conditions (i.e. industry growth and industry competition) that shape managerial decisions to complete or terminate SM projects.

Using secondary data of 125 SM projects implemented in 106 manufacturers during the 2011–2020 period, we conduct a fuzzy-set qualitative comparative analysis to empirically derive equifinal configurations that lead to the completion or termination of SM projects.

The results reveal that project complexities and industry conditions work together in configurations where manufacturers will complete or terminate SM projects. We employ prospect theory to elucidate the findings and offer propositions.

Our study extends the extant SM literature by revealing the configurations of project complexities and industry conditions that shape managerial decisions on the completion or termination of SM projects after their initiation. It contributes to the prospect theory literature by accounting for the roles of both decision content and decision context and providing empirical evidence on their joint effects on managerial risk-taking decisions that alter the subjective value and probability weight of decision outcomes.

Drawing on the contemporary literature and the theory of employer attractiveness, the authors aimed to examine key antecedents and consequences of employer attractiveness by proposing functional hypotheses and relationships between some endogenous variables.

Using the quota-cum-purposive sampling method, the unit of analysis selected for this study was millennials aged 18–35 years and working in the hospitality, travel, tourism and leisure (HTTL) sectors for the last two years. A total of 218 responses were collected in three months (June–August 2022). The data were analysed using partial least squares structural equation modelling (PLS-SEM).

For young employees, company recruitment behaviour, company image and source credibility are significantly and directly related to company attractiveness. The relationship between company image and employee word of mouth (WOM) was significantly positive. Company recruitment behaviour was found to significantly influence employee commitment. Company attractiveness was found to be directly related to young employees' WOM about the company and commitment to it.

The study establishes the significance of company attractiveness because a company's success largely depends on the company's ability to attract and retain a talented and skilled workforce. Moreover, the present study provides much-needed insights to policymakers and regulators that can help the policymakers define and implement favourable policies to promote and protect the country's job market and offer directions to youth employment.

The purpose of this paper is to investigate the relative effects of individual environmental, social and governance pillars on the performance of international mergers. We examine whether performance complementarity exists among the environmental, social and governance pillars.

We draw on a global set of cross-border merger data covering 2002 to 2018 and employ pooled least squares (PLS) and instrumental variable (IV) approaches to gain novel and robust insights into the short- and long-term effects of the relationships among the three CSR pillars on acquisition returns. To study the examined interrelationships across three pillars, we rely on theories related to super-modular optimization and games.

We find positive and significant effects of the environmental pillar and the social pillar on changes in ROA and Tobin’s Q of acquirers during the three years following acquisitions. Furthermore, the governance pillar only impacts short-run ROA change. We found complementarities among the three pillars of CSR to attain performance synergy. The effects of CSR on post-merger performance are more profound in the long run.

We analyze the relative importance of CSR individual pillars (i.e. the environmental, social and governance pillars) and the nature of the relationship among them. This research question remained unexplored in the previous literature. Our analysis sheds light on prevailing concerns regarding the mutual relations among the different pillars of CSR; e.g. previous literature argued that the governance component is different from the social and environmental pillars.

This study aims to identify the strategic factors and their effects on the post-cross-border acquisitions (CBA) technological innovation performance of the acquiring firms. It develops a hierarchical model to examine the interrelationship between identified strategic factors such as strategic flexibility, strategic ambidexterity, environmental dynamism, etc.

This study uses modified total interpretive structural modeling qualitative methodology (m-TISM) to develop a hierarchical model and conducts a Matrice d’impacts croisés multiplication appliquée á un classment (MICMAC) analysis to show the interrelationship between strategic factors affects the acquirer’s post-CBA technological innovation performance. It determines the autonomous, dependent, linkage and independent strategic factors. It further uses comparative case analysis to empirically examine the strategic factors in real-time CBA situations.

This study shows the m-TISM-based hierarchical model highlighting the interrelation, level of autonomy, dependence and linkage among strategic factors affecting the acquirer’s post-CBA technological innovation performance. It suggests that strategic factors such as environmental dynamism, R&D competence, innovation capability and technological capability are largely autonomous and have significant driving power, whereas strategic ambidexterity and strategic flexibility are the connecting factors. post-M&A integration is the governing factor for technological innovation performance in CBA.

The strategists and practitioners could evaluate the key strategic factors having significant driving power for strategy formulation and implementing efficient policies. By implementing the m-TISM model acquiring a firm’s post-CBA performance can be enhanced. Future researchers might utilize quantitative methods like regression and structural equation modeling in the CBA context.

This study uses a novel m-TISM and MICMAC approach to identify the driving and dependent factors affecting post-CBA technological innovation performance. It further provides a detailed theoretical and conceptual understanding relating to the philosophy and establishes an interrelation amongst these under-researched strategic factors in CBA.