THE INTERNATIONALIZATION-FIRM PERFORMANCE RELATIONSHIP: A META-ANALYSIS FOR MNCs

Abstract

Numerous studies have been conducted to examine the internationalization-firm performance relationship. However, a definitive consensus has not yet emerged in the literature due to varying findings. Therefore, this study aims to examine the relationship between internationalization and firm performance through meta-analysis. The study analyzed data from 170 samples and 334,855 Multinational Companies (MNCs) obtained from SSCI and Scopus databases for published studies, and doctoral theses for unpublished studies, using the random effects model. The analysis revealed a significant, positive, and small combined effect size between internationalization and firm performance. The study found that financial leverage, sector, time period, research and development (R&D) intensity, home country development, and firm age were statistically significant as subgroup variables. However, unrelated product diversification, firm size, and advertising intensity were not statistically significant. It has been determined that the subgroup variables with a higher combined effect size are developed country MNCs, MNCs in the service sector, older MNCs, and MNCs with high financial leverage. It is also found that the combined effect size for MNCs is lower than before 2003.

Keywords

• Internationalization
• Firm Performance
• Financial Performance
• Meta-Analysis
• MNCs

ULUSLARARASILAŞMA-FİRMA PERFORMANSI İLİŞKİSİ: ÇOKULUSLU ŞIRKETLER İÇİN BİR META-ANALİZ

Öz

Günümüze kadar uluslararasılaşma ile firma performansı arasındaki ilişkiye yönelik birçok çalışma yapılmıştır. Ancak, farklı bulgular nedeniyle literatürde henüz kesin bir görüş birliği oluşmamıştır. Bu bağlamda çalışmanın amacı, uluslararasılaşma ile firma performansı arasındaki ilişkiyi meta-analiz ile incelemektir. Çalışmada, veri olarak yayınlanmış çalışmalar için SSCI ve Scopus veritabanlarından elde edilen makaleler, yayımlanmamış çalışmalar için doktora tezleri kullanılmıştır. 170 örneklem ve bu örneklemlerdeki 334.855 Çokuluslu Şirket (ÇUŞ) verisi rastgele etkiler modeli kullanılarak analiz edilmiştir. Analiz sonucunda, uluslararasılaşma ile firma performansı arasında anlamlı, pozitif ve küçük düzeyde birleşik etki büyüklüğüne ulaşılmıştır. Alt grup değişkenler olarak finansal kaldıraç, sektör, zaman dilimi, araştırma-geliştirme (Ar-Ge) yoğunluğu, ana ülke etkileri ve firma yaşı istatistiksel olarak anlamlı bulunmuştur. Buna karşın ilişkisiz ürün çeşitlendirme, firma büyüklüğü ve reklam yoğunluğu istatistiksel olarak anlamlı bulunmamıştır. Bu doğrultuda birleşik etki büyüklüğünün daha yüksek olduğu alt grup değişkenler olarak gelişmiş ülke ÇUŞ’ları, hizmet sektöründeki ÇUŞ’lar, daha yaşlı ÇUŞ’lar ve finansal kaldıracın yüksek olduğu ÇUŞ’lar olduğu tespit edilmiştir. Aynı zamanda, ÇUŞ’lar için birleşik etki büyüklüğünün 2003 öncesine göre daha düşük olduğu bulgusuna ulaşılmıştır.

Anahtar Kelimeler

• Uluslararasılaşma
• Firma performansı
• Finansal Performans
• Meta-Analiz
• ÇUŞ’lar

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