SavedAdd your journal

Journals / Uluslararası Yönetim İktisat ve İşletme Dergisi / 2024 / Cilt: 20 Sayı: 4

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

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

Muhammed Fatih Aydemir(Bursa Uludağ Üniversitesi)0000-0002-4248-9057
Değer Alper(Bursa Uludağ Üniversitesi)0000-0002-3886-2023
Pages
896–926
Publication Date
2024-12-31
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

It is also found that the combined effect size for MNCs is lower than before 2003.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Numerous studies have been conducted to examine the internationalization-firm performance relationship.
📊
Key Findings & Data:Therefore, this study aims to examine the relationship between internationalization and firm performance through meta-analysis.
💡
Conclusion & Impact:It is also found that the combined effect size for MNCs is lower than before 2003.
🔬Design:Modeling & Simulation
📍Scope:2003 · 170 samples
⚙️Variables:Uluslararasılaşma · Firma performansı · Finansal Performans

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Multinational Companies (MNCs) obtained from SSCI and Scopus databases for published studies, and doctoral theses for unpublished studies, using the random effects model.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.

Özet

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.

🔖

Cite This Article

Aydemir, M. F., Alper, D. (2024). THE INTERNATIONALIZATION-FIRM PERFORMANCE RELATIONSHIP: A META-ANALYSIS FOR MNCs. Uluslararası Yönetim İktisat ve İşletme Dergisi, Cilt: 20 Sayı: 4, 896–926. https://doi.org/10.17130/ijmeb.1458989

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (221)

  1. Ade Olusoga, S. (1993). Market concentration versus market diversification and internationalization: İmplications for MNE Performance. International Marketing Review, 10(2), 40-59.
  2. AlNajjar, F. K., & Riahi-Belkaoui, A. (2001). Empirical validation of a general model of growth opportunities. Managerial Finance, 27(3), 72-90.
  3. Andersen, T. J., & Foss, N. J. (2005). Strategic opportunity and economic performance in multinational enterprises: The role and effects of information and communication technology. Journal of international management, 11(2), 293-310.
  4. Annavarjula, M. (1998). An examination of factors influencing the relationship between the degree of multinationality and performance of multinational corporations (Unpublished Doctoral Thesis). Temple University, Philadelphia.
  5. Arte, P., & Larimo, J. (2022). Moderating influence of product diversification on the international diversification- performance relationship: A meta-analysis. Journal of Business Research, 139, 1408- 1423.
  6. Azar, G. & Drogendijk, R. (2014). Psychic distance, innovation, and firm performance. Management International Review, 54, 581-613.
  7. Azuayi, R. (2016). Internationalization strategies for global companies: A case study of Arla Foods, Denmark. Journal of Accounting & Marketing, 5(4), 1-9.
  8. Banalieva, E. R., & Sarathy, R. (2011). A contingency theory of internationalization: Performance for emerging market multinational enterprises. Management International Review, 51, 593-634.
  9. Bany-Ariffin, A. N., Matemilola, B. T., Wahid, L. & Abdullah, (2016). International diversification and firm’s value: evidence from developing nations. Review of international Business and Strategy, 26(2), 166-183.
  10. Barkema, H. G., & Vermeulen, F. (1998). International expansion through start-up or acquisition: A learning perspective. Academy of Management Journal, 41(1), 7-26.
  11. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
  12. Batsakis, G., Wood, G., Azar, G. & Singh, (2018). International diversification and firm performance in the post-acquisition period: A resource dependence perspective. Journal of Business Research, 93, 151-159.
  13. Batsakis, G., & Theoharakis, V. (2021). Achieving the paradox of concurrent internationalization speed: Internationalizing rapidly in both breadth and depth. Management International Review, 61(4), 429-467.
  14. Bausch, A., & Krist, M. (2007). The effect of context-related moderators on the internationalizationperformance relationship: Evidence from meta-analysis. Management International Review, 47, 319-347.
  15. Belderbos, R., Tong, T. W., & Wu, (2014). Multinationality and downside risk: The roles of option portfolio and organization. Strategic Management Journal, 35(1), 88-106.
  16. Benvignati, A. M. (1987). Domestic profit advantages of multinational firms. Journal of Business, 60(3), 449-461.
  17. Berry, H., & Kaul, A. (2016). Replicating the multinationality-performance relationship: Is there an S-curve?. Strategic Management Journal, 37(11), 2275-2290.
  18. Best, A. D. (1997). International diversity versus international diversification: Host country effects on multinational firm performance (Unpublished Doctoral Thesis). Texas A&M University, Texas. Bjelogrlic, D. (2020). The Performance of the Largest MNCs from Developed and Developing Countries and the Moderating Impact of Institutions (Unpublished Doctoral Thesis). Southern New Hampshire University, New Hampshire.
  19. Black, S. S. (1997). Top management team characteristics: A study of their impact on the magnitude of international operations and international performance (Unpublished Doctoral Thesis). Columbia University, New York.
  20. Borda, A. J. (2012). Assessing the impact of business group diversification on the ınternationalization of their affiliates: The case of Latin American firms (Unpublished Doctoral Thesis). Florida International University, Miami, Florida.
  21. Borenstein, M., Hedges, L. V., Higgins, J. P., & Rothstein, H. R. (2010). A basic introduction to fixedeffect and random-effects models for meta-analysis. Research Synthesis Methods, 1(2), 97-111.
  22. Bouquet, C., & Deutsch, Y. (2008). The impact of corporate social performance on a firm’s multinationality. Journal of Business Ethics, 80, 755-769.
  23. Buckley, P. J., & Casson, M. (1976). The future of the multinational enterprise. Holmes and Meier, London.
  24. Buckley, P. J., & Tian, X. (2017). Internalization theory and the performance of emerging-market multinational enterprises. International Business Review, 26(5), 976-990.
  25. Buigues, P. A., Lacoste, D., & Lavigne, S. (2015). When over internationalized companies reduce their international footprint. International Business Review, 24(6), 1039-1047.
  26. Capar, N. (2003). An analysis of the relationships between international diversification, product diversification, firm resources and firm performance (Unpublished Doctoral Thesis), The Florida State University, Florida.
  27. Capar, N., & Kotabe, M. (2003). The relationship between international diversification and performance in service firms. Journal of International Business Studies, 34, 345-355.
  28. Card, N. A. (2012). Applied meta-analysis for social science research. Reprint Edition, The Guilford Press, New York.
  29. Carpenter, M. A. (1997). Top management team characteristics, global strategic change, and firm performance: the moderating role of organizational and environmental context (Unpublished Doctoral Thesis), The University of Texas at Austin, Texas.
  30. Carpenter, M. A., & Wade, J. B. (2002). Microlevel opportunity structures as determinants of non-CEO executive pay. Academy of Management Journal, 45(6), 1085-1103.
  31. Carpenter, M. A., & Sanders, W. G. (2004). The effects of top management team pay and firm internationalization on MNC performance. Journal of Management, 30(4), 509-528.
  32. Carpenter, M. A., Sanders, W. G., & Gregersen, H. B. (2001). Bundling human capital with organizational context: The impact of international assignment experience on multinational firm performance and CEO pay. Academy of Management Journal, 44(3), 493-511.
  33. Carrera Junior, J. M. (2018). State ownership and Brazilian multinational enterprises: degree of internationalization and financial performance (Unpublished Doctoral Thesis), São Paulo School of Economics, São Paulo.
  34. Chang, S. C., & Wang, C. F. (2007). The effect of product diversification strategies on the relationship between international diversification and firm performance. Journal of World Business, 42(1), 61-79.
  35. Chao, M. C. H., & Kumar, V. (2010). The impact of institutional distance on the international diversity– performance relationship. Journal of World Business, 45(1), 93-103.
  36. Chari, M. D., Devaraj, S., & David, P. (2007). International diversification and firm performance: Role of information technology investments. Journal of World Business, 42(2), 184-197.
  37. Chastagner, K. (2012). Three essays on organic and inorganic growth in internationalized markets (Unpublished Doctoral Thesis), Washington State University, Washington.
  38. Chedid, F., Kocabasoglu-Hillmer, C., & Ries, J. M. (2021). The interaction between supply networks and internal networks: Performance implications. International Journal of Operations & Production Management, 41(6), 860-881.
  39. Chen, C. J., & Yu, C. M. J. (2011). FDI, export, and capital structure: An agency theory perspective. Management International Review, 51, 295-320.
  40. Chen, L., Zou, S., Xu, H., & Chen, Y. (2020). Entrepreneurial orientation in multinational corporations: Antecedents and effects. Management International Review, 60(1), 123-148.
  41. Chen, S., & Tan, H. (2012). Region effects in the internationalization–performance relationship in Chinese firms. Journal of World Business, 47(1), 73-80.
  42. Chen, Y., Zhai, R. R., Wang, C., & Zhong, C. (2015). Home institutions, internationalization and firm performance: Evidence from listed Chinese firms. Management Decision, 53(1), 160-178.
  43. Chittoor, R., Sarkar, M. B., Ray, S., & Aulakh, P. S. (2009). Third-world copycats to emerging multinationals: Institutional changes and organizational transformation in the Indian pharmaceutical industry. Organization Science, 20(1), 187-205.
  44. Christophe, S. E., & Lee, H. (2005). What matters about internationalization: A market-based assessment. Journal of Business Research, 58(5), 636-643.
  45. Clegg, J., Lin, H. M., Voss, H., Yen, I. F., & Shih, Y. T. (2016). The OFDI patterns and firm performance of Chinese firms: The moderating effects of multinationality strategy and external factors. International Business Review, 25(4), 971-985.
  46. Cohen, J. (1988). Statistical power analysis for the behavioral sciences. 2nd Edition, Lawrence Erlbaum Associates Publishers, Hillsdale, NJ.
  47. Colpan, A. M., Delios, A., & Hikino, T. (2013). How does export commitment and product diversity affect the international scope-firm performance relationship?: Evidence from Japan. Asian Business & Management, 12, 142-172.
  48. Contractor, F. J., Kundu, S. K., & Hsu, C. C. (2003). A three-stage theory of international expansion: The link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5-18.
  49. Contractor, F. J., Kumar, V., & Kundu, S. K. (2007). Nature of the relationship between international expansion and performance: The case of emerging market firms. Journal of World Business, 42(4), 401-417.
  50. Cowan, A., Huang, C. H., Padmanabhan, P., & Wang, C. H. (2013). The determinants of foreign giving: An exploratory empirical investigation of US manufacturing firms. International Business Review, 22(2), 407-420.
  51. Cuervo-Cazurra, A., Ciravegna, L., Melgarejo, M., & Lopez, L. (2018). Home country uncertainty and the internationalization-performance relationship: Building an uncertainty management capability. Journal of World Business, 53(2), 209-221.
  52. Cui, L., & Xu, Y. (2019). Outward FDI and profitability of emerging economy firms: Diversifying from home resource dependence in early stage internationalization. Journal of World Business, 54(4), 372-386.
  53. Dabescki, N. (2018). Speed of multinational expansion: integrated analysis of antecedents and outcomes (Unpublished Doctoral Thesis), Brunel University London, London.
  54. De Jong, G., & van Houten, J. (2014). The impact of MNE cultural diversity on the internationalizationperformance relationship: Theory and evidence from European multinational enterprises. International Business Review, 23(1), 313-326.
  55. De Jong, G., Phan, T. B., & Van Ees, H. (2011). Does the meta-environment determine firm performance? Theory and evidence from European multinational enterprises. International Business Review, 20(4), 454-465.
  56. Debicki, B. J., Miao, C., & Qian, S. (2020). Internationalization and family firm performance: A crosscultural meta-analysis of the main effect and moderating factors. Cross Cultural & Strategic Management, 27(1), 1-25.
  57. Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711-727.
  58. Desai, M. A., Foley, C. F., & Hines Jr, J. R. (2004). A multinational perspective on capital structure choice and internal capital markets. The Journal of Finance, 59(6), 2451-2487.
  59. Dunning, J. H. (1979). Explaining changing patterns of international production: in defence of the eclectic theory. Oxford Bulletin of Economics and Statistics, 41(4), 269-295.
  60. Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315-334.
  61. Duque-Grisales, E., Aguilera-Caracuel, J., Guerrero-Villegas, J., & García-Sánchez, E. (2020). Can proactive environmental strategy improve Multilatinas’ level of internationalization? The moderating role of board independence. Business Strategy and the Environment, 29(1), 291-305.
  62. Elango, B., Talluri, S., & Hult, G. T. M. (2013). Understanding drivers of risk-adjusted performance for service firms with international operations. Decision Sciences, 44(4), 755-783.
  63. Ellimäki, P., Gómez-Bolaños, E., Hurtado-Torres, N., & Aragón-Correa, J. A. (2021). Do global firms increase their environmental disclosure and performance? Symbolic versus effective operations and the moderating role of liability of origin. Legitimation implications. Industrial Marketing Management, 92, 354-363.
  64. Ellstrand, A. E., Tihanyi, L., & Johnson, J. L. (2002). Board structure and international political risk. Academy of Management Journal, 45(4), 769-777.
  65. Feng, C., Patel, P. C., & Sivakumar, K. (2020). Chief global officers, geographical sales dispersion, and firm performance. Journal of Business Research, 121, 58-72.
  66. Field, A. P., & Gillett, R. (2010). How to do a meta-analysis. British Journal of Mathematical and Statistical Psychology, 63(3), 665-694.
  67. Franko, L. G. (1989). Global corporate competition: Who’s winning, who’s losing, and the R&D factor as one reason why. Strategic Management Journal, 10(5), 449-474.
  68. García-García, R., García-Canal, E., & Guillén, M. F. (2017). Rapid internationalization and long-term performance: The knowledge link. Journal of World Business, 52(1), 97-110.
  69. Garrido-Prada, P., Delgado-Rodriguez, M. J., & Romero-Jordán, D. (2021). Testing critical levels in product and geographic diversification: A structural threshold approach. European Journal of International Management, 16(3), 529-554.
  70. Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and international diversification among Japanese multinational firms. Strategic Management Journal, 21(1), 51-80.
  71. Geringer, J. M., Beamish, P. W., & DaCosta, R. C. (1989). Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10(2), 109-119.
  72. Glaum, M., & Oesterle, M. J. (2007). 40 years of research on internationalization and firm performance: More questions than answers?. Management International Review, 47, 307-317.
  73. Goerzen, A., & Beamish, P. W. (2003). Geographic scope and multinational enterprise performance. Strategic Management Journal, 24(13), 1289-1306.
  74. Goerzen, A., & Beamish, P. W. (2005). The effect of alliance network diversity on multinational enterprise performance. Strategic Management Journal, 26(4), 333-354.
  75. Gomez-Mejia, L. R., & Palich, L. E. (1997). Cultural diversity and the performance of multinational firms. Journal of International Business Studies, 28, 309-335.
  76. Gomes, L., & Ramaswamy, K. (1999). An empirical examination of the form of the relationship between multinationality and performance. Journal of International Business Studies, 30(1), 173-187.
  77. González, C. (2019). Transnational board interlocks as a source of non-experiential knowledge for the firm in foreign markets. British Journal of Management, 30(2), 459-472.
  78. Göker, İ. E. K., & Uysal, B. (2017). Uluslararasılaşma düzeyi ile finansal performans ilişkisi: İmalat sanayii firmaları üzerine bir araştırma. Muhasebe ve Finansman Dergisi, (76), 157-172.
  79. Grant, R. M., Jammine, A. P., & Thomas, H. (1988). Diversity, diversification, and profitability among British manufacturing companies, 1972–1984. Academy of Management Journal, 31(4), 771-801.
  80. Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3), 397-418.
  81. Gu, J., Yang, Y., & Strange, R. (2018). Location choice, ownership structure and multinational performance. Multinational Business Review, 26(3), 250-276.
  82. Güngördü, A., & Yılmaz, K. G. (2016). Uluslararası Ticaret ve Yatırım Teorisi Olarak Eklektik Paradigma: Geçmişten Günümüze Bir Bakış. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 20(3), 1003-1020.
  83. Han, X. (2021). Risk management, legitimacy, and the overseas subsidiary performance of emerging market MNEs. International Business Review, 30(4), 101732.
  84. Harveston, P. D., Kedia, B. L., & Francis, J. D. (1999). MNE’s dependence on foreign operations and performance: a study of MNEs from the “Triad” regions. International Business Review, 8(3), 293-307.
  85. He, X. (2010). State Multinationals: The Iımpact of State Ownership on International Diversification and Firm Performance (Unpublished Doctoral Thesis), Texas A&M University, Texas.
  86. He, W. (2012). Essays of strategic alliance portfolio configuration—its performance properties, strategic antecedents and consequential effects on multinational firms’ continuing foreign expansion (Unpublished Doctoral Thesis), Florida International University, Florida.
  87. Hedges, L. V. Shymansky, J. A., & Woodworth, G. (1989). A practical guide to modern methods of metaanalysis. Washington: National Science Teachers Association.
  88. Helsen, K., Jedidi, K., & DeSarbo, W. S. (1993). A new approach to country segmentation utilizing multinational diffusion patterns. Journal of Marketing, 57(4), 60-71.
  89. Herrmann, P., & Datta, D. K. (2002). CEO successor characteristics and the choice of foreign market entry mode: An empirical study, Journal of International Business Studies, 33, 551-569.
  90. Herrmann, P., & Datta, D. K. (2005). Relationships between top management team characteristics and international diversification: An empirical investigation. British Journal of Management, 16(1), 69-78.
  91. Higgins, J. P., & Thompson, S. G. (2002). Quantifying heterogeneity in a meta-analysis. Statistics in Medicine, 21(11), 1539-1558.
  92. Hitt, M. A., Tihanyi, L., Miller, T., & Connelly, B. (2006). International diversification: Antecedents, outcomes, and moderators. Journal of Management, 32(6), 831-867.
  93. Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management journal, 40(4), 767-798.
  94. Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (1994). A mid-range theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management, 20(2), 297-326.
  95. Hitt, M. A., Hoskisson, R. E., Ireland, R. D., & Harrison, J. S. (1991). Are acquisitions a poison pill for innovation?. Academy of Management Perspectives, 5(4), 22-34.
  96. Hızarcı, A. K. (2015). The mediation effect of innovation on the relationship between internationalization and firm performance (Unpublished Master’s Thesis), Dokuz Eylül University Graduate School of Social Sciences, İzmir.
  97. Hsu, C. W., Lien, Y. C., & Chen, H. (2013). International ambidexterity and firm performance in small emerging economies. Journal of World Business, 48(1), 58-67.
  98. Hsu, C. C., & Boggs, D. J. (2003). Internationalization and performance: Traditional measures and their decomposition. Multinational Business Review, 11(3), 23-50.
  99. Hsu, C. H., Kao, M. S., & Lee, L. M. (2016). The value of internationalization for emerging market firms– Family versus non-family firms. Economics Bulletin, 36(2), 1214-1222.
  100. Huedo-Medina, T. B., Sánchez-Meca, J., Marin-Martinez, F., & Botella, J. (2006). Assessing heterogeneity in meta-analysis: Q statistic or I² index?. Psychological Methods, 11(2), 193-2016.
  101. Hymer, S. (1960). On multinational corporations and foreign direct investment, The theory of transnational corporations. London: Routledge for the United Nations.
  102. Hymer, S. (1976). The international operations of national firms: A study of direct foreign investment. Cambridge: MIT press.
  103. IMF. (2021). Country Composition of WEO Groups. Retrieved from https://www.imf.org/external/pubs/ ft/weo/2021/02/weodata/groups.htm, Accessed 05.05.2023.
  104. IMF. (2002). World Economic Outlook, April 2002: Recessions and Recoveries. Retrieved from https:// www.imf.org/en/Publications/WEO/Issues/2016/12/30/World-Economic-Outlook-April-2002- Recessions-and-Recoveries-15646. Accessed 25.05.2023.
  105. Ioulianou, S., Trigeorgis, L., & Driouchi, T. (2017). Multinationality and firm value: The role of real options awareness. Journal of Corporate Finance, 46, 77-96.
  106. Jiang, R. (2004). Timing and Performance of Post-Entry Foreign Subsidiaries (Unpublished Doctoral Thesis), University of Western Ontario, Canada.
  107. Jiménez, A., & Delgado-García, J. B. (2012). Proactive management of political risk and corporate performance: The case of Spanish multinational enterprises. International Business Review, 21(6), 1029-1040.
  108. Johanson, J., & Vahlne, J. E. (1977). The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8, 23-32.
  109. Jormanainen, I., & Koveshnikov, A. (2012). International activities of emerging market firms: A critical assessment of research in top international management journals. Management International Review, 52(5), 691-725.
  110. Jung, S., Lee, S., & Dalbor, M. (2016). The negative synergistic effect of internationalization and corporate social responsibility on US restaurant firms’ value performance. International Journal of Contemporary Hospitality Management, 28(8), 1759-1777.
  111. Jung, S., Dalbor, M., & Lee, S. (2018). Internationalization as a determinant of systematic risk: the role of restaurant type. International Journal of Contemporary Hospitality Management, 30(8), 2791- 2809.
  112. Jung, S., Kim, J. H., Kang, K. H., & Kim, B. (2018). Internationalization and corporate social responsibility in the restaurant industry: Risk perspective. Journal of Sustainable Tourism, 26(7), 1105- 1123.
  113. Kaczmarek, S., & Nyuur, R. B. (2021). Revisiting the “matching managers to strategy” argument in the context of a firm’s internationalisation strategy. Multinational Business Review, 29(3), 348-373.
  114. Kang, J. Y., & Kim, J. S. (2021). International Diversification, Tax Avoidance, and Chaebol: Evidence from Korea. Journal of Korea Trade, 25(5), 74-92.
  115. Khalid, F., Sun, J., Huang, G., & Su, C. Y. (2021). Environmental, social and governance performance of Chinese multinationals: A comparison of state-and non-state-owned enterprises. Sustainability, 13(7), 4020.
  116. Kim, E. W., Choe, S., & Kwak, J. (2019). Multinational companies and the corporate social responsibility at home: the stakeholder approach. Management Decision, 57(9), 2383-2400.
  117. Kim, H., Wu, J., Schuler, D. A., & Hoskisson, R. E. (2020). Chinese multinationals’ fast internationalization: Financial performance advantage in one region, disadvantage in another. Journal of International Business Studies, 51, 1076-1106.
  118. Kim, H., Hoskisson, R. E., & Wan, W. P. (2004). Power dependence, diversification strategy, and performance in keiretsu member firms. Strategic Management Journal, 25(7), 613-636.
  119. Kim, H., Kim, H., & Hoskisson, R. E. (2010). Does market-oriented institutional change in an emerging economy make business-group-affiliated multinationals perform better? An institution-based view. Journal of International Business Studies, 41, 1141-1160.
  120. Kim, S. S. (2010). A study on the relationship between multinationality and performance among Korean firms. Journal of Korea Trade, 14(1), 67-90.
  121. Kirca, A. H., Hult, G. T. M., Roth, K., Cavusgil, S. T., Perryy, M. Z., Akdeniz, M. B., Deligönül, S. Z., Mena, J. A., Pollitte, W. A., Hoppner J. J., Miller, J. C., & White, R. C. (2011). Firm-specific assets, multinationality, and financial performance: A meta-analytic review and theoretical integration. Academy of Management Journal, 54(1), 47-72.
  122. Kirca, A. H., Roth, K., Hult, G. T. M., & Cavusgil, S. T. (2012). The role of context in the multinationality- performance relationship: A meta-analytic review. Global Strategy Journal, 2(2), 108-121.
  123. Kirca, A. H., Fernandez, W. D., & Kundu, S. K. (2016). An empirical analysis and extension of internalization theory in emerging markets: The role of firm-specific assets and asset dispersion in the multinationality-performance relationship. Journal of World Business, 51(4), 628-640.
  124. Koh, Y., Lee, S., & Boo, S. (2009). Impact of brand recognition and brand reputation on firm performance: US-based multinational restaurant companies’ perspective. International Journal of Hospitality Management, 28(4), 620-630.
  125. Kotabe, M., Srinivasan, S. S., & Aulakh, P. S. (2002). Multinationality and firm performance: The moderating role of R&D and marketing capabilities. Journal of International Business Studies, 33(1), 79-97.
  126. Kumar, V., Borah, S. B., Sharma, A., & Akella, L. Y. (2021). Chief marketing officers’ discretion and firms’ internationalization: An empirical investigation. Journal of International Business Studies, 52, 363-387.
  127. Kwok, C. C., & Reeb, D. M. (2000). Internationalization and firm risk: An upstream-downstream hypothesis. Journal of International Business Studies, 31, 611-629.
  128. Lampel, J., & Giachetti, C. (2013). International diversification of manufacturing operations: Performance implications and moderating forces. Journal of Operations Management, 31(4), 213-227.
  129. Lee, J. M. (2022). MNCs as dispersed structures of power: Performance and management implications of power distribution in the subsidiary portfolio. Journal of International Business Studies, 53, 1-30.
  130. Lee, I. H., & Rugman, A. M. (2012). Firm-specific advantages, inward FDI origins, and performance of multinational enterprises. Journal of International Management, 18(2), 132-146.
  131. Lee, S., Kim, M., & Davidson III, W. N. (2015). Value Relevance of Multinationality: Evidence from Korean Firms. Journal of International Financial Management & Accounting, 26(2), 111-149.
  132. Lee, S., Upneja, A., Özdemir, Ö., & Sun, K. A. (2014). A synergy effect of internationalization and firm size on performance: US hotel industry. International Journal of Contemporary Hospitality Management, 26(1), 35-49.
  133. Lee, S., Koh, Y., & Xiao, Q. (2014). Internationalization and financial health in the US hotel industry. Tourism Economics, 20(1), 87-105.
  134. Levitt, T. (1983). The globalization of markets. The Mckinsey Quarterly, 2-20.
  135. L’Heureux, R. A. (1994). The effect of internationalization on the relationship between TMT characteristics and firm performance (Unpublished Doctoral Thesis), The Florida State University, Florida.
  136. Li, L., & Qian, G. (2005). Dimensions of international diversification: Their joint effects on firm performance. Journal of Global Marketing, 18(3-4), 7-35.
  137. Li, M. (2001). Firm internationalization and economic performance: A conceptual synthesis and an empirical assessment of the Chinese experience. Advances in International Marketing, 11, 179-196.
  138. Li, J., & Yue, D. R. (2008). Market size, legal institutions, and international diversification strategies: Implications for the performance of multinational firms. Management International Review, 48(6), 667-688.
  139. Li, J., & Wang, J. (2021). Does the technological diversification and R&D internationalization of eMNCs promote enterprise innovation?: An empirical study on china’s publicly listed companies. Journal of Global Information Management, 29(5), 1-19.
  140. Li, Y., Zhang, B., Fan, D., & Li, Z. (2021). Digital media, control of corruption, and emerging multinational enterprise’s FDI entry mode choice. Journal of Business Research, 130, 247-259.
  141. Lin, W. T. (2014). Founder-key leaders, group-level decision teams, and the international expansion of business groups: Evidence from Taiwan. International Marketing Review, 31(2), 129-154.
  142. Lin, W. T., Chen, Y. Y., Ahlstrom, D., & Wang, L. C. (2021). Does international expansion constrain growth? Business groups, internationalization, institutional distance, and the Penrose effect. Multinational Business Review, 29(1), 70-95.
  143. Lin, W. T., & Liu, Y. (2012). Successor characteristics, change in the degree of firm internationalization, and firm performance: The moderating role of environmental uncertainty. Journal of Management & Organization, 18(1), 16-35.
  144. Lipsey, M. W., & Wilson, D. B. (2001). Practical meta-analysis. London, New Delhi: SAGE Publications. Liu, M., Marshall, A., & McColgan, P. (2021). Foreign direct investments: The role of corporate social responsibility. Journal of Multinational Financial Management, 59, 100663.
  145. Liu, Y., Lin, W. T., & Cheng, K. Y. (2011). Family ownership and the international involvement of Taiwan’s high-technology firms: The moderating effect of high-discretion organizational slack. Management and Organization Review, 7(2), 201-222.
  146. Lo, F. Y., & Kletsova, A. (2018). Entry timing into international markets: evidence from the Taiwanese service industry. Economic Research-Ekonomska İstraživanja, 31(1), 1059-1077.
  147. Lu, J. W., & Beamish, P. W. (2004). International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4), 598-609.
  148. Marano, V., Arregle, J. L., Hitt, M. A., Spadafora, E., & Van Essen, M. (2016). Home country institutions and the internationalization-performance relationship: A meta-analytic review. Journal of Management, 42(5), 1075-1110.
  149. Martin, T. C. (2021). Multinationality and Performance Patterns in Advanced and Emerging Markets (Unpublished Doctoral Thesis), Trinity College Dublin, Dublin.
  150. Mauri, A. J., & Sambharya, R. B. (2001). The impact of global integration on MNC performance: Evidence from global industries. International Business Review, 10(4), 441-454.
  151. McDougall, P. P., & Oviatt, B. M. (1996). New venture internationalization, strategic change, and performance: A follow-up study. Journal of Business Venturing, 11(1), 23-40.
  152. Mendoza, X., Espinosa-Méndez, C., & Araya-Castillo, L. (2020). When geography matters: International diversification and firm performance of Spanish multinationals. Business Research Quarterly, 23(1), 1-17.
  153. Mishra, C. S., & Gobeli, D. H. (1998). Managerial incentives, internalization, and market valuation of multinational firms. Journal of International Business Studies, 29, 583-597.
  154. Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group, T. (2009). Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement. Annals of Internal Medicine, 151(4), 264-269.
  155. Morck, R., & Yeung, B. (1991). Why investors value multinationality. Journal of Business, 64(2), 165- 187.
  156. Muller, A., & Kolk, A. (2015). Responsible tax as corporate social responsibility: The case of multinational enterprises and effective tax in India. Business & Society, 54(4), 435-463.
  157. Nath, P., Kirca, A. H., & Kim, S. (2021). A study of the internationalization–performance relationship in global retailing: the moderating role of brand standardization and cultural diversity. Journal of International Marketing, 29(1), 57-76.
  158. Nazar, V. M. (1999). The degree of internationalization and multinational corporations’ profitability (Unpublished Doctoral Thesis), Nova Southeastern University, Florida.
  159. Oh, C. H. (2010). Value creation and home region internationalization of US MNEs. Multinational Business Review, 18(4), 23-50.
  160. Oh, C. H., & Contractor, F. J. (2012). The role of territorial coverage and product diversification in the multinationality-performance relationship. Global Strategy Journal, 2(2), 122-136.
  161. OECD (2018). Multinational enterprises in the global economy, heavily debated but hardly measured. Retrieved from https://www.oecd.org/industry/ind/MNEs-in-the-global-economy-policy-note. pdf. Accessed 15.03.2023.
  162. Orang, M. (2016). Three essays in international economics and ındustrial organization (Unpublished Doctoral Thesis), North Carolina State University, North Carolina.
  163. Özkaya, H. (2021). Muhasebe araştırmaları için uygulamalı meta-analiz. Ankara: Gazi Kitabevi.
  164. Öztürk, İ., & Anıl, İ. (2017). Uluslararası Coğrafî Çeşitlendirme Derecesi ile İç ve Dış Faktörlerin Firma Performansı ile Etkileşimi: BİST’e Kayıtlı Işletmeler Üzerinde Bir Araştırma (2009-2014). Akdeniz İİBF Dergisi, 17(36), 47-70.
  165. Pan, W. H., Tsai, W. C., & Kuo, T. Y. (2010). Internationalization and firm performance: Exploring the moderating effects of regional diversification. African Journal of Business Management, 4(18), 4049-4056.
  166. Popli, M., Raithatha, M., & Ahsan, F. M. (2021). Signaling behavioral intent through better governance: A study of emerging market multinational enterprises. Journal of Business Research, 135, 697- 710.
  167. Powell, K. S. (2014). From M–P to MA–P: Multinationality alignment and performance. Journal of International Business Studies, 45, 211-226.
  168. Qian, G., & Li, J. (2002). Multinationality, global market diversification and profitability among the largest US firms. Journal of Business Research, 55(4), 325-335.
  169. Qian, G., Li, L., Li, J., & Qian, Z. (2008). Regional diversification and firm performance. Journal of International Business Studies, 39, 197-214.
  170. Qian, G., Khoury, T. A., Peng, M. W., & Qian, Z. (2010). The performance implications of intra-and inter-regional geographic diversification. Strategic management journal, 31(9), 1018-1030.
  171. Ral-Trebacz, A., Eckert, S., & Dittfeld, M. (2018). The value of internationalization: Disentangling the interrelationship between regionalization strategies, firm-specific assets related to marketing and performance. Multinational Business Review, 26(1), 71-90.
  172. Riahi-Belkaoui, A. (1996). Internationalization, diversification strategy and ownership structure: implications for French MNE performance. International Business Review, 5(4), 367-376.
  173. Riahi-Belkaoui, A., & Picur, R. D. (1998). Multinationality and profitability: The contingency of the investment opportunity set. Managerial Finance, 24(5), 3-14.
  174. Rugman, A. M., & Oh, C. H. (2010). Does the regional nature of multinationals affect the multinationality and performance relationship?. International Business Review, 19(5), 479-488.
  175. Rugman, A. M. (1980). A new theory of the multinational-enterprise-internationalization versus internalization. Columbia Journal of World Business, 15(1), 23-29.
  176. Rugman, A. M., Nguyen, Q. T., & Wei, Z. (2016). Rethinking the literature on the performance of Chinese multinational enterprises. Management and Organization Review, 12(2), 269-302.
  177. Ruigrok, W., & Wagner, H. (2004). Internationalization and firm performance: Meta-analytic review and future research directions, In annual meeting of the Academy of International Business, Stockholm, Sweden.
  178. Ruigrok, W., Amann, W., & Wagner, H. (2007). The internationalization-performance relationship at Swiss firms: A test of the S-shape and extreme degrees of internationalization. Management International Review, 47(3), 349-368.
  179. Sakawa, H., Watanabel, N., & Gu, J. (2021). The Internationalization and Voluntary Adoption of International Accounting Standards by Japanese MNEs. Management International Review, 61(5), 713-744.
  180. Schulze, L., Douesnel, A., & Grégoire, O. (2016). Internationalization and firm performance in Chindia countries: a meta-analytic review. AD-Minister, (29), 5-22.
  181. Schwens, C., Zapkau, F. B., Bierwerth, M., Isidor, R., Knight, G., & Kabst, R. (2018). International entrepreneurship: A meta–analysis on the internationalization and performance relationship. Entrepreneurship Theory and Practice, 42(5), 734-768.
  182. Shin, H., & Lee, S. H. (2019). Economic crisis, intra-MNC production shifts and MNC performance from a network perspective. Asia Pacific Journal of Management, 36, 185-217.
  183. Siddharthan, N. S., & Lall, S. (1982). The recent growth of the largest US multinationals. Oxford Bulletin of Economics and Statistics, 44(1), 1-13.
  184. Singh, M., & Nejadmalayeri, A. (2004). Internationalization, capital structure, and cost of capital: evidence from French corporations. Journal of Multinational Financial Management, 14(2), 153-169.
  185. Song, S. (2014). Subsidiary divestment: The role of multinational flexibility. Management International Review, 54, 47-70.
  186. Song, S. (2013). FDI structure, investment specificity, and multinationality value under host market uncertainty. Management International Review, 53, 795-817.
  187. Song, S., Lee, S. H., & Makhija, M. (2015). Operational hedging in foreign direct investments under volatile and divergent exchange rates across countries. Journal of World Business, 50(3), 548-557.
  188. Strike, V. M., Gao, J., & Bansal, P. (2006). Being good while being bad: Social responsibility and the international diversification of US firms. Journal of International Business Studies, 37, 850-862.
  189. Suurmond, R., van Rhee, H., & Hak, T. (2017). Introduction, comparison, and validation of Meta-Essentials: a free and simple tool for meta-analysis. Research Synthesis Methods, 8(4), 537-553.
  190. Symeou, P. C., Zyglidopoulos, S., & Williamson, P. (2018). Internationalization as a driver of the corporate social performance of extractive industry firms. Journal of World Business, 53(1), 27-38.
  191. Şen, S., & Yıldırım, İ. (2020). CMA ile meta-analiz uygulamaları. Ankara: Anı Yayıncılık.
  192. Tallman, S., & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management journal, 39(1), 179-196.
  193. Taylor, G., Richardson, G., & Taplin, R. (2015). Determinants of tax haven utilization: evidence from Australian firms. Accounting & Finance, 55(2), 545-574.
  194. Thams, Y., Alvarado-Vargas, M. J., & Newburry, W. (2016). Geographical diversification as a predictor of MNC reputations in their home nations. Journal of Business Research, 69(8), 2882-2889.
  195. Thomas, D. E., & Eden, L. (2004). What is the shape of the multinationality-performance relationship?. Multinational Business Review, 12(1), 89-110.
  196. Tian, X. (2017). Learning breakdown in latecomer multinational enterprises. Asia Pacific Journal of Management, 34, 823-850.
  197. Tihanyi, L., Ellstrand, A. E., Daily, C. M., & Dalton, D. R. (2000). Composition of the top management team and firm international diversification. Journal of Management, 26(6), 1157-1177.
  198. Tihanyi, L., Johnson, R. A., Hoskisson, R. E., & Hitt, M. A. (2003). Institutional ownership differences and international diversification: The effects of boards of directors and technological opportunity. Academy of Management journal, 46(2), 195-211.
  199. Tsai, H. T. (2014). Moderators on international diversification of advanced emerging market firms. Journal of Business Research, 67(6), 1243-1248.
  200. Üstün, U., & Eryılmaz, A. (2014). Etkili araştırma sentezleri yapabilmek için bir araştırma yöntemi: Meta- analiz. Eğitim ve Bilim, 39(174), 1-32.
  201. Vahlne, J. E., Ivarsson, I., & Alvstam, C. G. (2018). Are multinational enterprises in retreat?. Multinational Business Review, 26(2), 94-110.
  202. Velez-Calle, A., Sanchez-Henriquez, F., & Contractor, F. (2018). Internationalization and performance: The role of depth and breadth. Academia Revista Latinoamericana de Administración, 31(1), 91-104.
  203. Vermeulen, F., & Barkema, H. (2002). Pace, rhythm, and scope: Process dependence in building a profitable multinational Corporation. Strategic Management Journal, 23(7), 637-653.
  204. Vithessonthi, C., & Tongurai, J. (2015). The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms. Research in International Business and Finance, 34, 265- 280.
  205. Wan, C. C. (1998). International diversification, industrial diversification and firm performance of Hong Kong MNCs. Asia Pacific journal of management, 15, 205-217.
  206. Wan, W. P. (2005). Country resource environments, firm capabilities, and corporate diversification strategies. Journal of Management studies, 42(1), 161-182.
  207. Wei, Y., Ding, S., & Konwar, Z. (2022). The two faces of FDI in environmental performance: a metaanalysis of empirical evidence in China. Journal of Chinese Economic and Business Studies, 20(1), 65-94.
  208. Williamson, P. J., Symeou, P. C., & Zyglidopoulos, S. (2022). International diversification, legitimacy, and corporate social performance of extractive industry multinationals. Global Strategy Journal, 12(2), 359-393.
  209. Wu, S., Fan, D., & Chen, L. (2022). Revisiting the internationalization-performance relationship: A twenty-year meta-analysis of emerging market multinationals. Management International Review, 62(2), 203-243.
  210. Yafele, A. (2012). Key Performance indicator disclosures by large UK private and public listed companies (Unpublished Doctoral Thesis), Bournemouth University, Bournemouth.
  211. Yang, O. S., & Niedzielska, M. J. (2017). Rapid FDI Expansion of Firms from Emerging Markets: Evidence from Poland. Argumenta Oeconomica, 2(39), 373-402.
  212. Yang, Y., & Driffield, N. (2012). Multinationality-performance relationship: A meta-analysis. Management International Review, 52, 23-47.
  213. Yang, Y., Martins, P. S., & Driffield, N. (2013). Multinational performance and the geography of FDI: Evidence from 46 countries. Management International Review, 53(6), 763-794.
  214. Yong, H. H. A., & Laing, E. (2021). Stock market reaction to COVID-19: Evidence from US Firms’ International exposure. International Review of Financial Analysis, 76, 101656.
  215. Yen, I. F., & Lin, H. M. (2021). Multinationality and performance effects: an integrated theory of new patterns of multinationality and home political influence. Chinese Management Studies, 15(1), 155-181.
  216. Yuan, L., Pangarkar, N., & Wu, J. (2016). The interactive effect of time and host country location on Chinese MNCs’ performance: An empirical investigation. Journal of World Business, 51(2), 331- 342.
  217. Zainudin, R., Mahdzan, N. S., & Mohamad, N. N. (2021). Internationalisation and financial performance: in the case of global automotive firms. Review of International Business and Strategy, 31(1), 80- 102.
  218. Zhang, B., Li, Z., Li, X., & Liu, Z. (2021). Speed of internationalization and firm performance: the moderating role of potential slack and knowledge assets. Chinese Management Studies, 15(5), 1120- 1142.
  219. Zhang, H., Qian, G., Li, L., & Qian, Z. (2019). Intra-and inter-regional expansion: a nonlinear model. Management Decision, 57(7), 1554-1566.
  220. Zhou, C. (2018). Internationalization and performance: evidence from Chinese firms. Chinese Management Studies, 12(1), 19-34.
  221. Zyglidopoulos, S., Williamson, P., & Symeou, P. (2016). The corporate social performance of developing country multinationals. Business Ethics Quarterly, 26(3), 379-406.