Revisiting the Internationalization-Performance Relationship: A Twenty-Year Meta-Analysis of Emerging Market Multinationals

Sihong Wu (), Di Fan () and Liang Chen ()
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Sihong Wu: The University of Western Australia
Di Fan: Swinburne University of Technology
Liang Chen: University of Melbourne

Management International Review, 2022, vol. 62, issue 2, No 3, 203-243

Abstract: Abstract With the rapid growth of emerging market multinational enterprises (EMNEs), increasing interest has been focused on exploring the internationalization-performance (I-P) relationship of EMNEs. Yet findings on the relationship remain contradictory. Although researchers emphasize the home-country-bounded nature of EMNEs, less is known about how home-government features and the EMNEs’ political mindset affect their internationalization and performance. This study integrates and extends the literature on the I-P relationship of EMNEs using a meta-analysis covering a dataset of 218 effect sizes from 186 retrieved studies published between 1998 and 2021. Findings show that the I-P relationship is overall positive, yet it varies across diverse research designs and emerging markets and regions. Also, our findings indicate that home-country government quality and transformability exert significant positive impacts on the relationship, while nationalism negatively moderates the government’s impacts on the relationship. This study pushes the boundaries of EMNE literature through conceptualizing home-government features and incorporating consideration of nationalism in this research field.

Keywords: Internationalization; Performance; Emerging market multinational enterprises (EMNEs); Home-country government; Nationalism; Meta-analysis (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11575-022-00466-1

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