Efeito moderador da ambidestria da inovação na relação entre internacionalização e desempenho em empresas brasileiras e europeias
DOI:
https://doi.org/10.17524/repec.v15i3.2880Palavras-chave:
Internationalization; Financial performance; Innovation.Resumo
Objetivo: Analisar o efeito moderador da inovação na relação entre internacionalização e desempenho financeiro.
Método: A amostra engloba 1.840 observações listadas no Brasil, Bolsa, Balcão (B3), e NYSE Euronext de 2014 à 2018. As hipóteses foram testadas por meio do Método de Momentos Generalizado (GMM) para dados em painel.
Resultados: As estimativas indicam que o grau de internacionalização por si só não garante alto desempenho financeiro nas empresas brasileiras, enquanto que influencia negativamente o retorno sobre ativos (ROA) nas empresas europeias. Além disso, o efeito individual moderador das duas variáveis de inovação, exploration (P&D) e exploitation (CAPEX), não foi identificado em nenhum dos dois contextos. Entretanto, atividades de inovação ambidestra tiveram um efeito positivo e significante na relação entre internacionalização e desempenho financeiro. Evidências do efeito de internacionalização no desempenho financeiro tanto nas empresas brasileiras quanto europeias são confirmadas quando potencializadas pelo envolvimento simultâneo de atividades de inovação.
Contribuições: Este estudo contribui para uma linha investigativa recente que verifica o efeito de variáveis intervenientes na relação internacionalização-desempenho. Também contribui para a análise dessa relação em empresas em mercados emergentes, cujo foco é bastante relevante para compreender e aproveitar as oportunidades de negócios em condições institucionais adversas.
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Hitt, M. A., Bierman, L., Uhlenbruck, K., & Shimizu, K. (2006). The importance of resources in the internationalization of professional service firms: the good, the bad, and the ugly. The Academy of Management Journal, 49(6), 1137-1157.
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Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22(1), 45-74.
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Annavarjula, M., Beldona, S., & Sadrieh, F. (2006). Corporate performance implications of multinationality. Journal of Transnational Management, 10(4), 5-33.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
Bae, S. C., Park, B. J. C., & Wang, X. (2008). Multinationality, R&D intensity, and firm performance: evidence from U.S. Manufacturing Firms. Multinational Business Review, 16(1), 53-78.
Baregheh, A., Rowley, J., & Sambrook, S. (2009). Towards a multidisciplinary definition of innovation. Management Decision, 47(8), 1323-1339.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Bartlett, C. A., Ghoshal, S., & Birkinshaw, J. (2004). Preparing for the future: evolution of the transnational. The strategy reader, 2nd ed. Malden: Blackwell publishing.
Bausch, A., & Krist, M. (2007). The effect of context-related moderators on the internationalization-performance relationship: evidence from meta-analysis. Management International Review, 47, 319-347.
Becheikh, N., Landry, R., & Amara, N. (2006). Lessons from innovation empirical studies in the manufacturing sector: a systematic review of the literature from 1993-2003. Technovation, 26, 644-664.
Bernal, P., Maicas, J. P., & Vargas, P. (2018). Exploration, exploitation and innovation performance: Disentangling the evolution of industry. Industry and Innovation, 26, 1-26.
Block, F. L., & Keller, M. R. (2015). State of innovation: the US government's role in technology development. Routledge.
Brida, J. G., Driha, O., Ramón-Rodriguez, A. B., & Such-Devesa, M. J. (2016). The inverted-U relationship between the degree of internationalization and the performance: The case of Spanish hotel chains. Tourism Management Perspectives, 17, 72-81.
Brito, E. P. Z., Brito, L. A. L., & Morganti, F. (2009). Innovation and corporate performance: profit or growth?. RAE eletrônica, 8(1), Art. 6, 1-24.Buckley, P., & Casson, M. (1998). Analyzing foreign market entry strategies: extending the internalization approach. Journal of International Business Studies, 29, 539-561.
Cao, Q., Gedajlovic, E., & Zhang, H. (2009). Unpacking organizational ambidexterity: dimensions, contingencies, and synergistic effects. Organization Science, 20(4), 781-796.
Campbell, J. T., Eden, L., & Miller, S. R. (2012). Multinationals and corporate social responsibility in host countries: Does distance matter? Journal of International Business Studies, 43(1), 84-106.
Chang, J. (2007). International expansion path, speed, product diversification and performance among emerging-market MNEs: Evidence from Asia-Pacific multinational companies. Asian Business & Management, 6(4), 331-353.
Chang, S. J., & Rhee, J. H. (2011). Rapid FDI expansion and firm performance. Journal of International Business Studies, 42(8), 979-994.
Chen, H., & Hsu, C.-W. (2010). Internationalization, resource allocation and firm performance. Industrial Marketing Management, 39, 1103-1110.
Chen, S., & Tan, H. (2012). Region effects in the internationalization-performance relationship in Chinese firms. Journal of World Business, 47(1), 73-80.
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.
Contractor, F., Kundu, S., & 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, 5-18.
Dess, G. G., & Picken, J. C. (2000). Changing roles: Leadership in the 21st century. Organizational Dynamics, 28(3), 18-34.
Dudley, E. (2012). Capital structure and large investment projects. Journal of Corporate Finance, 18(5), 1168-1192.
Dunning, J. H. (1988). The eclectic paradigm of international production: a restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31.
Fahy, J. (2002). A resource-based analysis of sustainable competitive advantage in a global environment. International Business Review, 11(1), 57-77.
Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative science quarterly, 128-152.
Garbe, J.-N., & Richter, N. F. (2009). Causal analysis of the internationalization and performance relationship based on neural networks: Advocating the transnational structure. Journal of International Management, 15(4), 413-431.
Gaur, A. S., & Kumar, V. (2009). International diversification, business group affiliation and firm performance: empirical evidence from India*. British Journal of Management, 20(2), 172-186.
Geiger, S., & Makri, M. (2006). Exploration and exploitation innovation processes: The role of organizational slack in R & D intensive firms. The Journal of High Technology Management Research, 17, 97-108.
Gilsing, V., & Nooteboom, B. (2006). Exploration and exploitation in innovation systems: The case of pharmaceutical biotechnology. Research Policy, 35(1), 1-23.
Guillen, M. F. (2000). Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43(3), 362-380.
Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of innovation types on firm performance. International Journal of Production Economics, 133(2), 662-676.
Gupta, A. K., Smith, K. G., & Shalley, C. E. (2006). The Interplay between Exploration and Exploitation. The Academy of Management Journal, 49(4), 693-706.
Heavey, C., & Simsek, Z. (2017). Distributed cognition in top management teams and organizational ambidexterity: The influence of transactive memory systems. Journal of Management, 43(3), 919-945.
He, Z.-L., & Wong, P. (2004). Exploration vs. Exploitation: An Empirical Test of the Ambidexterity Hypothesis. Organization Science, 15(4), 481-494.
Hejazi, W., & Santor, E. (2010). Foreign asset risk exposure, DOI, and performance: An analysis of Canadian banks. Journal of International Business Studies, 41, 845-860.
Hitt, M. A., Bierman, L., Uhlenbruck, K., & Shimizu, K. (2006). The importance of resources in the internationalization of professional service firms: the good, the bad, and the ugly. The Academy of Management Journal, 49(6), 1137-1157.
Hymer, S. H. (1976). International operations of national firms. MIT press. Internationalization and firm performance: Meta-analytic review and future research directions | Semantic Scholar. ([s.d.]). Recuperado 10 de fevereiro de 2020, de https://www.semanticscholar.org/paper/Internationalization-and-firm-performance%3A-review-Ruigrok-Wagner/a3756c65c3b449882da878d4d5416a5d24f368c2
Jain, N. K., Celo, S., & Kumar, V. (2019). Internationalization speed, resources and performance: Evidence from Indian software industry. Journal of Business Research, 95, 26-37.
Junni, P., Sarala, R. M., Taras, V., & Tarba, S. Y. (2013). Organizational ambidexterity and performance: A meta-analysis. Academy of Management Perspectives, 27(4), 299-312.
Karrer, D., & Fleck, D. (2015). Organizing for ambidexterity: A paradox-based typology of ambidexterity-related organizational states. Brazilian Administration Review, 12(4), 365-383.
Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867-891.
Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22(1), 45-74.
Kirca, A. H., Roth, K., Hult, G. T. M. & Cavusgil, S. T. (2012). The role of context in themultinationality‐performance relationship: A meta‐analytic review.. Global Strategy Journal, 2(2), 108-121.
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.
Kumar, M. S. (2009). The relationship between product and international diversification: The effects of short-run constraints and endogeneity. Strategic Management Journal, 30(1), 99-116.
Lev, B. (2001). Intangibles: management, measurement, and reporting. Brookings Institution Press.
Levinthal, D. A., & March, J. G. (1993). The myopia of learning. Strategic Management Journal, 14(S2), 95-112.
Li, L. (2007). Multinationality and performance: A synthetic review and research agenda. International Journal of Management Reviews, 9(2), 117-139.
Lin, W.-T., Liu, Y., & Cheng, K.-Y. (2011). The internationalization and performance of a firm: Moderating effect of a firm’s behavior. Journal of International Management, 17(1), 83-95.
Loncan, T., & Nique, W. M. (2010). Degree of internationalization and performance: Evidence from emerging Brazilian multinational firms. Journal of Globalization, Competitiveness & Governability, 4(1), 40-51.
Lu, J. W., & Beamish, P. W. (2004). International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4), 598-609.
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6-7), 565-586.
Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4), 481-498.
March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87.
Marcos, C., Nascimento, J. C., Nez, E., & Kroenke, A. (2018). Economic-finacial performance and the degree of internationalization of companies listed on the new Market of B3 . Revista Contabilidade e Controladoria, 10(2), 91-105.
Mathews, J. A. (2006). Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1), 5-27.
Michel, A., & Shaked, I. (1986). Multinational corporations vs. domestic corporations: financial performance and characteristics. Journal of International Business Studies, 17(3), 89-100.
Miller, S. R., Lavie, D., & Delios, A. (2016). International intensity, diversity, and distance: Unpacking the internationalization-performance relationship. International Business Review, 25(4), 907–920.
Muzychenko, O., & Liesch, P. W. (2015). International opportunity identification in the internationalisation of the firm. Journal of World Business, 50(4), 704-717.
Nachum, L. (2004). Geographic and industrial diversification of developing country firms. Journal of Management Studies, 41(2), 273-294.
Oliveira, T., Thomas, M., & Espadanal, M. (2014). Assessing the determinants of cloud computing adoption: an analysis of the manufacturing and services sectors. Information & Management, 51(5), 497-510.
Oyadomari, J. C. T., de Mendonça Neto, O. R., Cardoso, R. L., & Dultra-de-Lima, R. G. (2013). Innovation Inductors Factors And Management Control Practices Maintenance: An Exploratory Study. Revista Universo Contabil, 9(2), 125.
Pattnaik, C., & Elango, B. (2009). The impact of firm resources on the internationalization and performance relationship: a study of indian manufacturing firms. Multinational Business Review, 17, 69-88.
Reuer, J. J., & Miller, K. D. (1997). Agency costs and the performance implications of international joint venture internalization. Strategic Management Journal, 18(6), 425-438.
Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The stata journal, 9(1), 86-136.
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30-09-2021
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Albuquerque Filho, A. R., André da Rocha Garcia, E. ., Carvalho de Vasconcelos, A. ., & Carneiro Lima, A. . (2021). Efeito moderador da ambidestria da inovação na relação entre internacionalização e desempenho em empresas brasileiras e europeias. Revista De Educação E Pesquisa Em Contabilidade (REPeC), 15(3). https://doi.org/10.17524/repec.v15i3.2880
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