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Intra-firm organization and profitability: Evidence from transnational corporations

机译：公司内部组织和获利能力：来自跨国公司的证据

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Purpose – By conducting a field research in affiliates of foreign transnational corporations (TNCs) established in Greece, this paper aims to investigate whether a different tendency of intra-firm organization has a different impact on their profitability and earnings management policy. Design/methodology/approach – The original sample consists of 82 affiliates of foreign TNCs. Using a cut off point (25 percent) indicative of intra-firm pattern, these affiliates are divided into two categories: foreign subsidiaries with a high intra-firm trade degree (or with intra-firm trade >25 percent of their total trade) and foreign subsidiaries with a low intra-firm trade degree (or with intra-firm trade =25 percent of their total trade) correspondingly. The paper utilizes two econometric tests over the period 1999-2002: first, a logit model is employed to identify possible accounting-based performance differences related to differential degrees of intra-firm trade. Second, the popular cross-sectional discretionary accruals model initiated by Jones is applied in order to detect differences concerning earnings management policy between the two groups of affiliates. Based on the internalization theory of TNC, the main hypothesis is that the foreign affiliates with high intra-firm trade degree are more likely to affect their profitability, and due to institutional specific characteristics of Greece (e.g. relatively high tax rates), they appear to have smaller profits in comparison to the other subsidiaries. Findings – Contrary to initial predictions, the impact of intra-firm trade on the profitability of foreign affiliates did not prove statistically significant. Results concerning the earnings management policy are similar. TNCs in general are found not to manipulate their reported earnings figure more than a neutral sample of 847 domestic companies. Research limitations/implications – The list of explanatory variables is not an exhaustive one. In further quantitative work, more complex econometric methods should be used to support findings. Practical implications – Findings are of particular interest for a multiple set of stakeholders/investors active in global markets as well as for regulators in attempting to ensure the coordination of tax policies among countries. Specifically, it is important for stakeholders and investors to know to what degree the integration of the subsidiary units (they have invested in) affects their performance and differentiates the manner that profits are managed. In addition, the regulators seek to define in detail the factors that make up profits on the inside of multinational enterprises so that they can practice their policies more effectively. Moreover, the findings may be applicable to other smaller countries which resemble the Greek setting. Originality/value – The paper presents two novelties. First, it discloses original information regarding the internalization of trade activities of foreign affiliates located in Greece; such information is quite rarely found in literature. Second, it is one of the first studies which combines income policy of TNCs to their intra-firm transactions.
机译：目的–通过对在希腊成立的外国跨国公司（TNC）的子公司进行实地研究，旨在调查公司内部组织的不同趋势是否对其盈利能力和收益管理政策产生不同的影响。设计/方法/方法–原始样本包括82个外国跨国公司的分支机构。使用表明公司内部模式的临界点（25％），将这些子公司分为两类：公司内部贸易度高（或公司内部贸易>其总贸易的25％）的外国子公司；以及公司内部贸易程度低（或公司内部贸易=其总贸易的25％）的外国子公司。本文利用了1999年至2002年的两个计量经济学测试：首先，采用logit模型来识别与公司内部交易的不同程度相关的可能的基于会计的绩效差异。其次，应用Jones发起的流行的横断面任意应计制模型来检测两组子公司之间有关收益管理政策的差异。根据跨国公司的内部化理论，主要假设是，公司内部贸易程度高的外国子公司更可能影响其盈利能力，并且由于希腊的制度特点（例如较高的税率），它们似乎与其他子公司相比利润较小。调查结果–与最初的预测相反，公司内部交易对外国子公司利润的影响在统计上没有显着意义。关于盈余管理政策的结果相似。人们发现，跨国公司一般不会比847家本地公司的中性样本更多地操纵其报告的收益数字。研究的局限性/意义-解释性变量列表并不详尽。在进一步的定量工作中，应使用更复杂的计量经济学方法来支持发现。实际意义–研究结果对于活跃于全球市场的多个利益相关者/投资者以及试图确保各国之间税收政策协调的监管机构特别有意义。特别是，对于利益相关者和投资者来说，了解子公司（他们投资于）的整合在多大程度上影响其绩效并区分利润管理方式非常重要。此外，监管机构寻求详细定义构成跨国企业内部利润的因素，以便他们可以更有效地实施其政策。此外，研究结果可能适用于其他类似希腊背景的较小国家。原创性/价值–本文提出了两个新颖性。首先，它披露了有关位于希腊的外国分支机构的贸易活动内部化的原始信息；此类信息在文学中很少见。其次，这是最早将跨国公司的收入政策与其公司内部交易结合起来的研究之一。

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