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'Misfits' DO try to fit: Deviations from firm-specific optimal multinationality and subsequent market entry or exit in US law firms

机译:“不匹配”确实要适合:与特定于公司的最佳跨国公司的偏离以及随后美国律师事务所的市场进入或退出

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摘要

Transaction cost and internalization theory research has demonstrated that 'misfit' firms, which deviate from firm-specific optimal levels of multinationality, experience performance decreases. However, we do not know if these firms subsequently adjust their multinational footprints to improve performance. This analysis attempts to fill this gap in the literature, using data in the context of large US law firms from 2003 through 2015. Results indicate that firms with insufficient multinationality relative to their firm-specific optimal levels are more likely to enter new foreign markets in a subsequent period. Additionally, firms with excessive multinationality relative to their firm-specific optimal levels are more likely to exit markets in a subsequent period. These results contribute to theory by showing that maintaining firm-specific multinationality is a continuous adaptive process. Results also highlight managerial benefits to continuously evaluating the efficiency of how international interdependencies are organized in response to changing environments and firm factors.
机译:交易成本和内部化理论研究表明,偏离公司特定的最佳跨国经营水平的“错配”公司的绩效下降。但是,我们不知道这些公司是否随后调整其跨国业务以提高业绩。该分析尝试使用2003年至2015年美国大型律师事务所的数据来填补文献中的空白。结果表明,相对于公司特定的最佳水平而言,跨国公司不足的公司更有可能进入新的外国市场。随后的时期。此外,相对于公司特定的最优水平而言,拥有过多跨国公司的公司更有可能在随后的时期退出市场。这些结果通过表明维持特定于公司的跨国公司是一个连续的适应性过程,为理论做出了贡献。结果还凸显了管理优势,可不断评估环境变化和公司因素变化对国际相互依存关系的效率。

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