摘要： Researchers in international business have long been interested in understanding the impact of internationalization on performance and innovation. However, prior studies of this research stream offer mixed results. This study contributes to this research stream by employing agency theory to investigate how ownership concentration affects the performance and innovation implications of internationalization. Specifically, we examine two primary effects of ownership concentration: the incentive alignment effect, proxied by the controlling shareholder’s cash flow rights, and the entrenchment effect, proxied by the divergence between control rights and cash flow rights of the controlling shareholder. Based on a sample of Taiwan’s publicly listed firms, we find that the incentive alignment effect moderates the relation between internationalization and performance and innovation positively and the entrenchment effect moderates the relation negatively. These findings shed light on the mixed results of the literature. In addition, most countries outside the United States and the United Kingdom have high ownership concentration; therefore, our results may be generalizable to other settings, providing insight into the role of corporate governance in internationalization. 其他題名： Asia Pac J Manag 出版者： Boston: Springer US 出版日期： 2012-09-01 出處： Asia Pacific journal of management, 2012-09, Vol.29 (3), p.617-642 資源來源： EBSCOhost OmniFile Full Text Select 版權： Springer Science+Business Media, LLC 2010 版權： Springer Science+Business Media, LLC 2012 識別號： ISSN: 0217-4561 識別號： EISSN: 1572-9958 識別號： DOI: 10.1007/s10490-010-9217-5
