| In recent years,on the one hand,Chinese multinational enterprises have shown a rapid overseas expansion trend,and on the other hand,their international expansion speed has also shown a highly discrete state.Different foreign investment speeds reflect different international strategic choices of enterprises,and will also have a significant impact on enterprise performance.Expanding overseas at a faster pace may lead to various negative effects due to "time-compression diseconomies," but it can help companies reduce costs,maintain a competitive advantage,and improve performance.There are many factors that affect the speed at which multinational companies conduct foreign investment.In previous research,scholars have explored the factors that affect the speed of multinational companies’ internationalization from the macro and micro levels.However,there is still a lack of a strong explanation for how the performance of the company itself affects this important foreign investment decision and the triggering mechanism behind it.Therefore,to explore the current behavior of Chinese multinational enterprises in the international market,to study the influencing factors of their overseas expansion strategies and the decision-making mechanism behind them have become the current research focus in this field.The performance feedback model based on the theory of enterprise behavior reveals the impact of the gap between the actual performance and expected performance of the organization on enterprise risk decision-making,and provides a good entry point for exploring the international strategic decision of the enterprise.The theory believes that when the actual performance of the enterprise does not reach the expected level,this gap will trigger the "question search" behavior,which in turn affects the subsequent strategic decision of the enterprise.Prospect theory suggests that organizations are often willing to take greater risks under a loss-making decisionmaking framework.Therefore,based on the above theoretical basis,this paper starts with the gap of enterprise performance expectations,focuses on the gap state of performance below aspiration level,and empirically tests the relationship between the negative performance feedback of multinational companies and the internationalization speed,as well as the underlying impact mechanism.This paper uses the data of China’s A-share listed multinational companies from 2010 to 2020 as the observation sample to test the hypothesis.The research finds that:(1)the negative expectation-performance gap will promote the overseas expansion of multinational companies,that is,the negative performance feedback will have a significant positive impact on the internationalization speed of multinational companies;(2)corporate risk-taking plays a partial intermediary role in the relationship between negative performance feedback and internationalization speed,that is,as the level of expectation gap increases,corporate risk-taking will increase accordingly,and then it promotes the improvement of the overseas investment speed of multinational enterprises;(3)The redundant resources of enterprises negatively adjust the relationship between negative performance feedback and internationalization speed.From the perspective of corporate behavior theory,this paper explores the driving factors of the overseas expansion rate of multinational enterprises under the framework of performance feedback,and discusses the specific mechanism and boundary conditions,thus strengthening the application of performance feedback in the field of international direct investment.In practice,this paper reveals managers’ cognition and decision-making mechanism under negative performance feedback,which helps enterprises to link the organization’s performance level and resource status with their foreign investment decisions.It has certain practical guiding significance for in-depth understanding of the international strategic decision-making behavior of multinational enterprises. |
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