关于日本纺织工业包括战略、绩效关系的宏观经济研究外文翻译.docVIP

外文翻译 Are strategy-performance relationships contingent on macroeconomic environments? Evidence from Japan’s textile industry Material Source：Asia Pacific J Manage (2008) Author：Asli M. ColpanAbstract This study examines the dynamic relationships between product and international diversification, keiretsu financing, and economic performance of the listed firms in Japan’s textile industry. Panel data analysis shows that the performance effects of those strategic factors are contingent on macro economic environments, rather than showing consistent relationships. The potentially positive or negative effects of particular diversification strategies and keiretsu financing are neutralized in the munificent environments, as exogenous macroeconomic factors overwhelm endogenous decision-making by the management. In the scarce setting, by contrast, it is those strategic factors that influence financial outcomes. Keiretsu financing moderates the relationship between international diversification strategy and profitability positively only during times of economic scarcity. Studies on the relationships between geographic scope and financial performance in the Japanese context have yielded inconsistent results. Some studies supported the positive Out come of the internationalization strategy(DeliosBeamish,1999;Hitt, Hoskisson, Kim, 1997; Kim, Hwang, Burgers, 1989). The more “multinational” a firm becomes,it is suggested that the greater its opportunities to leverage competitive resources andgain economies of scope across markets while simultaneously diversifying market risks,thus raising its performance levels (Kim etal., 1989; Tongli,Ping, Chiu, 2005). Other works,however,illustrate the negative relationships between international diversification and economic performance, as Geringer et al. (2000) suggested the profit-harming effects of international expansion of Japanese enterprises. Inverted U-shaped relationship has also been proposed in some studies. As an enterprise become