Firm-Specific Assets, Multinationality, and Financial Performance: A Meta-Analytic Review and Theoretical Integration

Through a meta-analysis of 120 independent samples reported in 111 studies, we test the predictions of internalization theory in the context of the multinationality-performance relationship. Findings indicate that multinationality provides an efficient organizational form that enables firms to transfer their firm-specific assets to generate higher returns in international markets. In addition, the results delineate the conditions under which firm-specific assets have the strongest impact on the multinationality-performance relationship. Meta-analytic evidence also suggests that multinationality has intrinsic value above and beyond the intangible assets that firms possess, given analyses controlling for firms\u27 international experience, age, size, and product diversification

You gotta serve somebody: the effects of firm innovation on customer satisfaction and firm value

Marketing actions must create value for two key stakeholders: customers and investors. Nevertheless, these two stakeholders differ in their evaluations of firm actions in critical ways. As a result, most managers believe that there is a critical trade-off between serving customers and shareholders. Drawing upon the marketing–finance interface, the authors investigate how this trade-off unfolds to impact customer satisfaction and firm value in the context of innovation. Specifically, the present study demonstrates that creating value for customers and shareholders are not two completely distinct goals, as the business press and managers fear; innovation can create value for shareholders by satisfying customers. However, results also indicate that a crucial trade-off between satisfying consumers and creating value for investors is indeed present, as those same factors (i.e., firm’s branding strategy and level of market dominance, industry-level competitive intensity) that enhance the effects of innovation on customer satisfaction depress the effects of innovation on firm value, and vice versa. The authors discuss the implications of these important findings for research and practice

As abordagens market-driven e market-driving de orientação para o mercado e inovação: proposição de um modelo integrado Market-driving strategy for market orientation: a theoretical model and suggestions for research

Direcionamentos recentes da teoria de orientação para o mercado têm apontado para a natureza eminentemente reativa das estratégias relacionadas. Argumenta-se que a abordagem tradicional - market-driven - seja excessivamente determinista e de forte conotação adaptativa perante o ambiente externo. Essa visão passa a ser complementada por uma nova perspectiva - market-driving -, pressupondo a possibilidade de que as estruturas e o comportamento do mercado possam ser modelados pelas organizações. Entretanto, ainda são incipientes os esforços na construção de um modelo de referência que possa nortear futuras pesquisas no âmbito dessa estratégia. É nessa problemática que se insere o objetivo do presente trabalho, em vistas de apresentar um modelo teórico e proposições de pesquisa sobre o tema, baseados em intensiva revisão de literatura. Como conclusão, o modelo construído permite vislumbrar os antecedentes da estratégia market-driving, suas respectivas ações de implementação e variáveis correlatas. Também se verifica a natureza complementar dessa abordagem em relação à postura tradicional de orientação. Ao final, apresentam-se as implicações acadêmicas e gerenciais do presente estudo, bem como a agenda para pesquisas futuras.<br>Recent developments in the market orientation theory have been indicating for the reactive nature of the related strategies. It argues that the traditional approach, market-driven, is excessively determinism and of strong adaptative connotation in front of external atmosphere. That vision becomes complemented by a new perspective, market-driving, presupposing that the market structures and its behavior can be modeled by the organizations. However, this theory is still incipient in the construction of a reference model that can orientate future research using that strategy. This paper looks for fulfill this gap by presenting a theoretical model and some research propositions on the theme, based on intensive literature review. As conclusion, the model allows to analyze the antecedents of the market-driving strategy, review some actions to be implemented and verify correlated variables. The complementally nature of that approach is also verified in relation to the traditional posture of orientation. At the end, some academic and managerial implications as discussed, as well as, the agenda for future research