Strategic choice during economic crisis: Domestic market position,organizational capabilities and export flexibility |
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| Authors: | Seung-Hyun Lee Paul W Beamish Ho-Uk Lee Jong-Hun Park |
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| Institution: | 1. The University of Texas at Dallas, School of Management, Richardson, TX 75088-0688, United States;2. Richard Ivey School of Business, University of Western Ontario, London, Ont. N6A 3K7, Canada;3. Yonsei University, School of Business, 134 Sinchon-dong, Seodaemun-gu, Seoul 120-749, Republic of Korea;4. Sogang University, School of Business, 1 Shinsu-dong, Mapo-gu, Seoul 121-742, Republic of Korea;1. University of Kaiserslautern, Faculty of Business Studies and Economics, Gottlieb-Daimler Str., Building 42, P.O. Box 3049, Kaiserslautern 67653, Germany;2. Heinrich-Heine-University Duesseldorf, Faculty of Economics and Business Administration, Universitaetsstraße 1, Duesseldorf 40225, Germany;3. University Paderborn, Department of Management/International Business, Warburger Straße 100, Paderborn 33098, Germany;1. Indian Institute of Management Calcutta, Diamond Harbour Road, Kolkata, West Bengal 700104, India;2. Bentley University, 175 Forest Street, Waltham, MA 02452, USA;1. Universidad ESAN, ESAN Graduate School of Business, Alonso de Molina 1652, Monterrico Chico, Surco (Lima 33), Lima, Peru;2. Florida International University, Department of Management and International Business, MANGO 447, 11200 S.W. 8th Street, Miami, FL, United States;3. University of South Carolina, Sonoco International Business Department, Darla Moore School of Business, 1014 Greene Street, Columbia, SC 29208, United States;4. Universidad Rey Juan Carlos, Paseo de los Artilleros, s/n, 28032, Madrid, Spain;5. STAR Eco Works Society, Santiago A De Mayolo Nro. 460 Coo. Pablo Boner, La Molina (Lima 12), Lima, Peru;1. College of Economics and Business, Yeungnam University, 280 Daehak-ro, Gyeongsan-si, Gyeonsangbuk-do 712-749, South Korea;2. Jindal School of Management, The University of Texas at Dallas, United States;1. Vienna University of Economics and Business, Welthandelsplatz 1, 1020 Vienna, Austria;2. University of Ljubljana, Centre of International Relations, Faculty of Social Sciences, Kardeljeva ploscad 5, 1000 Ljubljana, Slovenia;3. UNESCWA, Faculty of Social Sciences, University of Ljubljana, Slovenia |
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| Abstract: | This study examines how sudden shrinkage of domestic demand affects firm-level export performance. Using the Asian economic crisis as a natural experiment, we show that while the industrial organization (IO) economics and resource-based view (RBV) apply well in the pre-crisis period, the real options perspective does a better job in explaining firms’ efforts to increase exports in the post-crisis period. Specifically, using a real options perspective, we show how sudden change in domestic demand provides benefits to those firms that have invested in flexible capabilities while those firms that are locked in with inflexible resources fail to change. We find that the positive relationship between a firm's domestic market position and export intensity becomes stronger in the post-crisis than the pre-crisis period. Further, we find a positive relationship between non-location-bound flexible capabilities such as R&D and export intensity and a negative relationship between location-bound inflexible capabilities such as advertising and export intensity. These relationships become more pronounced in the post-crisis period. |
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