The effect of international venturing on firm performance: The moderating influence of absorptive capacity |
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Authors: | Shaker A. Zahra James C. Hayton |
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Affiliation: | 1. University of Minnesota, Carlson School of Management, 321 19th Ave. South Minneapolis, MN 55455, United States;2. SDA Bocconi/Università Bocconi, Istituto di Organizzazione e Sistemi Informativi (IOSI), Viale Isonzo, 23 - 20135 Milano, Italy |
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Abstract: | Companies have vigorously pursued opportunities for profitability and growth through international venturing. Yet, research evidence on the performance benefits of international venturing activities has been contradictory. Applying an organizational learning framework, we propose that the expected effects of international venturing activities on financial performance depend on companies' absorptive capacity. Data from 217 global manufacturing companies show that absorptive capacity moderates the relationship between international venturing and firms' profitability and revenue growth. These results urge executives to build internal R&D and innovative capabilities in order to successfully exploit the new knowledge acquired from foreign markets. |
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Keywords: | International venturing Alliances Acquisitions Corporate venture capital Absorptive capacity |
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