Local institution contingencies for the effects of local market orientation on foreign SMEs’ performances: Evidence from an emerging market

當地機構的權變因素對當地市場導向與績效之影響—以外國中小企業於新興市場營運為例

外國中小企業 (SME) 常採用當地市場導向策略，以獲取新興經濟發展的機會。但是這樣的策略並不保證成功。本研究提供多重機構構面之架構，以瞭解當地機構如何影響當地市場導向對外國中小企業績效的影響。本研究分析6147家台灣製造商投資中國為樣本，發現良好的法律與財務機構對當地市場導向與外國中小企業績效之關係有正向干擾效果。再者，本研究拆解群聚經濟機構為專業化與多樣化群聚經濟，並發現其對當地市場導向與外國中小企業績效之關係有正向干擾效果。本研究對於資源有限的外國中小企業如何利用當地機構，以克服其外國人負債提供理論與實務上的見解與貢獻。

Foreign small- and medium-size enterprises (SMEs) often adopt local market-oriented strategies to capture emerging market opportunities, but such strategies do not guarantee success. This study provides a multi-institutional framework for understanding how local institutions influence the effect of local market orientation on the performance of foreign SMEs. Analyzing a sample of 6147 Taiwanese manufacturing firms investing in China, this study finds that well-established legal and financial institutions have a positive moderating effect on the relationship between local market orientation and foreign SME performance. Furthermore, we disentangle agglomeration economic institutions by distinguishing between specialized and diversified agglomeration economies and show the positive moderating effects. This study contributes to both academia and industry by testing how foreign SMEs characterized by constrained resources rely on local institutions to overcome liabilities of foreignness.