國際化決策的影響因素之探討：行為理論觀點

The Determinants of Internationalization: Behavior Theory Perspective

國際化策略為臺灣公司很重要的生存與競爭武器，但此策略可能提升公司獲利，但也涉及不同程度的風險。本研究以臺灣上市公司為研究對象，使用行為理論的觀點探討公司績效回饋與剩餘資源對公司策略性投資行為的影響，找出影響公司國際化決策行為的關鍵變數。本研究發現當公司績效高於歷史績效或同業績效時，對於國際化投資決策有負向顯著影響，顯示管理者會有風險趨避傾向，不想進行較多涉及高風險的國際化投資。但當公司績效低於同業績效，對於公司的國際化投資決策有正向顯著的影響，而且離破產距離愈遠的公司，愈有誘因進行國際化投資來解決績效不佳問題，實證結果支持行為理論，但本研究發現低績效公司的國際化投資導致更差的績效。另一方面，本研究發現公司吸收剩餘資源與國際化程度呈現顯著正向關係，顯示吸收剩餘資源（銷售與管理能力）對於國際化投資決策扮演很重要的角色。最後，本研究提供研究結果之管理意涵作為決策者之參考。

Internationalization strategy is an essential competitive tool and is vital to survival for Taiwanese firms. It enhances profit but is related to risk for firms. By choosing Taiwan listed firms as sample, this research draws on behavior theory to develop hypotheses to examine the impact of performance feedback and slack resources on firm strategic behaviors and to identify the key variables of internationalization decision. The results indicate that when firm performance is above that of historical or peers, performance feedback has a negative impact on firm’s level of internationalization, showing that managers has the tendency of risk aversion to proceed for lower level of internationalization. However, when firm performance is below that of peers, performance feedback and the distance from bankruptcy have positive impacts on firm’s level of internationalization, which implies that managers tend to become risk seeking to implement higher level of international strategy to resolve performance problems. The results support for behavior theory. Besides, low performance firms have poor performance by seeking higher level of internationalization investment. Further, the findings show that absorbed slack resource has a positive association with internationalization, signifying that absorbed slack resource (i.e., marketing and management skills) is an important determinant of internationalization strategy. This study concludes with some managerial implications for firms.