欲走？還留：以遲滯觀點探討子公司撤離之因素

Leave? Stay: The Antecedents of Subsidiary Divestment with Hy steresis Perspective

母子公司關係研究大多認為母公司資源會影響到子公司績效。另有研究提出子公司的決策會因為國際化策略而有所有不同，以及績效達成後的行為。本研究旨在探討國際企業子公司為何做出撤離市場的決策。由於撤離市場與否會因為前置原因的影響而產生不同的決定，所以本文以遲滯觀點為基礎，以母公司資源能力與地主國環境動盪性，並加入整合－回應（I-R）策略，做為探討子公司撤離因素的原因。透過對中國大陸上海地區的257家子公司進行分析，結果驗證母公司資源能力對撤離決策的影響性。本文結果還進一步發現，I-R策略能夠強化企業內外部條件對撤離決策的效果。這說明I-R策略在海外投資行為的價值，充分證明國際化策略對子公司的影響。

Most studies of headquarters-subsidiary relationships suggest that the resources of the headquarters affect the performance of the subsidiaries. Other studies suggest that decision making at the subsidiary level differs depending on the internationalization strategy and is more likely to take note of the behavior after performance. This study aims to examine the decision of subsidiaries to divest from the market in an international firm. Since the decision to exit the market may vary depending on the antecedents, this paper examines the reasons for the divestiture factors of the subsidiaries based on the hysteresis perspective, the headquarters' resource and environmental turbulence, and the integration-responsiveness (I-R) strategy. After analyzing 257 subsidiaries in Shanghai, China, the results validate the influence of headquarters' resource on divestiture decisions. The paper further finds that the I-R strategy can enhance the effect of internal and external conditions on divestiture decisions. This illustrates the value of I-R strategy in foreign investment behavior and illustrates the impact of internationalization strategy on subsidiaries.