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<p>Despite the rich literature on the internationalization–performance (I–P) relationship, prior studies have paid limited attention to its home country boundary conditions for emerging-market firms (EMFs). This study examines the moderating roles of environmental and organizational factors in the I–P relationship by building on institutional theory and the resource-based view. Based on panel data from Chinese-listed firms between 2008 and 2019, we found that industrial uncertainty and marketing capability positively moderate the impact of the degree of internationalization on EMFs' financial performance, whereas factor market development and the presence of state-owned enterprises have a negative moderating effect. Internationalization does not yield uniform performance benefits for EMFs; rather, it depends systematically on institutional and resource-based contingencies. Our findings help reconcile prior mixed results in the I–P literature and extend the I-P research by refining its boundary conditions in emerging-market contexts.</p>

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Are More Foreign Sales Better for the Financial Performance? An Institutional and Resource-based Perspective

  • 期刊论文

  • 发表日期：

    2026年5月19日

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  • Kui Wang,
  • Qun Tan,
  • Carlos M. P. Sousa,
  • Zhaoyang Guo

摘要

Despite the rich literature on the internationalization–performance (I–P) relationship, prior studies have paid limited attention to its home country boundary conditions for emerging-market firms (EMFs). This study examines the moderating roles of environmental and organizational factors in the I–P relationship by building on institutional theory and the resource-based view. Based on panel data from Chinese-listed firms between 2008 and 2019, we found that industrial uncertainty and marketing capability positively moderate the impact of the degree of internationalization on EMFs' financial performance, whereas factor market development and the presence of state-owned enterprises have a negative moderating effect. Internationalization does not yield uniform performance benefits for EMFs; rather, it depends systematically on institutional and resource-based contingencies. Our findings help reconcile prior mixed results in the I–P literature and extend the I-P research by refining its boundary conditions in emerging-market contexts.