경영진의 공식 또는 비공식 네트워크가 기업 국제화에 미치는 영향: 기업 유형과 지리적 거리의 조절효과를 중심으로

The Impact of the Formal and Informal Networks of Top Management Teams on Firm Internationalization: The Moderating Roles of Enterprise type and Geographical Distance

Purpose - This study explores the crucial role that formal and informal networks within the top management team (TMT) play in driving international firm expansion. It also examines how state ownership and geographic distance influence the effectiveness of these networks. Additionally, the research contrasts the impact of formal and informal networks on the internationalization strategies of service and manufacturing industries. Design/methodology/approach - The study analyzes data from the CSMAR database, comprising 30,362 observations from 3,043 Chinese listed companies over the period of 2010 to 2022. Findings - The results reveal that political connections and concurrent positions held by TMT members significantly enhance a firm's internationalization efforts. However, these positive effects are moderated by factors such as geographic distance and state ownership. Moreover, the study highlights that the influence of political connections varies between the service and manufacturing sectors. Research implications - This research deepens the academic understanding of how Chinese firms approach internationalization by providing a detailed analysis of the relationship between political ties and global strategies. The insights gained are also relevant to firms in other emerging markets, offering strategic guidance on how TMT networks can be leveraged to succeed globally. Furthermore, the study emphasizes the importance of considering geographic location and ownership structure when developing internationalization strategies, particularly in tailoring approaches for service versus manufacturing sectors, an aspect often overlooked in prior research.