關(guān)于日本紡織工業(yè)包括戰(zhàn)略、績效關(guān)系的宏觀經(jīng)濟(jì)研究【外文翻譯】

1、外文翻譯ArestrategyperfmancerelationshipscontingentonmacroeconomicenvironmentsEvidencefromJapan’stextileindustryMaterialSource：AsiaPacificJManage(2008)Auth：AsliM.ColpanAbstractThisstudyexaminesthedynamicrelationshipsbetweenp

2、roductinternationaldiversificationkeiretsufinancingeconomicperfmanceofthelistedfirmsinJapan’stextileindustry.Paneldataanalysisshowsthattheperfmanceeffectsofthosestrategicfactsarecontingentonmacroeconomicenvironmentsrathe

3、rthanshowingconsistentrelationships.Thepotentiallypositivenegativeeffectsofparticulardiversificationstrategieskeiretsufinancingareneutralizedinthemunificentenvironmentsasexogenousmacroeconomicfactsoverwhelmendogenousdeci

4、sionmakingbythemanagement.Inthescarcesettingbycontrastitisthosestrategicfactsthatinfluencefinancialoutcomes.Keiretsufinancingmoderatestherelationshipbetweeninternationaldiversificationstrategyprofitabilitypositivelyonlyd

5、uringtimesofeconomicscarcity.StudiesontherelationshipsbetweengeographicscopefinancialperfmanceintheJapanesecontexthaveyieldedinconsistentresults.SomestudiessupptedthepositiveOutcomeoftheinternationalizationstrategy(Delio

6、sHittHoskissonKimHwangTongliPing&Chiu2005).OtherwkshoweverillustratethenegativerelationshipsbetweeninternationaldiversificationeconomicperfmanceasGeringeretal.(2000)suggestedtheprofitharmingeffectsofinternationalexpansio

7、nofJapaneseenterprises.InvertedUshapedrelationshiphasalsobeenproposedinsomestudies.Asanenterprisebecomesmemultinationalespeciallythroughdirectfeigninvestmentgovernancecoststoadministerthecomplexganizationstohle1980s（1）.W

8、henthetextilecompaniesrushedintointernationalinvestmentsinproductionwiththeopptunityofthebubbleeconomythethreatofappreciatingJapaneseyencostsofnewnessfeignnessshouldbehigh.FJapanesetextilefirmswhosecompetitiveassetsliein

9、operationalcapabilitiesinlargescalemanufacturingfacilitiesusualgainsintheexploitationofproprietaryassetsacrossgeographicalmarketswillthusbeoffsetbyinitiallearningcostsrelatedtounfamiliarenvironments.Thatshouldhaveresulte

10、dinreducedprofitsaswell.1Meanvaluesofcountryscopeinthetextileindustrymeasuredas1.894inSTP12.234inSTP2arenoticeablylowerthantheJapanesemanufacturingfirmsingeneral.DeliosBeamishreptedameanvalueof7.28fthemanufacturingfirmsi

11、nJapanasof1996.2Weruntheregressionwithmeancenteredcountryscopeitssquaredtermaswellthesquaredtermwasinsignificantasexpectedly.Theabsenceofadequatecapabilitiesininternationalmarketsingeneralthelimitedexperiencesofoverseasm

12、anufacturingoperationsimplythenegativerelationshipbetweeninternationaldiversificationperfmance.Thiscrelationbetweeninternationalizationprofitabilityremainedblurinthemunificentenvironmentbecausethestrong“domestic”salestha

13、tmostcompaniesexperiencedshallsuppttheperfmanceoutcomesoftheirinternationaloperations.AslongastheboomingJapanesemarketeffectivelyabsbedtheproductsimptedfromthenewlylaunchedoverseasproductionsitescompaniescouldsustainadeq

14、uateprofitabilityevenwhentheycommittedtoinexperiencedinternationalmanufacturingTherefetherushingentryintofeignmarketstoguardincreaserevenuesinthebooming1980swouldnotnecessarilyturnintolossesprofitsfthatmatter.Bythe1990sw

15、henthefirmshadbuiltupenoughoperationalcapacitiesoverseasironicallydomesticmacroeconomicsettingsturnednegative.Thatdownturnshouldnotcontributetotheprofitabilityofthosetextilesenterprises.ThescarceenvironmentsoftheJapanese

16、domesticmarketthroughoutthe1990swereespeciallydamaginginthatthetextileenterprisesmostlycountedontheboomingJapanesedemwhentheyhadinvestedoverseasinthelate1980sasthecompetitivethreatofrisingJapaneseyenfcedthefirmstomovethe

17、ircommoditylabintensiveoperationsintoemergingeconomiesofEastSoutheastAsia(Itami2001).Thestrongyenthatcontinuedeveninthedecadelongeconomicslumpdidnotfunctionasapositivefactftheimptfromoverseasmanufacturingfacilitiesoperat