Penrose效應為當企業在成長時會遇到一定的限制,而其主要來自於管理限制,最早由Penrose於1959年提出。儘管國內外學者對企業成長帶來Penrose效應有所著墨,並談論到國際化與Penrose效應關係,可惜主要談論進入單一海外市場,因此本研究探討「多國市場」衍生的Penrose效應。檢驗要素包含國際市場環境中的經濟自由與政治風險、隸屬國際市場距離的地理距離、體制距離和文化距離,以及國際化深度、國際化寬度跟國際化節奏等國際化過程。此外,亦探討隸屬公司資源產生的調節效果。 以中華徵信所 2008~2012年台灣101家集團企業為樣本進行實證。結果揭露當(1)海外隸屬公司其市場經濟自由度愈低(2)海外隸屬公司其市場政治風險愈大(3)海外隸屬公司地理距離愈遠(4)集團企業國際化程度愈寬(5)集團企業國際化節奏愈不規律,『集團總部Penrose效應』程度愈高。隸屬公司資源之調節效果,實證結果發現(1)集團海外隸屬公司剩餘資源將弱化海外市場政治風險與集團Penrose效應之正向關係(2)集團海外隸屬公司剩餘資源將弱化海外市場地理距離與集團Penrose效應之正向關係(3)集團海外隸屬公司剩餘資源將弱化國際化節奏與集團Penrose效應之負向關係。
Penrose effect, first proposed in 1959 by Penrose, illustrated that firm encounters certain restrictions when growing, mainly from its administrative restraints. Although lots of researchers mentioned that corporate growth led to Penrose effect and the relationship between internationalization and Penrose effect, they mostly discussed about entering a single overseas market. Thus this study is to investigate the Penrose effect on "multi-country market". The factors consist of international market economic freedom political risk, geographical distance, institutional distance, cultural distance, the depth, the scope and the rhythm of internationalization. In addition, this thesis also discusses the moderation effects of group-affiliated firm’s slack resource. The analysis is based on the samples collected from 101 Taiwan business groups by China Credit Information Service. The empirical evidence indicates that the level of Penrose effect will be higher if the listed conditions of the group-affiliated firm are true: 1) The international market economic freedom is lower. 2) The international market political risk is higher. 3) The geographic distance is farer. 4) The degree of internalization of Business Group is wider. 5) The rhythm of Business Group internationalization is unstable. The results of moderation effects analysis reveal that: 1) More slack resources of the oversea group-affiliated firm will weaken the positive relationship between political risk and the level of Penrose effect. 2) More slack resources of the oversea group-affiliated firm will diminish the positive relationship between geographic distance and the level of Penrose effect. 3) More slack resource of the group-affiliated firm will decrease the negative relationship between the rhythm of internalization and the level of Penrose effect.
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