Stefan Eckert | Technische Universität Dresden (original) (raw)

Papers by Stefan Eckert

Research paper thumbnail of Economies of Scale: The Rationale Behind the Multinationality-Performance Enigma

Management International Review

In a widely acclaimed contribution to Management International Review, Hennart (2007) challenged ... more In a widely acclaimed contribution to Management International Review, Hennart (2007) challenged one of the mainstream theories of International Business, the S-curve relationship between multinationality and performance, by arguing that there is no positive impact on performance aside from the scale enhancing effect resulting from increasing multinationality. We examine his arguments by analyzing 3876 firms from Canada, Germany, Japan, the UK and the US over the period from 2002 to 2016. We find that the empirical evidence for a direct positive impact of multinationality on performance is not convincing. However, increasing multinationality leads to a significantly higher firm performance via the economies of scale-channel. Multinationality seems to be more important as a means to increase scale for firms from small home markets compared to firms from large domestic markets. Intangible assets appear to amplify the impact of scale on performance much more than the impact of multinat...

Research paper thumbnail of Das Bundling-Modell von Hennart: Ein neuer Ansatz zur Erklärung der Auslandsmarkteintrittsentscheidung

WiSt - Wirtschaftswissenschaftliches Studium

Das Bundling-Modell ist ein neuer theoretischer Ansatz zur Erklärung des Auslandsmarkteintritts. ... more Das Bundling-Modell ist ein neuer theoretischer Ansatz zur Erklärung des Auslandsmarkteintritts. Auf der Basis transaktionskostenbezogener Überlegungen begründet dieses Modell sowohl die Eigentumsstrukturen von Auslandsaktivitäten (Lizenzgeschäft versus Direktinvestition, Joint Venture versus 100% Tochtergesellschaft), als auch weitere Charakteristika des Markteintritts im Fall einer Direktinvestition (Neugründung versus Akquisition). Dabei wird die Notwendigkeit der Berücksichtigung der Perspektive der Transaktionspartner des internationalisierenden Unternehmens hervorgehoben.

Research paper thumbnail of The value of internationalization

Multinational Business Review

Research paper thumbnail of Two Tales About One World? Reconstructing Financial Analysts' View About the Valuation Impact of Corporate Multinationality Through the Lens of International Business Research

International Journal of Business Research

Research paper thumbnail of Consequences of Convergence – Western Firm’s FDI Activities in Central and Eastern Europe at the Dawning of EU-Enlargement

Journal of East European Management Studies

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

Research paper thumbnail of Performance effects of intra- and inter-regional expansion: the moderating role of firm-specific advantages

Problems and Perspectives in Management

Recent empirical work suggests that the business operations of multinational companies are rather... more Recent empirical work suggests that the business operations of multinational companies are rather regional than global. The authors analyze the performance impact of intra-regional (as opposed to inter-regional) expansion among companies from six West European countries. Using multilevel modeling, the authors find that an increase in a firm’s degree of regionalization leads to superior performance. The results reveal that an inter-regional strategy does not seem to be a profitable expansion option. Moreover, while examining the moderating impact of firms’ FSAs on the link between intra-regional expansion and performance, the empirical findings suggest that marketing-related FSAs tend to be more regional-bound in nature and support the positive performance effect of intra-regional expansion

Research paper thumbnail of Are Regional-Oriented Companies Better Off? Performance Implications of Home-Region and Host-Region Oriented Strategies

International Journal of Strategic Management

Research paper thumbnail of Towards a Capital Structure Theory for the Multinational Company

Management International Review, Jul 15, 1999

Research paper thumbnail of Grading Up or Fading Out?

The Changing Nature of Doing Business in Transition Economies, 2011

Research paper thumbnail of Necessary, Sufficient or Redundant? On the Role of Country-Specific Legal Institutions and Firm-Specific Intangible Assets for the Evaluation Impact of Corporate Multinationality

European Journal of Management, 2016

Research paper thumbnail of Evaluation of Cross-Cultural Training Programs for International Students from East Europe

Center For Educational Resources in Culture Language and Literacy, Aug 1, 2010

This paper presents a comparative evaluation of didactic and experiential training in Germany car... more This paper presents a comparative evaluation of didactic and experiential training in Germany carried out on a sample of international university students from Eastern Europe. The long-term evaluation was conducted by using a quasi-experimental design with a control group ...

Research paper thumbnail of Local Heroes, Regional Champions or Global Mandates? Empirical Evidence on the Dynamics of German MNC Subsidiary Roles in Central Europe

Journal of East West Business, 2007

In this paper we analyze the influence of a subsidiary's external environment, of... more In this paper we analyze the influence of a subsidiary's external environment, of its task and of its mode of ownership and its mode of market entry on the development of its role for the case of German subsidiaries in Central Europe. We define a subsidiary's role as a three-dimensional construct, consisting of a subsidiary's tasks, its value chain activities

Research paper thumbnail of Die Lehre zum Internationalen Management im deutschsprachigen Raum

Research paper thumbnail of Liability or Asset? An Empirical Analysis on the Impact of Multinationality on Performance

Research paper thumbnail of Explanation of Value Creation and Destruction in Cross-Border M&A in the Financial Industry

Research paper thumbnail of Do Firm-Specific Intangible Assets Compensate Weak Legal Institutions? Empirical Evidence on the Relationship Between Multinationality and Value from European Firms

Research paper thumbnail of Venturing Early or Following Late? Timing, Patterns, and Success of Market Entry into Central and Eastern European Countries

Management International Review

Research paper thumbnail of Are Internalization Effects Curvilinear? Analyzing the M-P-Relationship among European Firms

Research paper thumbnail of Western Firms' Foreign Investment Strategies in Central and Eastern European Countries at the Dawning of EU-Enlargement - Towards Increasing Market Commitment?

Of all kinds of market entry, foreign direct investment (FDI) enables Multinational Enterprises (... more Of all kinds of market entry, foreign direct investment (FDI) enables Multinational Enterprises (MNEs) most to accomplish foreign market proximity. The great importance of the so called "market seeking FDI" type for Central and Eastern European countries (CEECs) is shown by several empirical studies. Market seeking FDI can be differentiated into those activities primarily aiming to realise psychic market proximity and those activities mainly undertaken to realise physical market proximity. This differentiation is crucial, because-due to changes taking place in CEE-the number of FDI activities primarily done for reasons of psychic market proximity could decrease: a steady rapprochement of CEECs since 1989 and the accession to the EU in May 2004 strongly support a process of cultural convergence between CEECs and Western European Countries and an increasing cultural homogeneity between CEECs themselves. These tendencies give (a) MNEs already operating in CEECs for reasons of psychic market proximity potentials to restructure their current activities in the region and (b) MNEs striving for establishing a presence in CEECs the possibility to choose an entry mode other than a FDI.

Research paper thumbnail of Grading up or fading out? The elusive destiny of "psychic market proximity seeking"- subsidiaries in Central and Eastern Europe

Of all kinds of market entry, subsidiaries enable Multinational Enterprises (MNEs) most to accomp... more Of all kinds of market entry, subsidiaries enable Multinational Enterprises (MNEs) most to accomplish foreign market proximity. The great importance of the so called "market seeking FDI" type for Central and Eastern European countries (CEECs) is shown by several empirical studies. Market seeking activities can be differentiated into those primarily aiming to realise psychic market proximity and those mainly undertaken to realise physical market proximity. This differentiation is crucial, because-due to changes taking place in CEE-the number of FDI activities primarily done for reasons of psychic market proximity could decrease: a steady rapprochement of CEECs since 1989 and the accession to the EU in May 2004 strongly support a process of cultural convergence between CEECs and Western European Countries and an increasing cultural homogeneity between CEECs themselves. These tendencies give MNEs already operating in CEECs for reasons of psychic market proximity potentials to restructure their current activities in the region. Their subsidiaries in the region may either emerge as winners as they gain competencies and resources or lose as competencies are being withdrawn or they are shut down altogether.

Research paper thumbnail of Economies of Scale: The Rationale Behind the Multinationality-Performance Enigma

Management International Review

In a widely acclaimed contribution to Management International Review, Hennart (2007) challenged ... more In a widely acclaimed contribution to Management International Review, Hennart (2007) challenged one of the mainstream theories of International Business, the S-curve relationship between multinationality and performance, by arguing that there is no positive impact on performance aside from the scale enhancing effect resulting from increasing multinationality. We examine his arguments by analyzing 3876 firms from Canada, Germany, Japan, the UK and the US over the period from 2002 to 2016. We find that the empirical evidence for a direct positive impact of multinationality on performance is not convincing. However, increasing multinationality leads to a significantly higher firm performance via the economies of scale-channel. Multinationality seems to be more important as a means to increase scale for firms from small home markets compared to firms from large domestic markets. Intangible assets appear to amplify the impact of scale on performance much more than the impact of multinat...

Research paper thumbnail of Das Bundling-Modell von Hennart: Ein neuer Ansatz zur Erklärung der Auslandsmarkteintrittsentscheidung

WiSt - Wirtschaftswissenschaftliches Studium

Das Bundling-Modell ist ein neuer theoretischer Ansatz zur Erklärung des Auslandsmarkteintritts. ... more Das Bundling-Modell ist ein neuer theoretischer Ansatz zur Erklärung des Auslandsmarkteintritts. Auf der Basis transaktionskostenbezogener Überlegungen begründet dieses Modell sowohl die Eigentumsstrukturen von Auslandsaktivitäten (Lizenzgeschäft versus Direktinvestition, Joint Venture versus 100% Tochtergesellschaft), als auch weitere Charakteristika des Markteintritts im Fall einer Direktinvestition (Neugründung versus Akquisition). Dabei wird die Notwendigkeit der Berücksichtigung der Perspektive der Transaktionspartner des internationalisierenden Unternehmens hervorgehoben.

Research paper thumbnail of The value of internationalization

Multinational Business Review

Research paper thumbnail of Two Tales About One World? Reconstructing Financial Analysts' View About the Valuation Impact of Corporate Multinationality Through the Lens of International Business Research

International Journal of Business Research

Research paper thumbnail of Consequences of Convergence – Western Firm’s FDI Activities in Central and Eastern Europe at the Dawning of EU-Enlargement

Journal of East European Management Studies

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

Research paper thumbnail of Performance effects of intra- and inter-regional expansion: the moderating role of firm-specific advantages

Problems and Perspectives in Management

Recent empirical work suggests that the business operations of multinational companies are rather... more Recent empirical work suggests that the business operations of multinational companies are rather regional than global. The authors analyze the performance impact of intra-regional (as opposed to inter-regional) expansion among companies from six West European countries. Using multilevel modeling, the authors find that an increase in a firm’s degree of regionalization leads to superior performance. The results reveal that an inter-regional strategy does not seem to be a profitable expansion option. Moreover, while examining the moderating impact of firms’ FSAs on the link between intra-regional expansion and performance, the empirical findings suggest that marketing-related FSAs tend to be more regional-bound in nature and support the positive performance effect of intra-regional expansion

Research paper thumbnail of Are Regional-Oriented Companies Better Off? Performance Implications of Home-Region and Host-Region Oriented Strategies

International Journal of Strategic Management

Research paper thumbnail of Towards a Capital Structure Theory for the Multinational Company

Management International Review, Jul 15, 1999

Research paper thumbnail of Grading Up or Fading Out?

The Changing Nature of Doing Business in Transition Economies, 2011

Research paper thumbnail of Necessary, Sufficient or Redundant? On the Role of Country-Specific Legal Institutions and Firm-Specific Intangible Assets for the Evaluation Impact of Corporate Multinationality

European Journal of Management, 2016

Research paper thumbnail of Evaluation of Cross-Cultural Training Programs for International Students from East Europe

Center For Educational Resources in Culture Language and Literacy, Aug 1, 2010

This paper presents a comparative evaluation of didactic and experiential training in Germany car... more This paper presents a comparative evaluation of didactic and experiential training in Germany carried out on a sample of international university students from Eastern Europe. The long-term evaluation was conducted by using a quasi-experimental design with a control group ...

Research paper thumbnail of Local Heroes, Regional Champions or Global Mandates? Empirical Evidence on the Dynamics of German MNC Subsidiary Roles in Central Europe

Journal of East West Business, 2007

In this paper we analyze the influence of a subsidiary's external environment, of... more In this paper we analyze the influence of a subsidiary's external environment, of its task and of its mode of ownership and its mode of market entry on the development of its role for the case of German subsidiaries in Central Europe. We define a subsidiary's role as a three-dimensional construct, consisting of a subsidiary's tasks, its value chain activities

Research paper thumbnail of Die Lehre zum Internationalen Management im deutschsprachigen Raum

Research paper thumbnail of Liability or Asset? An Empirical Analysis on the Impact of Multinationality on Performance

Research paper thumbnail of Explanation of Value Creation and Destruction in Cross-Border M&A in the Financial Industry

Research paper thumbnail of Do Firm-Specific Intangible Assets Compensate Weak Legal Institutions? Empirical Evidence on the Relationship Between Multinationality and Value from European Firms

Research paper thumbnail of Venturing Early or Following Late? Timing, Patterns, and Success of Market Entry into Central and Eastern European Countries

Management International Review

Research paper thumbnail of Are Internalization Effects Curvilinear? Analyzing the M-P-Relationship among European Firms

Research paper thumbnail of Western Firms' Foreign Investment Strategies in Central and Eastern European Countries at the Dawning of EU-Enlargement - Towards Increasing Market Commitment?

Of all kinds of market entry, foreign direct investment (FDI) enables Multinational Enterprises (... more Of all kinds of market entry, foreign direct investment (FDI) enables Multinational Enterprises (MNEs) most to accomplish foreign market proximity. The great importance of the so called "market seeking FDI" type for Central and Eastern European countries (CEECs) is shown by several empirical studies. Market seeking FDI can be differentiated into those activities primarily aiming to realise psychic market proximity and those activities mainly undertaken to realise physical market proximity. This differentiation is crucial, because-due to changes taking place in CEE-the number of FDI activities primarily done for reasons of psychic market proximity could decrease: a steady rapprochement of CEECs since 1989 and the accession to the EU in May 2004 strongly support a process of cultural convergence between CEECs and Western European Countries and an increasing cultural homogeneity between CEECs themselves. These tendencies give (a) MNEs already operating in CEECs for reasons of psychic market proximity potentials to restructure their current activities in the region and (b) MNEs striving for establishing a presence in CEECs the possibility to choose an entry mode other than a FDI.

Research paper thumbnail of Grading up or fading out? The elusive destiny of "psychic market proximity seeking"- subsidiaries in Central and Eastern Europe

Of all kinds of market entry, subsidiaries enable Multinational Enterprises (MNEs) most to accomp... more Of all kinds of market entry, subsidiaries enable Multinational Enterprises (MNEs) most to accomplish foreign market proximity. The great importance of the so called "market seeking FDI" type for Central and Eastern European countries (CEECs) is shown by several empirical studies. Market seeking activities can be differentiated into those primarily aiming to realise psychic market proximity and those mainly undertaken to realise physical market proximity. This differentiation is crucial, because-due to changes taking place in CEE-the number of FDI activities primarily done for reasons of psychic market proximity could decrease: a steady rapprochement of CEECs since 1989 and the accession to the EU in May 2004 strongly support a process of cultural convergence between CEECs and Western European Countries and an increasing cultural homogeneity between CEECs themselves. These tendencies give MNEs already operating in CEECs for reasons of psychic market proximity potentials to restructure their current activities in the region. Their subsidiaries in the region may either emerge as winners as they gain competencies and resources or lose as competencies are being withdrawn or they are shut down altogether.