Table A3. Moderators and their effect on...

Table A3.

Moderators and their effect on the M–P relationship

#	Moderator	Measurement	Effect	Findings significant	Study
Firm characteristics N = 32
1	attainment discrepancy	difference between firm aspirations and the firm's actual performance	positive	yes	Lin et al. (2011)
2	bank debt	sum of all bank loans divided by the MVF	negative	yes	O'Brien et al. (2014)
3	bond debt	sum of all bonds and long-term notes divided by the MVF	negative	yes	O'Brien et al. (2014)
4	firm age	natural logarithm of the number of years of operation since the firm's inception	positive	yes	Singla and George (2013)
5	firm size	total number of employees, logarithmized	positive	yes	Fisch (2012)
6	firm size	natural logarithm of total sales	positive	no	Singla and George (2013)
7	firm type	dummy variable	negative	yes	Fisch (2012)
8	high-discretion slack	current assets divided by current liabilities	positive	yes	Lin et al. (2011)
9	intangible assets in the field of R&D	ratio of expenses for R&D to total sales	negative	yes	Dittfeld (2017)
10	intangible assets in the field of marketing	ratio of selling, general, and administrative expenses to total sales	positive	yes	Dittfeld (2017)
11	international asset dispersion	total number of countries in which a firm operates subsidiaries	negative	yes	Kirca et al. (2016)
12	international expansion	firm's relative increase in the spread of international operations (inverted Gini coefficient measure)	positive	yes	Fisch (2012)
13	leverage	total debt (bank loans plus bond debt) divided by the total MVF	negative	yes	O'Brien et al. (2014)
14	low-discretion slack	equity to debt ratio	positive	yes	Lin et al. (2011)
15	marketing advantages	selling, general, and administrative expenses (SGA) stock	positive	yes	Li et al. (2011)
16	marketing capabilities	dummy variable	positive	yes	Sun et al. (2019)
17	technological advantages	patent count and R&D stock	positive	yes	Li et al. (2011)
18	primary industry	dummy variable	positive	yes	Borda et al. (2017)
19	industry life cycle	total sales growth in each industry to identify stage in the industry life cycle	positive	yes	Pangarkar and Yuan (2021)
	Business group affiliation
20	business group affiliation	dummy variable	negative	yes	Gaur and Kumar (2009)
	business group affiliation	dummy variable	positive	yes	Singla and George (2013), Batsakis et al. (2018)
21	business group affiliation (keiretsu membership)	dummy variable	positive	yes	Kim et al. (2004)
22	business group diversification	number of industries in which the business group affiliates participate	positive	yes	Borda et al. (2017)
	Corporate governance
23	CEO age	number of years from the date of birth	negative	yes	Hsu et al. (2013)
24	CEO duality	dummy variable	negative	yes	Hsu et al. (2013)
25	CEO educational level	categorical variable	positive	yes	Hsu et al. (2013)
26	CEO international experience	dummy variable	positive	yes	Hsu et al. (2013)
27	CEO tenure	number of years for which the firm's CEO has been in that position	negative	no	Hsu et al. (2013)
28	entrenchment effect	ratio of voting rights to cash flow rights	negative	yes	Tsao and Chen (2012)
29	family dominance in the TMT	dummy variable	negative	yes	Lu et al. (2015)
30	family firm	dummy variable	none	–	Muñoz-Bullón and Sánchez-Bueno (2012)
	family firm	dummy variable	positive	yes	Tsao and Lien (2013)
31	family ownership	percentage of common stock owned by family members	positive	yes	Tsao and Lien (2013)
32	firm's governance structure	Dummy variables	positive	yes	Xiao et al. (2013)
33	foreign ownership	share of foreign-owned paid-in capital over the total paid-in capital of the firm	Positive	Yes	Chen et al. (2015)
34	incentive alignment effect	cash flow rights level of the largest ultimate owner	positive	yes	Tsao and Chen (2012)
35	ownership structure	dummy variable	positive	yes	Gu et al. (2018)
36	state ownership	share of state-owned paid-in capital over the total paid-in capital of the firm	none	–	Chen et al. (2015)
37	TMT Experience	average number of years for which the TMT members have worked in a particular industry	positive	yes	Singh et al. (2010)

Home-country context N = 15
38	cluster presence	dummy variable	none	–	Upadhyayula et al. (2017)
39	degree of centralized government control	scale ranging from 1 to 10	positive	yes	Xiao et al. (2013)
40	degree of home-region orientation	magnitude of foreign export sales realized in Asia-Pacific	positive	yes	Lee (2013)
41	difference in growth rate	[(Global industry growth rate)] − [(Home country industry growth rate)]	negative	yes	Elango (2012)
42	home country governance	mean average score of 6 governance items	positive	yes	Elango (2006)
43	home country legal institutions	dummy variables	positive	yes	Li and Yue (2008)
44	home country political stability	Index	positive	yes	Tan and Chintakananda (2016)
45	home country political risk	Index	positive	yes	Cuervo-Cazurra et al. (2018)
46	home country corruption	Index	positive	yes	Cuervo-Cazurra et al. (2018)
47	home country regulatory effectiveness	combination of four indices	positive	yes	Tan and Chintakananda (2016)
48	normative institutional distance	Index	positive	yes	Chao and Kumar (2010)
	normative institutional distance	Index	positive	yes	Chao et al. (2012)
49	regulative institutional distance	Index	negative	yes	Chao and Kumar (2010)
	regulative institutional distance	Index	negative	yes	Chao et al. (2012))
50	industrial diversification	entropy measure	none	–	Wan (1998)
51	quality certification	dummy variable	positive	yes	Upadhyayula et al. (2017)
52	trade liberalization	seven related variables, extracted from databases	negative	yes	Banalieva and Sarathy (2011)
Strategy N = 36
53	acquired shares	the percentage share of total equity of the target company that the acquirer has proposed to acquire	negative	yes	Batsakis et al. (2018)
54	advertising intensity	firm's proprietary marketing assets	positive	yes	Kirca et al. (2016)
55	advertising intensity	advertising expenditure divided by sales	positive	yes	Lu and Beamish (2004)
56	board activeness	ordinal variable indicating the frequency of board meetings each year	positive	yes	Lu et al. (2015)
57	board independence	number of independent directors	positive	yes	Lu et al. (2015)
58	cost efficiency	ratio of total sales divided by cost of sales	negative	yes	Pattnaik and Elango (2009)
59	duration of internationalization	number of years since the firm conducted its first cross-border sales	positive	yes	Abdi and Aulakh (2018)
60	entry mode	dummy variable	none	–	Jain and Prakash (2016)
61	export intensity	percent of parent firm sales that were derived from export revenues	negative	yes	Lu and Beamish (2001)
62	firm-specific assets	the ratio of a studio's budget for blockbuster productions to its total production budget in a year	positive	yes	Tashman et al. (2019)
63	internationalization motives	dummy variable	positive	yes	Jain and Prakash (2016)
64	intrafirm trade	1 − [absolute value of (exports − imports)/(exports + imports)	positive	yes	Elango (2012)
65	investments	quotient between capital expenditures and total sales	negative	no	Dittfeld (2017)
66	knowledge integration	7 items in the survey using a 5-point Likert scale	positive	yes	Zahra et al. (2000)
67	marketing intensity	annual advertising expenditure divided by sales	positive	no	Kotabe et al. (2002)
	marketing intensity	marketing expenditures divided by sales	negative	yes	Pattnaik and Elango (2009)
68	marketing resources	logarithm of (advertisement cost to number of employees)	positive	yes	Chen et al. (2014)
69	R&D intensity	parent firm's R&D spending as a percentage of its sales	none	–	Berry and Kaul (2016)
70	R&D intensity	firms' unique technological assets	positive	yes	Kirca et al. (2016)
71	R&D intensity	R&D expenditure divided by sales	negative	no	Kotabe et al. (2002)
	R&D intensity	R&D expenditures divided by sales	positive	yes	Lu and Beamish (2004), Bae et al. (2008)
72	real options awareness	dummy variable	positive	yes	Ioulianou et al. (2021)
73	region-specific marketization	marketization index for Chinese regions developed by Fan et al. (2011)	positive	yes	Chen et al. (2015)
74	research intensity	research expenditures divided by sales	none	–	Pattnaik and Elango (2009)
75	scale of operations	natural logarithm of the firm’s annual sales	positive	yes	Abdi and Aulakh (2018)
76	technological resources	ratio of R&D cost to annual sales revenue	positive	yes	Chen et al. (2014)
	Location strategies
77	geographic distance	mean distance between a firm's HQ and its foreign subsidiaries	negative	yes	Fisch (2012)
78	geographic distance	location data, where each firm reports up to three country export destinations	negative	no	Thomas (2006)
79	location choice	dummy variable	positive	yes	Gu et al. (2018)
	Product diversification
80	overall effect of product diversification (related and unrelated)	not specified	positive	no	Chang and Wang (2007)
81	product diversification	entropy measure	positive	yes	Hitt et al. (1997), Hsu (2006)
82	product diversification	Herfindahl type index	positive	no	Oh and Contractor (2012)
83	product diversification	entropy index	negative	yes	Oh et al. (2015)
84	related product diversification	entropy index; weighted average of the firm's degree of diversification within related business segments	positive	yes	Chang and Wang (2007)
85	related product diversification	dummy variable	positive	yes	Chen et al. (2014)
86	unrelated product diversification	entropy index; weighted average of the firm's degree of diversification within unrelated business segments	negative	yes	Chang and Wang (2007)
87	unrelated product diversification	dummy variable	negative	yes	Chen et al. (2014)
	Cultural diversity
88	cultural diversity	cultural distance index	negative	yes	de Jong and van Houten (2014), Fisch (2012)
89	computer-mediated communication	5-point Likert scale	positive	yes	Andersen and Foss (2005)
90	IT investment	IT investment made in 1997 divided by number of employees	positive	yes	Chari et al. (2007)

#	Moderator	Measurement	Effect	Findings significant	Study
Firm characteristics N = 32
1	attainment discrepancy	difference between firm aspirations and the firm's actual performance	positive	yes	Lin et al. (2011)
2	bank debt	sum of all bank loans divided by the MVF	negative	yes	O'Brien et al. (2014)
3	bond debt	sum of all bonds and long-term notes divided by the MVF	negative	yes	O'Brien et al. (2014)
4	firm age	natural logarithm of the number of years of operation since the firm's inception	positive	yes	Singla and George (2013)
5	firm size	total number of employees, logarithmized	positive	yes	Fisch (2012)
6	firm size	natural logarithm of total sales	positive	no	Singla and George (2013)
7	firm type	dummy variable	negative	yes	Fisch (2012)
8	high-discretion slack	current assets divided by current liabilities	positive	yes	Lin et al. (2011)
9	intangible assets in the field of R&D	ratio of expenses for R&D to total sales	negative	yes	Dittfeld (2017)
10	intangible assets in the field of marketing	ratio of selling, general, and administrative expenses to total sales	positive	yes	Dittfeld (2017)
11	international asset dispersion	total number of countries in which a firm operates subsidiaries	negative	yes	Kirca et al. (2016)
12	international expansion	firm's relative increase in the spread of international operations (inverted Gini coefficient measure)	positive	yes	Fisch (2012)
13	leverage	total debt (bank loans plus bond debt) divided by the total MVF	negative	yes	O'Brien et al. (2014)
14	low-discretion slack	equity to debt ratio	positive	yes	Lin et al. (2011)
15	marketing advantages	selling, general, and administrative expenses (SGA) stock	positive	yes	Li et al. (2011)
16	marketing capabilities	dummy variable	positive	yes	Sun et al. (2019)
17	technological advantages	patent count and R&D stock	positive	yes	Li et al. (2011)
18	primary industry	dummy variable	positive	yes	Borda et al. (2017)
19	industry life cycle	total sales growth in each industry to identify stage in the industry life cycle	positive	yes	Pangarkar and Yuan (2021)
	Business group affiliation
20	business group affiliation	dummy variable	negative	yes	Gaur and Kumar (2009)
	business group affiliation	dummy variable	positive	yes	Singla and George (2013), Batsakis et al. (2018)
21	business group affiliation (keiretsu membership)	dummy variable	positive	yes	Kim et al. (2004)
22	business group diversification	number of industries in which the business group affiliates participate	positive	yes	Borda et al. (2017)
	Corporate governance
23	CEO age	number of years from the date of birth	negative	yes	Hsu et al. (2013)
24	CEO duality	dummy variable	negative	yes	Hsu et al. (2013)
25	CEO educational level	categorical variable	positive	yes	Hsu et al. (2013)
26	CEO international experience	dummy variable	positive	yes	Hsu et al. (2013)
27	CEO tenure	number of years for which the firm's CEO has been in that position	negative	no	Hsu et al. (2013)
28	entrenchment effect	ratio of voting rights to cash flow rights	negative	yes	Tsao and Chen (2012)
29	family dominance in the TMT	dummy variable	negative	yes	Lu et al. (2015)
30	family firm	dummy variable	none	–	Muñoz-Bullón and Sánchez-Bueno (2012)
	family firm	dummy variable	positive	yes	Tsao and Lien (2013)
31	family ownership	percentage of common stock owned by family members	positive	yes	Tsao and Lien (2013)
32	firm's governance structure	Dummy variables	positive	yes	Xiao et al. (2013)
33	foreign ownership	share of foreign-owned paid-in capital over the total paid-in capital of the firm	Positive	Yes	Chen et al. (2015)
34	incentive alignment effect	cash flow rights level of the largest ultimate owner	positive	yes	Tsao and Chen (2012)
35	ownership structure	dummy variable	positive	yes	Gu et al. (2018)
36	state ownership	share of state-owned paid-in capital over the total paid-in capital of the firm	none	–	Chen et al. (2015)
37	TMT Experience	average number of years for which the TMT members have worked in a particular industry	positive	yes	Singh et al. (2010)

Home-country context N = 15
38	cluster presence	dummy variable	none	–	Upadhyayula et al. (2017)
39	degree of centralized government control	scale ranging from 1 to 10	positive	yes	Xiao et al. (2013)
40	degree of home-region orientation	magnitude of foreign export sales realized in Asia-Pacific	positive	yes	Lee (2013)
41	difference in growth rate	[(Global industry growth rate)] − [(Home country industry growth rate)]	negative	yes	Elango (2012)
42	home country governance	mean average score of 6 governance items	positive	yes	Elango (2006)
43	home country legal institutions	dummy variables	positive	yes	Li and Yue (2008)
44	home country political stability	Index	positive	yes	Tan and Chintakananda (2016)
45	home country political risk	Index	positive	yes	Cuervo-Cazurra et al. (2018)
46	home country corruption	Index	positive	yes	Cuervo-Cazurra et al. (2018)
47	home country regulatory effectiveness	combination of four indices	positive	yes	Tan and Chintakananda (2016)
48	normative institutional distance	Index	positive	yes	Chao and Kumar (2010)
	normative institutional distance	Index	positive	yes	Chao et al. (2012)
49	regulative institutional distance	Index	negative	yes	Chao and Kumar (2010)
	regulative institutional distance	Index	negative	yes	Chao et al. (2012))
50	industrial diversification	entropy measure	none	–	Wan (1998)
51	quality certification	dummy variable	positive	yes	Upadhyayula et al. (2017)
52	trade liberalization	seven related variables, extracted from databases	negative	yes	Banalieva and Sarathy (2011)
Strategy N = 36
53	acquired shares	the percentage share of total equity of the target company that the acquirer has proposed to acquire	negative	yes	Batsakis et al. (2018)
54	advertising intensity	firm's proprietary marketing assets	positive	yes	Kirca et al. (2016)
55	advertising intensity	advertising expenditure divided by sales	positive	yes	Lu and Beamish (2004)
56	board activeness	ordinal variable indicating the frequency of board meetings each year	positive	yes	Lu et al. (2015)
57	board independence	number of independent directors	positive	yes	Lu et al. (2015)
58	cost efficiency	ratio of total sales divided by cost of sales	negative	yes	Pattnaik and Elango (2009)
59	duration of internationalization	number of years since the firm conducted its first cross-border sales	positive	yes	Abdi and Aulakh (2018)
60	entry mode	dummy variable	none	–	Jain and Prakash (2016)
61	export intensity	percent of parent firm sales that were derived from export revenues	negative	yes	Lu and Beamish (2001)
62	firm-specific assets	the ratio of a studio's budget for blockbuster productions to its total production budget in a year	positive	yes	Tashman et al. (2019)
63	internationalization motives	dummy variable	positive	yes	Jain and Prakash (2016)
64	intrafirm trade	1 − [absolute value of (exports − imports)/(exports + imports)	positive	yes	Elango (2012)
65	investments	quotient between capital expenditures and total sales	negative	no	Dittfeld (2017)
66	knowledge integration	7 items in the survey using a 5-point Likert scale	positive	yes	Zahra et al. (2000)
67	marketing intensity	annual advertising expenditure divided by sales	positive	no	Kotabe et al. (2002)
	marketing intensity	marketing expenditures divided by sales	negative	yes	Pattnaik and Elango (2009)
68	marketing resources	logarithm of (advertisement cost to number of employees)	positive	yes	Chen et al. (2014)
69	R&D intensity	parent firm's R&D spending as a percentage of its sales	none	–	Berry and Kaul (2016)
70	R&D intensity	firms' unique technological assets	positive	yes	Kirca et al. (2016)
71	R&D intensity	R&D expenditure divided by sales	negative	no	Kotabe et al. (2002)
	R&D intensity	R&D expenditures divided by sales	positive	yes	Lu and Beamish (2004), Bae et al. (2008)
72	real options awareness	dummy variable	positive	yes	Ioulianou et al. (2021)
73	region-specific marketization	marketization index for Chinese regions developed by Fan et al. (2011)	positive	yes	Chen et al. (2015)
74	research intensity	research expenditures divided by sales	none	–	Pattnaik and Elango (2009)
75	scale of operations	natural logarithm of the firm’s annual sales	positive	yes	Abdi and Aulakh (2018)
76	technological resources	ratio of R&D cost to annual sales revenue	positive	yes	Chen et al. (2014)
	Location strategies
77	geographic distance	mean distance between a firm's HQ and its foreign subsidiaries	negative	yes	Fisch (2012)
78	geographic distance	location data, where each firm reports up to three country export destinations	negative	no	Thomas (2006)
79	location choice	dummy variable	positive	yes	Gu et al. (2018)
	Product diversification
80	overall effect of product diversification (related and unrelated)	not specified	positive	no	Chang and Wang (2007)
81	product diversification	entropy measure	positive	yes	Hitt et al. (1997), Hsu (2006)
82	product diversification	Herfindahl type index	positive	no	Oh and Contractor (2012)
83	product diversification	entropy index	negative	yes	Oh et al. (2015)
84	related product diversification	entropy index; weighted average of the firm's degree of diversification within related business segments	positive	yes	Chang and Wang (2007)
85	related product diversification	dummy variable	positive	yes	Chen et al. (2014)
86	unrelated product diversification	entropy index; weighted average of the firm's degree of diversification within unrelated business segments	negative	yes	Chang and Wang (2007)
87	unrelated product diversification	dummy variable	negative	yes	Chen et al. (2014)
	Cultural diversity
88	cultural diversity	cultural distance index	negative	yes	de Jong and van Houten (2014), Fisch (2012)
89	computer-mediated communication	5-point Likert scale	positive	yes	Andersen and Foss (2005)
90	IT investment	IT investment made in 1997 divided by number of employees	positive	yes	Chari et al. (2007)

Notes: The coding of the effect (positive, negative or none) is based on the claims made by the authors in the respective paper, even though they sometimes reported insignificant results

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