Table A2. Empirical studies on the...

Table A2.

Empirical studies on the relationship between multinationality and firm performance, their dependent and independent variables and the found relationship

#	Study	Theoretical perspective	Dependent variable	Independent variable	Moderators included	Relation-ship
1	Grant (1987)	Phenomenon driven	ROA, ROE, ROS	FSTS	no	Positive linear
2	Kim et al. (1989)	Economic theory	OPM, ROA	Entropy measure for DOI	no	Positive linear
3	Riahi-Belkaoui (1996)	Phenomenon driven	ROA	FSTS	no	Positive linear
4	Ramírez-Alesón and Espitia-Escuer (2001)	Resource-based view	Tobin’s Q, ROOA	FORSUB	no	Positive linear
5	Kotabe et al. (2002)	Resource-based view	ROA, OPSALINV	FITI	yes	Positive linear
6	Andersen and Foss (2005)	Unspecified	Survey-based measure for performance	FSTS	yes	Positive linear
7	Tongli et al. (2005)	Phenomenon driven	ROA, Tobin’s Q, share price	Entropy measure for DOI	no	Positive linear
8	Hsu (2006)	Economic and behavioral theories	ROE	FSTS	yes	Positive linear
9	Chari et al. (2007)	Internalization theory	Tobin’s Q	FSTS, FORSUB	yes	Positive linear
10	Li and Yue (2008)	Resource-based view	ROA, ROS	FSTS	yes	Positive linear
11	Pangarkar (2008)	Internationalization process and location theory	ROA, ROS	FSTS	no	Positive linear
12	Venzin et al. (2008)	Phenomenon driven	ROA, ROE	FSTS, FATA, FETE	no	Positive linear
13	Väätänen et al. (2009)	Foreign direct investment and Uppsala model	Sales growth, NPM, labor productivity	International price exposure	no	Positive linear
14	Lin et al. (2011)	Behavioural theory of the firm	ROA	FSTS, FATA, FORSUB	yes	Positive linear
15	Andersen (2012)	Eclectic paradigm	Downside risk, upside potential	FORSUB	no	Positive linear
16	Chao et al. (2012)	Institutional theory	ROA	FORSUB	yes	Positive linear
17	Tsao and Chen (2012)	Agency theory	ROA, Tobin’s Q	FSTS, FATA, FORSUB, composite measure for DOI	yes	Positive linear
18	Hsu et al. (2013)	Upper echelons theory and information processing theory	ROA	FSTS, FATA, composite measure for DOI	yes	Positive linear
19	Tsao and Lien (2013)	Agency theory	ROA, Tobin’s Q	FSTS, FATA, FORSUB, composite measure for DOI	yes	Positive linear
20	Yang et al. (2013)	Foreign direct investment	ROS	FORSUB	no	Positive linear
21	O'Brien et al. (2014)	Resource-based view, agency theory and transaction cost theory	Tobin’s Q	Entropy measure for DOI	yes	Positive linear
22	Tan and Chintakananda (2016)	Resource-based view and transaction cost theory	ROA	Entropy measure for DOI	yes	Positive linear
23	Upadhyayula et al. (2017)	Phenomenon driven	Total sales per total employees	FORSUB	yes	Positive linear
24	Buckley and Tian (2017a)	Internalization theory	ROA	FSTS	no	Positive linear
25	Chang and Chung (2017)	Unspecified	ROA	FSTS	no	Positive linear
26	Dittfeld (2017)	Unspecified	ROA, Tobin’s Q	FSTS, FATA	yes	Positive linear
27	Giachetti and Spadafora (2017)	Rivalry-based theories of imitation and information-based theories of imitation	ROA	FSTS, FORSUB	no	Positive linear
28	Batsakis et al. (2018)	Resource dependence theory	ROA	FSTS	yes	Positive linear
29	Cuervo-Cazurra et al. (2018)	Organizational learning theory	EBITOA	Dummy variable	yes	Positive linear
30	Fuad and Akbar (2018)	Resource-based view	ROE	FSTS	no	Positive linear
31	Cos et al. (2019)	Unspecified	FSTS	Entropy measure	no	Positive linear
32	Tashman et al. (2019)	Resource-based view	ROS	FSTS	yes	Positive linear
33	Ioulianou et al. (2021)	Real options theory	A set of asymmetric performance measures	FORSUB	yes	Positive linear
34	Elango (2006)[⁵]	Phenomenon driven	GPM	FSTS	yes	Positive linear, inverted U
35	Elango and Sethi (2007)[⁶]	Phenomenon driven	GPM, OPM	FSTS	no	Positive linear, inverted U
36	Banalieva and Sarathy (2011)[⁷]	Transaction cost theory, new trade theory and three-stage theory	ROA	FSTS	yes	Positive linear, inverted U
37	Zahra et al. (2000)	Foreign direct investment and organizational learning	ROE ROE	FSTS FORSUB	yes	Positive linear, Negative linear
38	Lu et al. (2015)	Contingency theory	Survey-based measure for firm growth Survey-based measure for firm profitability (ROI)	FDI FDI	yes	Positive linear, Negative linear
39	Michel and Shaked (1986)	Portfolio theory	Risk-adjusted returns	FSTS	no	Negative linear
40	Kim et al. (2004)	Power-dependence perspective	ROA	FORSUB, number of regions in which the firm has subsidiaries	yes	Negative linear
41	Banalieva and Santoro (2009)	Unspecified	ROA	FSTS	no	Negative linear
42	Li et al. (2011)	Internalization theory and eclectic paradigm	ROA	Geographic distribution of foreign subsidiaries	yes	Negative linear
43	Chen and Tan (2012)	Institutional theory, Uppsala model, and three-stage theory	Tobin’s Q	FSTS	no	Negative linear
44	Singla and George (2013)	Foreign direct investment and three-stage theory	ROA	FSTS, FATA, FOTO	yes	Negative linear
45	Powell (2014)	Internalization theory and transaction cost theory	Profits-per-lawyer, revenue-per-lawyer	FOTO	no	Negative linear
46	Ral-Trebacz et al. (2018)	Unspecified	Tobin’s Q	FORSUB	no	Negative linear
47	Wei and Nguyen (2020)	New internalization theory	ROA, ROE	FSTS	no	Negative linear
48	Benito-Osorio et al. (2016)[⁸]	Three-stage theory	ROA	FSTS	no	Negative linear, U-shaped, S-shaped
49	Lu and Beamish (2001)	Foreign direct investment	ROA, ROS	FORSUB	yes	U-shaped
50	Capar and Kotabe (2003)	Resource-based view, internalization theory, and transaction cost theory	ROS	FSTS	no	U-shaped
51	Ruigrok and Wagner (2003)	Locational choice theory, organizational evolution theory and global knowledge development theory	ROA	FSTS	no	U-shaped
52	Thomas (2006)	Resource-based view, internalization theory, three-stage theory and organizational learning	ROS	FSTS	yes	U-shaped
53	Contractor et al. (2007)	Three-stage theory	ROA, ROE	FSTS	no	U-shaped
54	Gaur and Kumar (2009)	Three-stage theory	ROS	FSTS	yes	U-shaped
55	Berry and Kaul (2016)	Phenomenon driven	ROA	FORSUB	yes	U-shaped
56	Garrido-Prada et al. (2019)	Resource-based view and transaction cost theory	EBITOA	Entropy measure	no	U-shaped
57	Pangarkar and Yuan (2021)	Organizational learning	ROA	FORSUB	yes	U-shaped
58	Hsu and Boggs (2003)	Unspecified	TAT TAT, ROA, ROE	FSTS FORSUB	no	U-shaped, Inverted U-shaped
59	Sun et al. (2019)[⁹]	Internationalization theory	ROA	FSTS, FORSUB	yes	U-shaped, inverted U-shaped
60	Chang and Wang (2007)	Transaction cost theory	Tobin’s Q	Entropy measure	yes	U-shaped, inverted U-shaped, S-shaped
61	Shin et al. (2017)[¹⁰]	Unspecified	ROA	FORSUB	no	U-shaped, inverted U-shaped, S-shaped
62	Miller et al. (2016)	Phenomenon driven	ROA ROA	FSTS FORSUB	no	U-shaped, S-shaped
63	Geringer et al. (1989)	Foreign direct investment	ROS	FSTS	no	Inverted U-shaped
64	Tallman and Li (1996)	Resource-based view and transaction cost theory	ROS	FSTS	no	Inverted U-shaped
65	Hitt et al. (1997)	Resource-based view, foreign direct investment, transaction cost theory, and organizational learning	ROA	Entropy measure for DOI	yes	Inverted U-shaped
66	Gomes and Ramaswamy (1999)	Foreign direct investment	ROA, OPSAL	FSTS, FATA, FORSUB	no	Inverted U-shaped
67	Brock et al. (2006)	Phenomenon driven	ROS, PEP	FSTS, FORSUB	no	Inverted U-shaped
68	Qian et al. (2008)	Resource-based view and transaction cost theory	ROA, ROS	FSTS, FATA, FETE	no	Inverted U-shaped
69	Garbe and Richter (2009)	Foreign direct investment, transaction cost theory, three-stage theory, organizational learning, and Uppsala model	ROS	FATA, FETE, Berry index	no	Inverted U-shaped
70	Pattnaik and Elango (2009)	Resource-based view	ROS	FSTS	yes	Inverted U-shaped
71	Chao and Kumar (2010)	Institutional theory	ROA	FORSUB	yes	Inverted U-shaped
72	Qian et al. (2010)	Phenomenon driven	ROA	Entropy measure for DOI	no	Inverted U-shaped
73	Singh et al. (2010)	Upper echelons literature	ROA	FSTS	yes	Inverted U-shaped
74	Elango (2012)	Contingency theory	OPM	FSTS	yes	Inverted U-shaped
75	Li et al. (2012)	Resource-based view and transaction cost theory	ROA, ROS	FSTS, Entropy measure for DOI	no	Inverted U-shaped
76	Chen et al. (2014)	phenomenon driven	ROA	FSTS	yes	Inverted U-shaped
77	de Jong and van Houten (2014)	Resource-based view and transaction cost theory	EBITOA	Composite measure for DOI	yes	Inverted U-shaped
78	Chen et al. (2015)	Institutional theory	ROE	FSTS	yes	Inverted U-shaped
79	Jain and Prakash (2016)	Eclectic paradigm	ROS	FORSUB	yes	Inverted U-shaped
80	Kirca et al. (2016)	Internalization theory	ROA, ROE	FATA	yes	Inverted U-shaped
81	Gu et al. (2018)	Foreign direct investment	ROA	FORSUB	yes	Inverted U-shaped
82	Freixanet and Rialp (2022)	Organizational learning	ROS	FSTS	no	Inverted U-shaped
83	Lee and Hemmert (2021)	Knowledge-based view	ROA	FSTS	no	Inverted U-shaped
84	Almodóvar and Rugman (2014)	Organizational learning	ROS	FSTS	no	Inverted U-shaped, M-shaped
85	Riahi-Belkaoui (1998)	Foreign direct investment, internalization theory, and eclectic paradigm	ROA	FRTR	no	S-shaped
86	Contractor et al. (2003)	Three-stage theory	ROA, ROS	FSTS, FETE, FOTO	no	S-shaped
87	Lu and Beamish (2004)	Phenomenon driven	ROA Tobin’s Q	FORSUB	yes	S-shaped
88	Thomas and Eden (2004)	Foreign direct investment and international trade theory	ROA, ROE, excess market value, average market value	FSTS, FATA, FORSUB	no	S-shaped
89	Ruigrok et al. (2007)	Mid-range contingency theory	ROA	FSTS	no	S-shaped
90	Bae et al. (2008)	Resource-based view, internalization theory, and eclectic paradigm	ROA, ROS, ROE	FSTS	yes	S-shaped
91	Kumar and Singh (2008)	Uppsala model	ROA, ROE	FSTS	no	S-shaped
92	Bobillo et al. (2010)	Resource-based view and social capital theory	ROA	FSTS	no	S-shaped
93	Rugman and Oh (2010)	Internalization theory	Tobin’s Q	RSTS	no	S-shaped
94	Fisch (2012)	Foreign direct investment, transaction cost theory and theory of information costs	ROE	Gini coefficient for DOI	yes	S-shaped
95	Oh and Contractor (2012)	Resource-based view and transaction cost theory	Firm market value	FSTS	yes	S-shaped
96	Outreville (2012)	Eclectic paradigm and Uppsala model	Combined ratio for performance	GSI	no	S-shaped
97	Xiao et al. (2013)	Phenomenon driven	ROA, ROS	ESTS	yes	S-shaped
98	Oh et al. (2015)	Three-stage theory and regional multinational enterprise theory	ROS	Entropy measure for DOI	yes	S-shaped
99	Abdi and Aulakh (2018)	Three-stage theory	ROA	FSTS	yes	S-shaped
100	Almodóvar (2012)	Resource-based view and Uppsala model	ROS	Export intensity	no	M-shaped
101	Lee (2013)	Phenomenon driven	ROE	FSTS	yes	M-shaped
102	Haar (1989)	Phenomenon driven	Net profits to assets	FSTS	no	No relationship
103	Sambharya (1995)	Phenomenon driven	ROA, ROS, ROE	FSTS, FATA, FORSUB	no	No relationship
104	Peterson et al. (1996)	Phenomenon driven	ROA, ROE	Survey-based measure for DOI	no	No relationship
105	Wan (1998)	Phenomenon driven	ROE	Entropy measure for DOI	yes	No relationship
106	Brock and Yaffe (2008)	Resource-based view	PEP	FORSUB, percentage of lawyers abroad	no	No relationship
107	Muñoz-Bullón and Sánchez-Bueno (2012)	Phenomenon driven	ROA	Entropy measure for DOI	yes	No relationship
108	Rugman et al. (2016)	New internalization theory	ROA	FSTS	no	No relationship
109	Borda et al. (2017)	Resource-based view and transaction cost theory	ROA	FSTS	yes	No relationship
110	Buckley and Tian (2017b)	Internalization theory	ROA	FSTS, FATA, FETE	no	No relationship
111	Pisani et al. (2020)	Unspecified	ROA	FORSUB	no	No relationship
112	Rugman (1983)	Internalization theory	ROE	FSTS	no	Not stated
113	Palich et al. (2000b)	International impediments theory	ROA, ROS	FORSUB	no	Not stated
114	Wiersema and Bowen (2011)	Resource-based view, foreign direct investment, three-stage theory and organizational learning	ESTS	FORSUB	no	Not stated
115	Dikova and Veselova (2021)[¹¹]	Contingency theory	Survey-based measure for organizational performance	FSTS, FRTR, survey-based measure for internationalization scope and scale	no	Not applicable

#	Study	Theoretical perspective	Dependent variable	Independent variable	Moderators included	Relation-ship
1	Grant (1987)	Phenomenon driven	ROA, ROE, ROS	FSTS	no	Positive linear
2	Kim et al. (1989)	Economic theory	OPM, ROA	Entropy measure for DOI	no	Positive linear
3	Riahi-Belkaoui (1996)	Phenomenon driven	ROA	FSTS	no	Positive linear
4	Ramírez-Alesón and Espitia-Escuer (2001)	Resource-based view	Tobin’s Q, ROOA	FORSUB	no	Positive linear
5	Kotabe et al. (2002)	Resource-based view	ROA, OPSALINV	FITI	yes	Positive linear
6	Andersen and Foss (2005)	Unspecified	Survey-based measure for performance	FSTS	yes	Positive linear
7	Tongli et al. (2005)	Phenomenon driven	ROA, Tobin’s Q, share price	Entropy measure for DOI	no	Positive linear
8	Hsu (2006)	Economic and behavioral theories	ROE	FSTS	yes	Positive linear
9	Chari et al. (2007)	Internalization theory	Tobin’s Q	FSTS, FORSUB	yes	Positive linear
10	Li and Yue (2008)	Resource-based view	ROA, ROS	FSTS	yes	Positive linear
11	Pangarkar (2008)	Internationalization process and location theory	ROA, ROS	FSTS	no	Positive linear
12	Venzin et al. (2008)	Phenomenon driven	ROA, ROE	FSTS, FATA, FETE	no	Positive linear
13	Väätänen et al. (2009)	Foreign direct investment and Uppsala model	Sales growth, NPM, labor productivity	International price exposure	no	Positive linear
14	Lin et al. (2011)	Behavioural theory of the firm	ROA	FSTS, FATA, FORSUB	yes	Positive linear
15	Andersen (2012)	Eclectic paradigm	Downside risk, upside potential	FORSUB	no	Positive linear
16	Chao et al. (2012)	Institutional theory	ROA	FORSUB	yes	Positive linear
17	Tsao and Chen (2012)	Agency theory	ROA, Tobin’s Q	FSTS, FATA, FORSUB, composite measure for DOI	yes	Positive linear
18	Hsu et al. (2013)	Upper echelons theory and information processing theory	ROA	FSTS, FATA, composite measure for DOI	yes	Positive linear
19	Tsao and Lien (2013)	Agency theory	ROA, Tobin’s Q	FSTS, FATA, FORSUB, composite measure for DOI	yes	Positive linear
20	Yang et al. (2013)	Foreign direct investment	ROS	FORSUB	no	Positive linear
21	O'Brien et al. (2014)	Resource-based view, agency theory and transaction cost theory	Tobin’s Q	Entropy measure for DOI	yes	Positive linear
22	Tan and Chintakananda (2016)	Resource-based view and transaction cost theory	ROA	Entropy measure for DOI	yes	Positive linear
23	Upadhyayula et al. (2017)	Phenomenon driven	Total sales per total employees	FORSUB	yes	Positive linear
24	Buckley and Tian (2017a)	Internalization theory	ROA	FSTS	no	Positive linear
25	Chang and Chung (2017)	Unspecified	ROA	FSTS	no	Positive linear
26	Dittfeld (2017)	Unspecified	ROA, Tobin’s Q	FSTS, FATA	yes	Positive linear
27	Giachetti and Spadafora (2017)	Rivalry-based theories of imitation and information-based theories of imitation	ROA	FSTS, FORSUB	no	Positive linear
28	Batsakis et al. (2018)	Resource dependence theory	ROA	FSTS	yes	Positive linear
29	Cuervo-Cazurra et al. (2018)	Organizational learning theory	EBITOA	Dummy variable	yes	Positive linear
30	Fuad and Akbar (2018)	Resource-based view	ROE	FSTS	no	Positive linear
31	Cos et al. (2019)	Unspecified	FSTS	Entropy measure	no	Positive linear
32	Tashman et al. (2019)	Resource-based view	ROS	FSTS	yes	Positive linear
33	Ioulianou et al. (2021)	Real options theory	A set of asymmetric performance measures	FORSUB	yes	Positive linear
34	Elango (2006)[5]	Phenomenon driven	GPM	FSTS	yes	Positive linear,inverted U
35	Elango and Sethi (2007)[6]	Phenomenon driven	GPM, OPM	FSTS	no	Positive linear,inverted U
36	Banalieva and Sarathy (2011)[7]	Transaction cost theory, new trade theory and three-stage theory	ROA	FSTS	yes	Positive linear,inverted U
37	Zahra et al. (2000)	Foreign direct investment and organizational learning	ROEROE	FSTSFORSUB	yes	Positive linear,Negative linear
38	Lu et al. (2015)	Contingency theory	Survey-based measure for firm growthSurvey-based measure for firm profitability (ROI)	FDIFDI	yes	Positive linear,Negative linear
39	Michel and Shaked (1986)	Portfolio theory	Risk-adjusted returns	FSTS	no	Negative linear
40	Kim et al. (2004)	Power-dependence perspective	ROA	FORSUB, number of regions in which the firm has subsidiaries	yes	Negative linear
41	Banalieva and Santoro (2009)	Unspecified	ROA	FSTS	no	Negative linear
42	Li et al. (2011)	Internalization theory and eclectic paradigm	ROA	Geographic distribution of foreign subsidiaries	yes	Negative linear
43	Chen and Tan (2012)	Institutional theory, Uppsala model, and three-stage theory	Tobin’s Q	FSTS	no	Negative linear
44	Singla and George (2013)	Foreign direct investment and three-stage theory	ROA	FSTS, FATA, FOTO	yes	Negative linear
45	Powell (2014)	Internalization theory and transaction cost theory	Profits-per-lawyer, revenue-per-lawyer	FOTO	no	Negative linear
46	Ral-Trebacz et al. (2018)	Unspecified	Tobin’s Q	FORSUB	no	Negative linear
47	Wei and Nguyen (2020)	New internalization theory	ROA, ROE	FSTS	no	Negative linear
48	Benito-Osorio et al. (2016)[8]	Three-stage theory	ROA	FSTS	no	Negative linear,U-shaped, S-shaped
49	Lu and Beamish (2001)	Foreign direct investment	ROA, ROS	FORSUB	yes	U-shaped
50	Capar and Kotabe (2003)	Resource-based view, internalization theory, and transaction cost theory	ROS	FSTS	no	U-shaped
51	Ruigrok and Wagner (2003)	Locational choice theory, organizational evolution theory and global knowledge development theory	ROA	FSTS	no	U-shaped
52	Thomas (2006)	Resource-based view, internalization theory, three-stage theory and organizational learning	ROS	FSTS	yes	U-shaped
53	Contractor et al. (2007)	Three-stage theory	ROA, ROE	FSTS	no	U-shaped
54	Gaur and Kumar (2009)	Three-stage theory	ROS	FSTS	yes	U-shaped
55	Berry and Kaul (2016)	Phenomenon driven	ROA	FORSUB	yes	U-shaped
56	Garrido-Prada et al. (2019)	Resource-based view and transaction cost theory	EBITOA	Entropy measure	no	U-shaped
57	Pangarkar and Yuan (2021)	Organizational learning	ROA	FORSUB	yes	U-shaped
58	Hsu and Boggs (2003)	Unspecified	TATTAT, ROA, ROE	FSTSFORSUB	no	U-shaped,Inverted U-shaped
59	Sun et al. (2019)[9]	Internationalization theory	ROA	FSTS, FORSUB	yes	U-shaped, inverted U-shaped
60	Chang and Wang (2007)	Transaction cost theory	Tobin’s Q	Entropy measure	yes	U-shaped, inverted U-shaped, S-shaped
61	Shin et al. (2017)[10]	Unspecified	ROA	FORSUB	no	U-shaped, inverted U-shaped, S-shaped
62	Miller et al. (2016)	Phenomenon driven	ROAROA	FSTSFORSUB	no	U-shaped,S-shaped
63	Geringer et al. (1989)	Foreign direct investment	ROS	FSTS	no	Inverted U-shaped
64	Tallman and Li (1996)	Resource-based view and transaction cost theory	ROS	FSTS	no	Inverted U-shaped
65	Hitt et al. (1997)	Resource-based view, foreign direct investment, transaction cost theory, and organizational learning	ROA	Entropy measure for DOI	yes	Inverted U-shaped
66	Gomes and Ramaswamy (1999)	Foreign direct investment	ROA, OPSAL	FSTS, FATA, FORSUB	no	Inverted U-shaped
67	Brock et al. (2006)	Phenomenon driven	ROS, PEP	FSTS, FORSUB	no	Inverted U-shaped
68	Qian et al. (2008)	Resource-based view and transaction cost theory	ROA, ROS	FSTS, FATA, FETE	no	Inverted U-shaped
69	Garbe and Richter (2009)	Foreign direct investment, transaction cost theory, three-stage theory, organizational learning, and Uppsala model	ROS	FATA, FETE, Berry index	no	Inverted U-shaped
70	Pattnaik and Elango (2009)	Resource-based view	ROS	FSTS	yes	Inverted U-shaped
71	Chao and Kumar (2010)	Institutional theory	ROA	FORSUB	yes	Inverted U-shaped
72	Qian et al. (2010)	Phenomenon driven	ROA	Entropy measure for DOI	no	Inverted U-shaped
73	Singh et al. (2010)	Upper echelons literature	ROA	FSTS	yes	Inverted U-shaped
74	Elango (2012)	Contingency theory	OPM	FSTS	yes	Inverted U-shaped
75	Li et al. (2012)	Resource-based view and transaction cost theory	ROA, ROS	FSTS, Entropy measure for DOI	no	Inverted U-shaped
76	Chen et al. (2014)	phenomenon driven	ROA	FSTS	yes	Inverted U-shaped
77	de Jong and van Houten (2014)	Resource-based view and transaction cost theory	EBITOA	Composite measure for DOI	yes	Inverted U-shaped
78	Chen et al. (2015)	Institutional theory	ROE	FSTS	yes	Inverted U-shaped
79	Jain and Prakash (2016)	Eclectic paradigm	ROS	FORSUB	yes	Inverted U-shaped
80	Kirca et al. (2016)	Internalization theory	ROA, ROE	FATA	yes	Inverted U-shaped
81	Gu et al. (2018)	Foreign direct investment	ROA	FORSUB	yes	Inverted U-shaped
82	Freixanet and Rialp (2022)	Organizational learning	ROS	FSTS	no	Inverted U-shaped
83	Lee and Hemmert (2021)	Knowledge-based view	ROA	FSTS	no	Inverted U-shaped
84	Almodóvar and Rugman (2014)	Organizational learning	ROS	FSTS	no	Inverted U-shaped, M-shaped
85	Riahi-Belkaoui (1998)	Foreign direct investment, internalization theory, and eclectic paradigm	ROA	FRTR	no	S-shaped
86	Contractor et al. (2003)	Three-stage theory	ROA, ROS	FSTS, FETE, FOTO	no	S-shaped
87	Lu and Beamish (2004)	Phenomenon driven	ROATobin’s Q	FORSUB	yes	S-shaped
88	Thomas and Eden (2004)	Foreign direct investment and international trade theory	ROA, ROE, excess market value, average market value	FSTS, FATA, FORSUB	no	S-shaped
89	Ruigrok et al. (2007)	Mid-range contingency theory	ROA	FSTS	no	S-shaped
90	Bae et al. (2008)	Resource-based view, internalization theory, and eclectic paradigm	ROA, ROS, ROE	FSTS	yes	S-shaped
91	Kumar and Singh (2008)	Uppsala model	ROA, ROE	FSTS	no	S-shaped
92	Bobillo et al. (2010)	Resource-based view and social capital theory	ROA	FSTS	no	S-shaped
93	Rugman and Oh (2010)	Internalization theory	Tobin’s Q	RSTS	no	S-shaped
94	Fisch (2012)	Foreign direct investment, transaction cost theory and theory of information costs	ROE	Gini coefficient for DOI	yes	S-shaped
95	Oh and Contractor (2012)	Resource-based view and transaction cost theory	Firm market value	FSTS	yes	S-shaped
96	Outreville (2012)	Eclectic paradigm and Uppsala model	Combined ratio for performance	GSI	no	S-shaped
97	Xiao et al. (2013)	Phenomenon driven	ROA, ROS	ESTS	yes	S-shaped
98	Oh et al. (2015)	Three-stage theory and regional multinational enterprise theory	ROS	Entropy measure for DOI	yes	S-shaped
99	Abdi and Aulakh (2018)	Three-stage theory	ROA	FSTS	yes	S-shaped
100	Almodóvar (2012)	Resource-based view and Uppsala model	ROS	Export intensity	no	M-shaped
101	Lee (2013)	Phenomenon driven	ROE	FSTS	yes	M-shaped
102	Haar (1989)	Phenomenon driven	Net profits to assets	FSTS	no	No relationship
103	Sambharya (1995)	Phenomenon driven	ROA, ROS, ROE	FSTS, FATA, FORSUB	no	No relationship
104	Peterson et al. (1996)	Phenomenon driven	ROA, ROE	Survey-based measure for DOI	no	No relationship
105	Wan (1998)	Phenomenon driven	ROE	Entropy measure for DOI	yes	No relationship
106	Brock and Yaffe (2008)	Resource-based view	PEP	FORSUB, percentage of lawyers abroad	no	No relationship
107	Muñoz-Bullón and Sánchez-Bueno (2012)	Phenomenon driven	ROA	Entropy measure for DOI	yes	No relationship
108	Rugman et al. (2016)	New internalization theory	ROA	FSTS	no	No relationship
109	Borda et al. (2017)	Resource-based view and transaction cost theory	ROA	FSTS	yes	No relationship
110	Buckley and Tian (2017b)	Internalization theory	ROA	FSTS, FATA, FETE	no	No relationship
111	Pisani et al. (2020)	Unspecified	ROA	FORSUB	no	No relationship
112	Rugman (1983)	Internalization theory	ROE	FSTS	no	Not stated
113	Palich et al. (2000b)	International impediments theory	ROA, ROS	FORSUB	no	Not stated
114	Wiersema and Bowen (2011)	Resource-based view, foreign direct investment, three-stage theory and organizational learning	ESTS	FORSUB	no	Not stated
115	Dikova and Veselova (2021)[11]	Contingency theory	Survey-based measure for organizational performance	FSTS, FRTR, survey-based measure for internationalization scope and scale	no	Not applicable

Notes: ATNITA = after-tax net income to total assets; EBITOA = earnings before interest and taxes divided by total assets; ESTS = export sales to total sales; FATA = ratio of foreign to total assets; FETE = ratio of foreign to total employees; FITI = ratio of foreign to total income; FOTO = ratio of foreign to total offices; FORSUB = number of foreign subsidiaries; FRTR = foreign to total revenues; FSTS = ratio of foreign to total sales; GPM = gross profit margin; GSI = Geographic Spread Index; NPM = net profit margin; OCTS = operating costs to total sales; OPM = operating profit margin; OPSAL = ratio of operating costs to sales; OPSALINV = ratio of sales to operating costs; PEP = profits per equity partner; ROA = return on Assets, ROE = return on equity; RONA = return on net assets; ROOA = return on operating assets; ROS = return on sales; RSTS = regional sales to total sales; TAT = total asset turnover; Tobin’s Q = sum of the market value of equity and the book value of debt divided by the book value of assets

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