Profitability or Longevity? Cross-Country Variations in Corporate Performance
Profitability or Longevity? Cross-Country Variations in Corporate Performance
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DOI：
10.3390/su15108307
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发表时间：
2023-05
期刊：
影响因子：
3.9
通讯作者：
R. Arai;Shin'ichi Hirota
中科院分区：
文献类型：
--
作者：
R. Arai;Shin'ichi Hirota
以往的文献表明，企业的目的和行为在不同的国家，但很少有研究实证研究是否企业绩效在不同的国家。这项研究比较了47个国家的全球最大公司的业绩。利用1973年至2020年《财富》全球500强企业的数据，我们探讨了企业绩效的两个维度（盈利能力和寿命）是否存在跨国差异。我们发现各国的盈利能力和寿命存在显著差异。我们还观察到，一些国家的公司利润高（低），但长期生存的可能性低（高）。我们将盈利能力和寿命回归到国家层面的制度因素：金融体系，法律和民族文化。我们发现，（一）以市场为基础（银行）金融体系是积极的与公司的盈利能力（负）相关，但负（ii）普通法;（民法）积极与公司的盈利能力（负）相关，但负（正）与其寿命相关;高个人主义、低不确定性回避和低长期导向与盈利能力呈正相关，但与寿命呈负相关。这些结果表明，一个国家的正式和非正式制度显着影响企业的目的，行为和绩效。
The previous literature shows that firms’ purposes and behaviors vary across countries, but few studies have empirically examined whether firm performance varies across countries. This study compares the performance of the world’s largest corporations across 47 countries. Using the data for firms listed in the Fortune Global 500 from 1973 to 2020, we explore whether there are cross-country variations in two dimensions of corporate performance: profitability and longevity. We find significant variations in both profitability and longevity across countries. We also observe that firms in some countries are highly (less) profitable but less (more) likely to survive for a long time. We regress profitability and longevity on country-level institutional factors: financial systems, laws, and national cultures. We find that (i) a market-based (bank-based) financial system is positively (negatively) related to a firm’s profitability, but negatively (positively) related to its longevity; (ii) common law (civil law) is positively (negatively) related to the profitability of a firm, but negatively (positively) related to its longevity; and (iii) high individualism, low uncertainty avoidance, and low long-term orientation are positively related to profitability, but negatively related to longevity. These results suggest that a country’s formal and informal institutions significantly affect a firm’s purpose, behavior, and performance.