Most studies on problemistic search do not pay sufficient attention to how below-aspiration organizations decide what types of strategic actions to use to cope with performance shortfalls. In this study, we examine the preferences of multinational corporations (MNCs) for selecting foreign investment or divestment as a near-term solution to performance shortfalls. We first argue that foreign divestment is generally a more preferred performance solution. Drawing on the literature on vicarious learning, we further argue that MNCs are more likely to engage in foreign investment or foreign divestment to combat large performance shortfalls if peers recently and actively undertook the same type of strategic action. Moreover, they are less likely to undertake the other type of strategic action simultaneously because they adopt the satisficing principle and time constraints deter them from implementing multiple types of strategic action substantially. The analysis of the data about Japanese manufacturing MNCs reveals that vicarious learning influences MNCs’ selection preferences in certain conditions, thereby extending the literature on problemistic search.

大多数关于问题搜索的研究并没有充分关注低于期望的组织如何决定使用哪些类型的战略行动来应对绩效不足。在本研究中，我们研究了跨国公司 (MNC) 选择外国投资或撤资作为解决业绩不足的近期解决方案的偏好。我们首先认为，海外撤资通常是更受欢迎的绩效解决方案。借鉴替代学习的文献，我们进一步认为，如果同行最近积极采取相同类型的战略行动，跨国公司更有可能从事外国投资或外国撤资以应对巨大的业绩缺口。而且，他们不太可能同时采取其他类型的战略行动，因为他们采用令人满意的原则和时间限制阻止他们大量实施多种类型的战略行动。对日本制造业跨国公司数据的分析表明，替代学习在某些条件下会影响跨国公司的选择偏好，从而扩展了有关问题搜索的文献。