Purpose

Grounded in strategic choice and resource-based views, this study aims to investigate the antecedents and consequences of relational strategic emphasis of foreign subsidiaries operating in Thailand. Four types of relational strategies were identified with associated differential performance outcomes.

Design/methodology/approach

Data collected via self-administered surveys from a diverse sample of 168 foreign subsidiaries were analyzed in two stages. First, multinomial logistic regression was used to test whether resource-bridging capability, nonmarket-based assets and market-based assets were significant predictors of relational strategy type. Then, multivariate analysis of variance was used to determine whether the four relational strategy types differed in their strategic performance and financial performance.

Findings

The three resource-based motives are significant predictors of relational strategy. Firms adopting the “dual-relational” strategy tend to have the highest level of resource-bridging capability and nonmarket-based assets while firms pursuing the “business-oriented” strategy are likely to possess a higher level of market-based assets. Extensive reliance on relational ties enables foreign subsidiaries to achieve a much higher level of strategic and financial performance than those that chose to only rely on transactional or contractual relations.

Practical implications

Foreign subsidiaries operating in emerging markets characterized by an unstable market environment have to establish good relationships with buyers, suppliers and distributors, as well as government agents.

Originality/value

Using a juxtaposition of political and business ties, a typology of the relational strategy was conceptualized. This study extends non-market strategy research by investigating the relationship between resource and capability in the choice of relational strategy. Diverse degrees of political and business ties show different impacts on strategic and financial performances.

中文翻译：

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环境动荡下海外子公司的关系战略重点和绩效影响

目的

本研究以战略选择和基于资源的观点为基础，旨在调查在泰国经营的外国子公司的关系战略重点的前因和后果。确定了四种类型的关系策略与相关的不同绩效结果。

设计/方法/方法

通过对来自 168 家外国子公司的不同样本的自我管理调查收集的数据分两个阶段进行分析。首先，使用多项逻辑回归来检验资源桥接能力、非市场资产和市场资产是否是关系战略类型的重要预测因子。然后，使用多元方差分析来确定四种关系战略类型在战略绩效和财务绩效方面是否存在差异。

发现

三个基于资源的动机是关系战略的重要预测指标。采用“双关系”战略的企业往往拥有最高水平的资源桥接能力和非市场资产，而采用“业务导向”战略的企业可能拥有更高水平的市场资产。与那些选择仅依赖交易或合同关系的公司相比，对关系关系的广泛依赖使外国子公司能够实现更高水平的战略和财务绩效。

实际影响

在市场环境不稳定的新兴市场经营的外国子公司必须与买家、供应商和分销商以及政府代理人建立良好的关系。

原创性/价值

使用政治和商业关系的并列，关系战略的类型被概念化。本研究通过调查资源与能力在关系战略选择中的关系，扩展了非市场战略研究。不同程度的政治和商业联系对战略和财务业绩表现出不同的影响。