Abstract
This thesis builds upon internalization theory in the international business literature and the pecking order theory in the finance literature to examine the relationship between subsidiary-specific advantages (SSAs), strategies and performance. Specifically, it theorizes that internal financing and subsidiary-level financial management capability are conceptually just as valuable as other traditional competitive advantages in R&D, marketing and managerial skills. It uses a survey dataset with the South East Asian subsidiaries of British multinational enterprises to empirically test a set of hypotheses. The empirical findings lead to advance on the theoretical concept of SSAs and show that SSAs enhance the subsidiary performance.
Highlights
This dissertation aims to contribute to the theoretical and empirical literature of the multinational subsidiary strategy and performance
The survey was based on principles of modern international business theories which were translated into managerial concepts such that managers could identify the mechanism by which they undertook recombination of firm-specific advantages (FSAs) with host countryspecific advantages
The main theoretical contribution of this study is to establish that internal financing is a type of firm-specific advantage (FSA), but one largely under-researched in the international business literature
Summary
This dissertation aims to contribute to the theoretical and empirical literature of the multinational subsidiary strategy and performance. 2. Host country market attractiveness, subsidiary-specific advantages (SSAs) and performance
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