성과피드백이 국제화 전략에 미치는 영향: 경쟁적 포지션과 파산위험의 조절효과

The purpose of this study is to analyze the impact of performance feedback on a firm’s internationalization and how this impact varies depending on a firm’s competitive position in the domestic market and the possibility of bankruptcy risk based on the behavior theory of the firm. Specifically, this study argued that negative performance feedback would have a positive effect on a firm’s internationalization, and that competitive position in the domestic market and the possibility of bankruptcy risk would moderate negative performance feedback and internationalization in a negative direction. Using a sample of Korean-listed manufacturing firms from 2010 to 2022, we found that negative performance feedback has a positive (+) effect on the firm’s internationalization strategy. In addition, the firm’s competitive position in the domestic market was found to have a negative moderating effect on the relationship between performance feedback and the firm’s internationalization strategy. This study contributes to the existing literature by identifying the new situational factors that might contribute to a behavioral perspective on organizational search in the international context.