Does Maintaining Resources, Diversification, and Internationalization Matter for Achieving High Firm Performance? A Sustainable Competitiveness Strategy for China Taipei Firms
Abstract
:1. Introduction
- (1)
- Do firm-level factors, including the non-labor intensity, supply chain management, and China dependency, contribute to enhancing firm performance in the current global business environment?
- (2)
- Does the degree of internationalization and product diversification play a moderating role in the relationship between firm-level factors and firm performance in the current global business environment?
2. Literature Review
2.1. Non-Labor Intensive
2.2. Supply Chain Management
2.3. China Dependency
2.4. Internationalization, Product Diversification, and Non-Labor Intensive
2.5. Supply Chain Management and China Taipei Firms’ Performance
2.6. China Dependency and China Taipei Firms’ Performance
3. Materials and Methods
3.1. Materials
3.2. Methods
4. Results
4.1. Average of Abnormal Returns and Cumulative Abnormal Returns
4.2. Results of Regression of Generalized Least Squares (GLS)
5. Discussion
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Variables | Obs | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|---|
CAR060 | 360 | −10.30156 | 17.51424 | −93.1136 | 65.5854 |
CAR030 | 360 | −13.87839 | 13.53278 | −80.1993 | 31.1005 |
CAR015 | 360 | −4.390568 | 7.763321 | −30.3504 | 28.5337 |
Non_lain | 360 | 9.045768 | 1.347787 | 6.641456 | 13.86264 |
supchain | 360 | 28.77931 | 202.7722 | 0 | 230 |
ChinaD | 360 | 0.0856666 | 0.1112107 | 0 | 1.186713 |
DOI | 360 | 0.7251911 | 0.4320225 | 0 | 1.8866 |
nKHHI | 360 | 0.5277778 | 0.4999226 | 0 | 1 |
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | |
---|---|---|---|---|---|
CAR060 | CAR060 | CAR060 | CAR060 | CAR060 | |
Non_lain | −0.491 | 15.02 ** | 18.67 ** | 4.291 | |
supchain | 0.0203 ** | 0.0292 *** | −0.0166 | −0.0329 | |
ChinaD | −1.151 | 11.79 | 5.323 | −28.50 | |
Non_lain2 | −0.799 ** | −0.874 ** | −0.148 | ||
supchain2 | −0.0000305 ** | −0.00000528 | 0.00000518 | ||
ChinaD2 | −26.38 | −22.62 | 64.10 | ||
DOI | 10.99 | −1.866 | |||
nKHHI | 9.784 | −123.5 * | |||
DOI × Non_lain | −1.700 | 1.464 | |||
DOI × supchain | −0.0501 | −0.0675 * | |||
DOI × ChinaD | 25.58 | 7.318 | |||
nKHHI × Non_lain | −1.138 | 26.25 * | |||
nKHHI × supchain | 0.0550 ** | 0.0776 | |||
nKHHI × ChinaD | −16.74 | 40.78 | |||
DOI × Non_lain2 | −0.147 | ||||
DOI × supchain2 | 0.000222 * | ||||
DOI × ChinaD2 | 47.50 | ||||
nKHHI × Non_lain2 | −1.418 * | ||||
nKHHI × supchain2 | −0.0000909 | ||||
nKHHI × ChinaD2 | −136.5 * | ||||
_cons | −30.11 ** | −35.22 ** | −114.8 ** | −129.9 ** | −64.68 |
(−2.99) | (−3.15) | (−3.12) | (−3.16) | (−0.80) | |
N | 360 | 360 | 360 | 360 | 360 |
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | |
---|---|---|---|---|---|
CAR015 | CAR015 | CAR015 | CAR015 | CAR015 | |
Non_lain | 0.114 | 10.46 ** | 10.33 ** | 1.590 | |
supchain | 0.00308 | 0.00553 * | −0.00505 | −0.0115 | |
ChinaD | −7.233 * | −12.00 * | 2.060 | 5.275 | |
Non_lain2 | −0.542 ** | −0.517 ** | −0.0680 | ||
supchain2 | −0.00000419 | 0.00000210 | 0.00000845 | ||
ChinaD2 | 4.823 | 9.015 | −2.393 | ||
DOI | 4.636 | −42.50 | |||
nKHHI | −0.0721 | −19.71 | |||
DOI × Non_lain | −0.547 | 9.649 | |||
DOI × supchain | 0.00139 | −0.000547 | |||
DOI × ChinaD | −8.712 | −26.42 | |||
nKHHI × Non_lain | 0.280 | 4.172 | |||
nKHHI × supchain | 0.0104 | 0.0165 | |||
nKHHI × ChinaD | −12.31 | 2.644 | |||
DOI × Non_lain2 | −0.523 | ||||
DOI × supchain2 | 0.0000293 | ||||
DOI × ChinaD2 | 49.23 | ||||
nKHHI × Non_lain2 | −0.205 | ||||
nKHHI × supchain2 | −0.0000166 | ||||
nKHHI × ChinaD2 | −31.12 | ||||
_cons | −7.173 | −15.47 ** | −68.59 *** | −67.30 *** | −25.47 |
(−1.59) | (−3.09) | (−4.21) | (−3.68) | (−0.70) | |
N | 360 | 360 | 360 | 360 | 360 |
Hypothesis | Results |
---|---|
H1: A positive relationship exists between non-labor intensive and firms’ performance. | Supported |
H2: A positive relationship exists between supply chain management and firms’ performance. | Supported |
H3: A negative relationship exists between China dependency and firms’ performance. | Supported |
H4a: Internationalization moderates the relationship between non-labor intensive and firms’ performance. | Not supported |
H4b: Product diversification moderates the relationship between non-labor intensive and firms’ performance. | Supported |
H5a: Internationalization moderates the relationship between supply chain management and firms’ performance. | Supported |
H5b: Product diversification moderates the relationship between supply chain management and firms’ performance. | Supported |
H6a: Internationalization moderates the relationship between China dependency and firms’ performance. | Not supported |
H6b: Product diversification moderates the relationship between China dependency and firms’ performance. | Supported |
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Anggara, A.A.; Aryoko, Y.P.; Dewandaru, R.O.; Kharismasyah, A.Y.; Fatchan, I.N. Does Maintaining Resources, Diversification, and Internationalization Matter for Achieving High Firm Performance? A Sustainable Competitiveness Strategy for China Taipei Firms. Sustainability 2025, 17, 1576. https://doi.org/10.3390/su17041576
Anggara AA, Aryoko YP, Dewandaru RO, Kharismasyah AY, Fatchan IN. Does Maintaining Resources, Diversification, and Internationalization Matter for Achieving High Firm Performance? A Sustainable Competitiveness Strategy for China Taipei Firms. Sustainability. 2025; 17(4):1576. https://doi.org/10.3390/su17041576
Chicago/Turabian StyleAnggara, Ali Akbar, Yudhistira Pradhipta Aryoko, Rhis Ogie Dewandaru, Alfato Yusnar Kharismasyah, and Ilham Nuryana Fatchan. 2025. "Does Maintaining Resources, Diversification, and Internationalization Matter for Achieving High Firm Performance? A Sustainable Competitiveness Strategy for China Taipei Firms" Sustainability 17, no. 4: 1576. https://doi.org/10.3390/su17041576
APA StyleAnggara, A. A., Aryoko, Y. P., Dewandaru, R. O., Kharismasyah, A. Y., & Fatchan, I. N. (2025). Does Maintaining Resources, Diversification, and Internationalization Matter for Achieving High Firm Performance? A Sustainable Competitiveness Strategy for China Taipei Firms. Sustainability, 17(4), 1576. https://doi.org/10.3390/su17041576