INTERNATIONALIZATION PROCESS OF LARGE- SIZED FIRMS: EVIDENCE FROM

MALAYSIA

BY JANNATUL FIRDAUS ISMAIL

Thesis Submitted to the College of Law, Government and International Studies, Universiti Utara Malaysia, in Fulfillment of the Requirement

for the Degree of Doctor of Philosophy

Universiti Utara Malaysia

PERAKUAN KERJA TESIS I DlSERTASl (Certification of thesis /dissertation)

Kami, yang bertandatangan, memperakukan bahawa (We, fhe undersigned, certiv fhat)

JANNATUL FIRDAUS ISMAIL

(candidafe for the degree of)

telah mengemukakan tesis 1 disertasi yang bertajuk: (has presented hidher thesis / dissertafion of the following title):

INTERNATIONALIZATION PROCESS OF LARGE-SIZED FIRMS : EVIDENCE FROM MALAYSIA

seperti yang tercatat di muka surat tajuk dan kulit tesisl disertasi. (as it appears on the title page and fronf cover of fhe thesis /dissertation).

Bahawa tesisldisertasi tersebut boleh diterima dari segi bentuk serta kandungan dan meliputi bidang ilmu dengan memuaskan, sebagaimana yang ditunjukkan oleh calon dalam ujian lisan yang diadakan pada : 19 September 2010 That the said thesis/dissertation i s acceptable in form and content and displays a satisfactory knowledge o f the field o f study as demonsfrated b y the candidate through an oral examination held on: 19 September 2010

PROF. MADYA DR. RUSNIAH AHMAD

Perneriksa Luar 1 .

Perneriksa Luar PROF. OSMAN BIN MOHAMAD

Tarikh: 19 SEPTEMBER 2010

1 -

Nama Pelajar JANNATUL FIRDAUS ISMAIL (Name of Student)

. ~

Tajuk Tesis : ~NTERNAT~ONAL~ZATION PROCESS OF LARGE-SIZED FIRMS : (Title of the Thesis) EVIDENCE FROM MALAYSIA

Program Pengajian 1 Ph.D (Programme of Study)

Nama PenyeliaIPenyelia-penyelia : PENYELIA UTAMA- PROF. MADYA DR. FARIZA HJ. HASHIM

PENYELIA BERSAMA- DR. AHMAD BASHAWIR HJ. ABDUL GHANl

Permission to Use

In presenting this thesis in fulfillment of the requirements for a postgraduate degree from Universiti Utara Malaysia, I agree that the University Library make a freely available for inspection. I further agree that permission for copying of this thesis in any manner, in whole or in part, for scholarly purpose may be granted by my supervisor(s) or, in their absence by the Dean of College of Law, Government and International Studies. It is understood that any copying or publication or use of this thesis or parts thereof for financial gain shall not be given to me and to

I Universiti Utara Malaysia for any scholarly use which may be made of any material from my thesis.

Request for permission to copy or make other use of materials in this thesis, in whole or in part should be addressed to:

Dean of College of Law, Government and International Studies

Universiti Utara Malaysia 060 10 UUM Sintok Kedah Dam1 Aman

Abstract

International expansion is an initial strategy for firms particularly from elnerging countries like Malaysia to be in the global market to deeply engage in a process known as internationalization. The internationalization process among firms from emerging countries depicts some variances from developcd countries due to the internal and external differences between them. There were some patchy and qualitative evidences on internationalization of emerging firms but there remains insufficient in providing a conclusive model. This research attempts to fill up the gap by contributing some empirical evidznces quantitatively which is exceptionally limited, o n the internationalization process o r firms from emerging countries. Generally, this stud) endeavors to cxamine the internationalization process of Malaysian firms into forcign markets by focusing on the firms' internationalization advantage. intensity and their effects on the entry mode and foreign market selection. Specitically, this study aims to detennine the relationship benveen internationalizatioli advantage and internationaiira~ioli intensit); idelitif) the efrecl o r mediating and [noderaling forces between internaliolialiralion advantage and inlernalionali/atioli intensit): and linall? propose an internationalization framework for Malaysian firms to formulate their international expansion strategy. Quantitative method was adopted through a survey by using questionnaires to firms that were sampled f ro~n the Malaysia Bourse (BM) directory. 100 companies participated in the study. Regression and Hierarchical Multivariate Regression Analyses (HMRA) \\.ere utilizcd to examine the hypotheses and hierarchical regression analyses were conducted in analyzing the moderating role of motivation and network as well as mediating role of barriers between internationalization advantage and internationalization intensity. The research found that there is a relationship between firms' internationalization advantage to go abroad and their internationalizativn intensity. The findings also silggest that motivation and netvork can intervene the lirms' internationalizatioli process wliilc barriers can telnperate the process. This study also indicates that barriers moderate the internationalization before and after the process had taken place. 'This study highlights thc internationalization process of Malaysian firms which represent emcrging countries which has been neglected by internationalizatiiln theories developed in industrialized economies.

Key Words

Internationalizat~on Process, Internationalization Advantage, Internationalizat~on Intensity. Motivation. Network, Barriers

Abstrak

I'engcmbangan antarabangsa adaiah sat11 strategi awal hagi firina-firma tcrutamanya dari ncgara-negara mcmbangun seperti Malaysia untuk bcrada di daialn pasaran global dan melibatkan diri secara serius dalam proses yang dikenaii sebagai pengantarabangsaan. Proses pengantarabangsaan di kalangan firma-firma dari negara-negara baru menunjukkan terdapat beberapa perbezaan berbanding negara-negara maju yang lain disebabkan oleh raktor perbezaan dari dalaman dan i ~ ~ a r a n diantara mereka. Terdapat bchcrapa hukti kualitatif haru tctapi inasih tidak mcncukupi dalain pcnyediaan model ~nuktamad. Kajian in1 adalah untuk mengisi jurang dan tnemberikan bukti-bukiti empirik kuantitatif yang sangat terhad terhadap proses pengantarabangsaan. Secara ulnulnnya. kajian ini adalah untuk mengkaji proses pengantarabangsaan firlna-firma terutamanya di Malaysia ke pasaran dunia dengan memberi tumpuan kepada kelehihan pcngantarahangsaaan daii kcamatan pengantarabangsaan: mcngcnal past1 kesan pcngantara dan kcsan pcnyerdchanaan kuasa-kuasa di antara kclchihan pengantarabangsaan dan keamatan pengantarabangsaan, dan akhirnya memberi satu cadangan serta rangka kerja pengantarabangsaan bagi firrna-firma di Malaysia untuk merangka satu strategi untuk memperkembangkan pasaran antarabangsa. Kaedah kuantitatirtelati diguna pakai ineiaiui kaedah borang kaji selidik kepada firina-firma yang tersenarai di papan i~tarna bursa Malaysia (RM) di mana 100 buah syarikat telah rncngambil bahagian dalaln kaji sclidik ini. Analisis regresi dan analisis rcgresi ~nultivarian hierarki (HMRA) telah diguna pakai unti~k lnengkaji hipotesis dan analisis regresi hierarki telah dijalankan untuk menganalisa peranan pengantaraan motivasi dan rangkaian serta peranan penyerdehanaan lialangan di antara keiebihan pengantarabangsaan dan heamatan pengantarahangsaa~l. llasii lkajian ini mendapati bahawa tcrdapat satu Iiuhuiigaii di antara keicbihan pcngantnrahangsaan dan kcamatan pengantarabangsaan firma ke luar negara. Di dalam kajian ini juga men~~njukkan motivasi dan rangkaian boleh memberi kesan dalam proses pengantarabangsaan dan halangan pula boleh melengahkan proses tersebut. Kajian ini juga menunjukkan bahawa halangan menyederhanakan proses pengantarabangsaan Iirma-firma di Malaysia yang ineuakili negara-negara inembangun yang telah diahaikan oleti teori-teori pengantarabangsaan yang dihangunkan di negara-ncgara pcrindustrian.

Kata Kunci Proses Pengantarabangsaan. Kelebihan Pengantarabangsaan. Keamatan Pengantarabangsaan. Mottvaq~. Rangkaian. tlaiangan

Acknowledgement

First and foremost, I would like to convey my greatest gratitude to ALLAH Almighty Who gave nhe the courage. health. and energy to acco~nplish my thesis in due timc and ~ i t h o i l t W h ~ s e lielp this study which required untiring e f k ~ n s \could have nut been possible to complete within the time limits. Subhanallahi Walhamdullilsh.

This thesis is a tribute to the numerous people who helped me throughout my P h D . experience. I remain deeply gratefill to all of them. It was an honor and delight to work with Associate Professor Dr. Fariza Hashim. rhrougli lhcr devotcd mentoring and unconditional support, Dr. Fariza inspired me to persist. Her genuine concern about my well-being was unmistakably evident. 1 thank her for timely feedback, valuable guidance and willingness to share her extensive expertise. 1 extend my thanks to Associate Professor Dr. Khulida Kirana Yahya whose insights on my thesis proposal were precious. The support of Dr. Norlida Manah went for beyond the call of duty. Every time I stepped in her office. 1 felt welccimc. She listened. helped and \hared a wcaltli of knowledge. Most of all, her solid faith in ALLAH Almight) was an inspiring lesson in loy~llty and devotion. I thank her for her dedicated support.

Dr. Siti Zubaidah Othman and Dr. Fai~unial i Pangil played inva l~~able roles in m)

experience at 1ll:M. I'hcir optimism and energg inotivatcd me. Our disc~issions al\uaqs challenged my thinking and invitcd me to get out of nib comfort zonc. 1 thank tlic~n for sharing their proficiency and conviction. 1 also lvould like to express iny gratitude to Professor Osman Mohainad and Professor Mohammad Sulaiman for accepting to serve on the thesis examination committee; their insights helped me to improve my work. I thank Dr. Asmat Nizam, Dr. Faridahwati. Dr Sabariah Yaakub, Dr. Mohd Sobri Don, and Dr. Nik Ahdul Halim at LJl,'M for the thought-provoking discussions I had with thcnh. Nor Fati~nah was an amazing source of infonnation about rules and regulations of'the doctoral program and 1 thank her for her assistance. I cordially acknowled%e Mas Juliana Mukhtaruddin and Nor Safinas Md Saad for the stimulating discussions we had. Also lny personal friends Zarina Lal Khan, Mastura Aluhi. and Zabarina Ahainad have been an invaluahlc sourcc of encouragement and information. I 'hc assistance of Shahril Riral Khan in thc data collection proccsr is also gratefiill> recognized.

Last but not least. I extend iny special thanks to my entire family. 1 believe words cannot do justice in conveying my deep appreciation to my family for their commitment to my endeavor. My heartfelt gratitude is extended to my rather. llaji Is~nail Ahmad, lnq mother, llaljah Tunku l.atupiah Tunku Ahrnad for their unconditional love. and inspiration managed to constantlq ease my worries. Funhcrmorc, none of'this would havc been possible without my husband, Amir Nadeem, my son, Muhainmad Zaeem and iny

daughter, Eshmaal Erina who cope uith me all those days, months and years. Without their love, support, patient and encouragement this would not have been possible. Their love and patient mean to me more than they know. My brothers, Mohamad Azarn and Mohd Fairuz as well as my sister in-laws Marziana and Zamzarina who always providcd boundless support. Without their love and faith in me. this experience \\.auld not have been possible. To each rne~nber of in). family. I lovingl~ dedicate this thesis.

Jannatul t'irdaus lsmail Februarq. 2012

Table of Contents

Permission to Use

Abstrak

Abstract

Acknowledgement iv

Table of Contents vi

I.ist of Figures x i i ~

List of Tables xiv

CHAPTER I INTRODUCTION 1

1 . 1 Background of the Study 1

1.2 Problem Statement 6

1.3 Research Objectives 11

1.4 Research Questions 11

1.5 Significance o t t he Study 12

1.6 Scope of the Study 14

1.7 Key Definitions 15

1.8 Organi/.ation ol 'Chapter~ in the Theiis 16

1.9 Summary 17

CHAPTER 2 L lTERATUW REVlEW 18

2.0 lnternationalizatio~i Literature 18

2.1 Process of Inter~iationalization - The Stage Model 20

2.2 Advantage of Internationalization - Eclectic Paradigm 25

2.3 Motivation as the Mediating Variable of Internationalization Process OLI

Paradigm 3 1

2.4 Network as the Mediating Variable of Internationaliration Process 34

2.5 Rarriers as the Moderating Variable o r Internationalization Process 39

2.6 The Intensity of Internationalization of a Firm 44

2.7 Other Related 'l'hcory - The International New Venture Modcl 48

2.8 Conceptual Fra~nc\vorh 5 1

2.9 Research Hypotheses Development 55

2.9.1 Hypotheses with Regard to the Internationalization Advantages with

lnternationaliration lntcnsity 56

2.9.2 Hypotheses with iicgard to the lntcrnationalization Advantage with Modc

of Entry 58

2.9.3 Hypotheses with Regard to the Internationaliration Advantage with Foreign

Varket Selection 60

2.9.4 Hypothcses with Rcyard to the lnternationalization Advantage \z ith

Motivation 6 1

2.9.5 Hypotheses with Regard to the lnternationalization Advantage with

Network 62

2.9.6 Hypotheses with licyard to the Motivation with Internationalization

Intensity 64

2.9.7 l-lypotheses with Regard to the Network with Internationalization

Intensity 66

2.9.8 Hypotheses with Kcgard to the Motivation as a Mediating Factor 68

2.9.9 Hypotheses with Regard to the Network as a Mediating Factor 69

2.9.10 Iljpotlieses uith Regard to the Barriers as a Moderating Force 70

2.9.11 Hypotheses with Regard to the Mediation and Moderation Effects 71

2.10 Summary 73

CHAPTER 3 IESEARCH METHOD 75

3.1 Research Design 75

3.2 Operational Definition and Measurement of Variables 76

vii

3.3.1 Pilot Study of the Instrument 88

3 4 Data Collection

3.41 Data Collection I'roccdiircs

3.4.2 Research Population

3.4.3 Sampling Method

3.4.4 Unit of Analysis

3.5 Techniques of Data Analysis

I 3.5.1 Factor A~ialysis and Reliability Analysis

1 3.5.2 Descriptive Statistic I

3.5.4 Multiple Regression Analysis

3.6 Summary

CI-1APTER 4 DATA ANA1,YSIS AND FINDINGS

4. I Demographic Characteristics of the Participants

1 4.2 Descriptive Statistics of the Variables

I 4.2.1 Mean Analysis for Internationalization Advantage Dimensions

4.2.2 Mean Analysis for Motivation Dimensions

4.2.3 Mean Analysis for Nelwork Dimensions

4.2.4 Mean Analysis for Barrier Dimensions

4.2.5 Mean Analysis for Internationalization Intensity

! 4.3 Goodness ot'rvlcasurc

4.5 Factor Analysis

i 4.6 Reliability and Validity Test I

4.7 Test of the Hypotheses

4.7.1 Correlation Analysis

viii

4.8.1 Regression result of the Relationship between lnternationalization

Advantage Dimensions and internationalization Intensity 143

4 .82 Regression rcsult for Comparative Advantagc and Coinpetitibc Adbantagc

on Motivation 144

4 8.4 Regression result for Efficiency Seeking. Market Seeking. Resource

Seeking and Asset Seeking on Internationalization Intensit) 147

4.8.5 Regression result for Lcgitilnatc and Inforination Bencfit on

Internationalization lntensitq 149

4.8.6 Test for Mediation Effect 151

4.8.8 Test for the Moderation and Mediation Effucts on the Relationship between

Internationalization Advantase and Internationalization Intensity 177

4.9 Summary 192

CHAPTER 5 DISCUSSION 196

5.1 Recapitulation of the Study's Findings 196

5.2 Discussions of Findings 198

5.2.1 The Relationship between Internationali~ation Advantage and

Internationalization Intensity 200

5.2.2 The Effect of Mediating Force between lnternationalization Advantage and

Internationalization Intensity 204

5.2.3 The Effect of Barriers as a Moderating Force in the Internationalization

Process 209

5.2.4 The lnternation:~Iization Frame\vork as a Guide for Mal;lj.sian Firms to

Formulate their lntcrnational Expansion Strateg!. 212

5.3 Summary 217

CHAPTER 6 CONCT.USTONS, 1MPI.IC.ATTONS. 1.IMITATIO"JS AND FUTLIRE

RESEARCH 218

Implications ofthe Stud> 220

6.3.1 Theoretical Implications 220

6.3.2 Managerial Implications for Managers of International Firms in Malaysia

and Other Developing Countries 222

6.3.3 Practical Implications Ibr Policymakers of Malaysia and other Developing

Countries 223

Limitations of the Research 226

Directions for F U ~ L I ~ C llesearch 227

Conclusion 228

234

REFERENCES 236

APPENDICES 253

APPENDIX A-2

APPENDIX B-I

NORMALITY TEST

APPENDIX 8-2

HYPOTI-IESIS I

APPENDIX l3-3

HYPOTHESIS 2

APPENDIX 8-4

HYPOTHESIS 3

API'ENDIX 8 - 5

HYPOTHESIS 4

APPENDIX 8 - 6

HY I'OTHESIS 5

APPENDIX B-7

HYPOTHESIS 6

APPENDIX 8-8

HYPOTHESIS 7

APPENDlX B-9

IIYPOTIIESIS 8

APPENDIX B-10

HYPOTHESIS 9

APPENDIX B-l 1 - HYPOTHESlS 9

APPENDIX R-12

HYPOTHESIS 12

APPENDIX 8-13

HYPOTHESIS 9

APPENDIX 8-14

HYPOTHESIS 9

APPENDIX B-15

HYPOTHESIS 9

I APPENDIX R-16

HYPOTHESIS 9

APPENDIX 8-17

HYPOTHESIS 9

APPtNDlX B-IX

HYPOTHESIS 9

APPENDIX B-19

HYPO1 HESIS 9

APPENDlX n-20

MODER.4TION

APPENDIX B-21

MODERATION

APPENDIX R-22

MODERATION

List of Figures

Figure 1-1 South, East and South East Asia: top 10 sources of FDI outflows; 2007-2008 6

Figure 2-1 Conceptual framework - The Malaysian Firm's Internationaliration Process 54

Figure 4-1 Mediation (Motivation) Conditions Tests 151

Figure 4-2: Mediation (Network) Conditions Tests 156

Figure 4-3: Moderation Conditions lests (I) 159

Figure 4-4: Moderation Conditions Tests (11) 160

Figure 4-5: Moderation Condition Tests (1) 162

Figure 4-6: Moderation Condition Icsts (11) 163

Figure 4-7: Mediation and Modcration Modcl (I) 165

Figure 4-8: Mediation and Moderation Model (11) 166

Figure 4-9: Mediation and Moderation Model (111) - Path diagram combining mediation

and moderation (Baron and Kcnny. 1986) 166

Figure 4- 10: Testing Mediation and Moderation Model ( I ) 176

Figure 4- 1 1 : Testing Mediation and Moderation Model (11) 176

Figure 4-12: Result for the Moderation Effect of Barriers as well as the Mediation Effect

of Network betwccn internationalization Advantagc and Internationalization Intensity 177

Figure 4-13: Mediation attccts of Motiiation and '.ct\vorh on thc relationship bcti\ccn

Internationalization Advantage and Internationaliration Intensity 178

Figure 4-14: The Overview of Moderation Analysis 181

Figure 4-15: Step 1 Analysis 181

i Figure 4- 16: Step 2 Analysis I83

Figure 4-17: Step 3 Analysis 185

Figure 4- 18: Step 4 Analysis 186

Figure 4- 19: Step 5 Analysis 187

I Figure 4-20: Stcp 6 Analysis 188

Figure 4-2 1: Step 7 Analysis 190

Figure 5-1: Establishment of Framework for lnternationalization Process of Malaysian

Firms 216 I

xiii

Table 1-1: FDI Outflows from Malaysia, 2001-2008 (USD Millions)

Table 3-1: Operational Definition and ltems for Independent Variable

Table 3-2: Operational Definition and Items for Mediating Factors

Tablc 3-3: Operational Definition and Items for Moderating Factors

Table 3-4: Items for Dependent Factors

Table 3-5: Questionnaire Design

Table 5- 1 : Summary of Rcscarch Oh.iectives. Questions. and Hypotheses

xiv

CHAPTER 1 INTRODUCTION

I'hc purpose of this chapter is to provide some basic infor~uation regarding this

study. This chapter starts the discussion by providing some background information

surrounding thc intcrnationalization issue. Nest. thc problems that lead to the need for the

present study are prcsentcd followcd by the research questions, the research objectives.

and the significance of the study. Finally, the definition of the study variables and the

organization of the thesis arc dctailed out.

1.1 Background of the Study

Over Lhe past few decades. business scholars and practitioners have consihtenll)

emphasized the increasing globalization and complexity of Lhe inlemational business

environment, and have sought to address ils implicalions from the perspective of firms in

the international arena (Wyrwich &: Tardino, 2006). The outcome has been an extensive

body of research focusing on a number o r complex phenomena associated wilh

international business. These include foreign direct investment (FDI) flows. the

internationalization processes of firms. and the slrategies adopted by firms in

international markets (Buckley et a\.. 2007). The dramatic increase in globalizatio~i in

recent years has also raised some important issues related to the affective [management of

internationalized firms. Not surprisingly, the topic represents an important frontier in

international business and strategic management research (Ghoshal & Bartlett. 1990;

Melin, 1992).

The contents of

the thesis is for

internal user

only

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