The Impact Of Opportunity Attention And Risk Attention Of MNE Top Management Team On The Survival Of Overseas Subsidiaries

The speed of internationalization of Chinese enterprises has accelerated,and the number of overseas subsidiaries of multinational enterprises has increased rapidly,but the survival of overseas subsidiaries is worrying.Improving the survival of MNEs’overseas subsidiaries not only helps MNEs cultivate new competitive advantages,but also contributes to the overall development of Chinese OFDI.The survival of MNEs’overseas subsidiaries is influenced by their entry modes,and the impact of entry modes such as greenfield investment and M&A on the survival of overseas subsidiaries should not be underestimated,while the attention to opportunities and attention to risks of MNEs’ executive teams is one of the important factors influencing the entry mode decisions of overseas subsidiaries.In this paper,we study the impact of opportunity attention and risk attention of top management team of multinational enterprises on the survival of overseas subsidiaries from an attention-based view and combined with the top echelon theory.There is no research on the impact of opportunity and risk attention of top management teams on the survival of overseas subsidiaries.Based on the top echelon theory and attention-based view,some scholars have studied the relationship between demographic characteristics of top management teams and corporate performance using attention as a mediating path.Later,some scholars have studied the impact on strategic choice from the perspective of attention.Previous scholars’ research perspectives on opportunity attention and risk attention are more inclined to study them as mediating variables.Later,some scholars have studied their relationship with strategic decisions such as entry mode from opportunity attention and risk attention itself,and fewer have studied their relationship on the survival of overseas subsidiaries from opportunity attention and risk attention.Against this background,this paper examines the relationship between opportunity attention and risk attention and the survival of overseas subsidiaries in a sample of Chinese manufacturing firms through literature review and empirical analysis,and addresses the core issue of the relationship between opportunity attention,risk attention and the survival of overseas subsidiaries at three levels:main effect,mediating effect and moderating effect.Firstly,this paper reviews the current status of domestic and international research on the factors influencing the survival of overseas subsidiaries,and reviews the relationship between opportunity attention,risk attention,entry mode,executive team autonomy and the survival of overseas subsidiaries.The data were obtained from CSMAR Guotaian database,etc.),and the Kaplan-Meier product limit estimation method was first used to conduct a preliminary analysis of the survival of overseas subsidiaries of multinational enterprises in China,after which a Cox proportional risk model was constructed,and statistical software such as SPSS and Stata 16.0 was used to analyze opportunity attention and risk attention into two individuals,and the empirical study found that:(1)executive team’s opportunity attention,risk attention and survival of overseas subsidiaries are positively correlated;(2)the impact of opportunity attention,risk attention on capitalintensive and technology-intensive firms is greater than that on labor-intensive firms.(3)opportunity attention and risk attention are relatively independent individuals and do not have the same impact on the survival of overseas subsidiaries;(4)the entry mode of greenfield investment partially mediates the relationship between opportunity attention and survival of overseas subsidiaries,and the entry mode of M&A does not mediate the relationship between risk attention and the survival of overseas subsidiaries;(5)the management autonomy of the executive team positively moderates the relationship between opportunity attention,risk attention and the survival of overseas subsidiaries.This study helps to improve the theories related to the survival of Chinese firms’overseas subsidiaries,clarify the effects of opportunity attention and risk attention of MNEs’ executive teams on the survival of overseas subsidiaries,and demonstrate the mediating role of the choice of entry mode and the moderating role of managerial autonomy of executive teams between attention and the survival of overseas subsidiaries.Based on the findings of the study,relevant suggestions are provided for firms so that they can improve the survival of overseas subsidiaries.