一直以來國際化對公司經營績效究竟是正向還是負向亦或是沒有關係始終未獲得學者一致的看法，主要因為國際化管理模式之高複雜度，使得國際化同時帶給企業效益與成本，在難以明確衡量效益與成本之因素之下，我們期望藉由探討資訊透明度的中介效果能夠釐清國際化對公司經營績效的關聯。本研究選擇2005-2009年台灣上市櫃公司(扣除金融產業)，探討透過資訊透明度的中介變數，國際化經營是否對公司在經營績效之表現造成正向的影響。本研究以證券暨期貨發展基金會之「資訊揭露評鑑系統」評鑑結果以及企業是否召開法人說明會作為資訊透明度之代理變數。實證結果顯示，資訊透明度越高的國際化公司，其經營績效表現越好，此研究意涵為：企業在發展國際化之際，如能夠同時提高公司的資訊透明度，則國際化為企業帶來的效益會大過成本，進而提升公司的經營績效，無論是投資大眾或是政府當局均應樂見企業自發性資訊揭露帶來之社會福祉。Research in international management has long been interested in the impact of internationalization on performance. Because internationalization exhibits both benefits and costs. Prior literature provides mixed results on the performance implication of internationalization. This study explores the moderating effect of the performance implication of internationalization. Using a sample of publicly traded firms listed on the Taiwan Stock Exchange from 2005 to 2009, we find that information transparency positively moderate the association between internationalization and firm performance. This study contributes to this stream of research by examing how information transparency affects the performance implication of internationalization. This findings suggest that higher information transparency helps mitigate the agency problems associated with internationalization so that multinational firms with high information transparency experience positive benefits from internationalization in terms of performance.
