過去有關國際化對公司績效與創新的實證研究呈現不一致的情況。本文以代理理論為主軸並假定控制股東的現金流量權與控制權–現金流量權偏離能調節此一不一致的結果。本文以2000–2007年之台灣上市公司為研究對象，實證結果指出控制股東的現金流量權能正向調節國際化對績效與創新的效果，然而，控制權–現金流量權的偏離則負向的調節此一關係。本文的研究結果有助於了解過去文獻不一致的結果。此外，迥異於美國與英國，大部份的國家存有股權高度集中的情況，因此，本文的研究較能提供一般化的推論，並且有助於了解公司治理對於國際化的影響。 A substantial body of research has examined the impact of internationalization on corporate performance and innovation, but has shown inconsistent results. Drawing on agency theory, we attempt to reduce this equivocality by asserting that the controlling shareholders’ cash flow rights and the separation of control from cash flow rights moderate the relationship. Using a sample of publicly traded firms listed on the Taiwan Stock Exchange from 2000 to 2007, we find that the controlling shareholders’ cash flow rights have a positive moderating effect on the relationship of internationalization to performance and innovation, while the control–cash flow rights divergence shows a negative effect. These findings may shed light on the mixed results of the literature. In addition, most countries other than the United States and the United Kingdom have high ownership concentration; therefore, our results may be generalizable to other settings, providing insight into the role of corporate governance in internationalization.
