We investigate how formal institutional distance (FID) moderates the cultural distance (CD) and financial performance relationships of foreign subsidiaries of firms. Following recent research, we estimate the asymmetric effects of CD by considering its size and direction towards host countries...

Purpose – This paper aims, by a direct comparison, to address the differences and similarities of the internationalization processes of multinational companies both from developed and emerging countries. Design/methodology/approach – This study employed qualitative approach, using an...