Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 企業風險管理之研究——以M貿易公司為例
A Study on Risk Management of the M Trading Company 指導教授 : 譚丹琪 博士 研究生 : 蔡承佑 撰 中華
作者 蔡承佑
Tsai, Cheng-Yu
貢獻者 譚丹琪
Tan, Dan-Chi
蔡承佑
Tsai, Cheng-Yu
關鍵詞 公司營運的不確定性
國際貿易風險
公司競爭優勢
Uncertainty in company operations
International trade risks
Company competitive advantages
日期 2024
上傳時間 1-Jul-2024 12:44:34 (UTC+8)
摘要 本研究是一份關於企業風險管理、國際貿易風險,以及巴拉圭市場的綜合分析,特別聚焦於一家名為M公司的巴拉圭貿易商。首先探討了風險的定義、分類,以及在企業管理中的重要性,特別強調了風險與不確定性的差異。接著,報告詳細分析了國際貿易風險的三個主要類別:整體環境的不確定性、產業的不確定性,以及公司特定變數的不確定性。這些不確定性包括政治、經濟、社會、自然災害等外部因素,以及供應鏈、技術創新、競爭對手行為等產業內部因素。 研究中提到財務風險管理和策略風險管理的概念,以及企業可能採取的風險管理策略,如迴避、控制、合作、模仿和靈活性,其中包括M公司所使用的產業多角化、培訓多技能人才及轉換銷售品項等。新冠疫情對全球經濟和企業營運的影響也被納入討論,特別是對跨國公司的衝擊。後半部分專注於巴拉圭的市場分析,包括其地理位置、人口結構、經濟概況、政治環境、以及與主要貿易夥伴的關係。 本研究的發現提供了一個風險管理框架,並透過M公司的個案研究,展示如何在巴拉圭市場高度不確定的國際貿易環境中,透過不同的策略來應對和管理風險。
This study comprehensively analyzes enterprise risk management, international trade risks, and the Paraguayan market, focusing on M Company, a Paraguayan trading company. It discusses the definition, classification, and importance of business risks, distinguishing between risk and uncertainty. The report then details three categories of international trade risks: environmental, industry-specific, and company-specific uncertainties encompassing political, economic, social, and natural factors, alongside industry dynamics like supply chains, technology, and competition. Financial and strategic risk management concepts are explored, along with risk management strategies like avoidance, control, cooperation, imitation, and flexibility. M Company's practices such as industry diversification, multi-skilled talent training, and product line transformations are highlighted. The study also examines the global economic and operational impacts of the COVID-19 pandemic, particularly on multinational corporations. The latter part focuses on Paraguay's market analysis including geography, demographics, economy, politics, and trade relations. Through the case of M Company, the study offers a risk management framework and illustrates strategies for navigating uncertainties in Paraguay's dynamic international trade landscape.
參考文獻 一、 英文文獻 Albino-Pimentel, J., Anand, J., & Ott, T. E. (2018). Parent firm corporate social responsibility and the subsidiary stakeholder management strategy. Journal of International Business Studies, 49(7), 858-879. Alon, I., Apriliyanti, I. D., & Henríquez Parodi, M. C. (2021). A systematic review of international franchising. Multinational Business Review, 29(1), 43-69. Baker, S. R., Bloom, N., Buckman, S. R., & Davis, S. J. (2023). Measuring uncertainty. American Economic Review, 113(1), 1-36. Barman, S., & Mahakud, J. (2024). Assessing the Impact of Policy Uncertainty, Geopolitical Risk on Corporate Performance. Asia-Pacific Financial Markets. Bradley, E.H., & Alamo-Pastrana, C. (2022). Dealing with Unexpected Crises: Organizational Resilience and Its Discontents. Advances in Health Care Management, 21, 1-21. Brewer, G. D. (1983). The foundations of policy analysis. Homewood, IL: Dorsey Press. Brousseau, E., Coeurderoy, R., & Chaserant, C. (2007). The Governance of Contracts: Empirical Evidence on Technology Licensing Agreements. Journal of Institutional and Theoretical Economics JITE, 163, 205-235. Buckley, P. J., Devinney, T. M., & Louviere, J. J. (2000). Measuring the degree of internationalization of a firm. Journal of International Business Studies, 31(1), 55-67. Chen, S., Huang, Y., & Sternquist, B. (2018). Guanxi practice and Chinese buyer-supplier relationships: The buyer's perspective. Industrial Marketing Management, 74, 155-167. Chung, C. C., Lee, S. H., Beamish, P. W., & Isobe, T. (2010). Subsidiary expansion/contraction during times of economic crisis. Journal of International Business Studies, 41(3), 500-516. Chung, C. C., Lee, S. H., & Luo, H. (2013). Institutional complexity and MNE performance: A contingencies-based view. Journal of International Business Studies, 44(3), 227-245. Cuervo-Cazurra, A., & Genc, M. E. (2008). Transforming disadvantages into advantages: Developing-country MNEs in the least developed countries. Journal of International Business Studies, 39(6), 957-979. de Diego, E., & Almodóvar, P. (2022). Mapping research trends on strategic agility over the past 25 years: insights from a bibliometric approach. European Journal of Management and Business Economics, 31(2), 219-238. da Silva Lopes, T. (2022). Extraordinary Risk Management in International Business Strategy. In R. van Tulder, A. Verbeke, L. Piscitello, & J. Puck (Eds.), International Business in Times of Crisis: Tribute Volume to Geoffrey Jones (Progress in International Business Research, Vol. 16) (pp. 97-110). Emerald Publishing Limited. Delios, A., & Henisz, W. J. (2003a). Political hazards, experience, and sequential entry strategies: The international expansion of Japanese firms, 1980–1998. Strategic Management Journal, 24(11), 1153-1164. Delios, A., & Henisz, W. J. (2003b). Policy uncertainty and the sequence of entry by Japanese firms, 1980–1998. Journal of International Business Studies, 34(3), 227-241. Doh, J., Rodrigues, S., Saka-Helmhout, A., & Makhija, M. (2017). International business responses to institutional voids. Journal of International Business Studies, 48(3), 293-307. Esho, E., & Verhoef, G. (2021). Variance decomposition of firm performance: past, present and future. Management Research Review, 44(6), 867-888. Esmaeilzadeh, S., Ranjbar, M. S., & Jandaghi, G. (2024). Toward a new conceptual framework of business strategies to deal with environmental uncertainties: insights from a systematic literature review and bibliography. Management Review Quarterly. Fernández-Méndez, L., García-Canal, E., & Guillén, M. F. (2019). Domestic political connections and international expansion: It’s not only ‘who you know’ that matters. Journal of World Business, 54(4), 330-343. Fisch, J. H., & Zschoche, M. (2012). The role of operational flexibility in the expansion of international production networks. Strategic Management Journal, 33(13), 1540-1556. Gaba, V., Pan, Y., & Ungson, G. R. (2002). Timing of entry in international market: An empirical study of US Fortune 500 firms in China. Journal of International Business Studies, 33(1), 39-55. Gaur, A. S., Pattnaik, C., Lee, J. Y., & Singh, D. (2019). Building global strategic alliances: The role of business group affiliation. Journal of International Business Studies, 50(2), 203-232. Getachew, Y. S., & Beamish, P. W. (2017). Foreign subsidiary exit from Africa: The effects of investment purpose diversity and orientation. Global Strategy Journal, 7(1), 58-82. Heidenreich, S., Mohr, A. T., & Puck, J. F. (2015). Political strategies, entrepreneurial overconfidence and MNE subsidiary performance. Journal of World Business, 50(4), 793-805. Henisz, W. J., & Delios, A. (2001). Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990–1996. Administrative Science Quarterly, 46(3), 443-475. Inman, R. A., & Green, K. W. (2021). Environmental uncertainty and supply chain performance: the effect of agility. Journal of Manufacturing Technology Management. Katsaros, K. K., & Tsirikas, A. (2023). Exploring behavioral change support: the role of perceived uncertainty and self- and other-interest in change. Leadership & Organization Development Journal, 44(4), 503-519. Kobrin, S. J. (1982). Managing political risk assessment: Strategic response to environmental change. Berkeley: University of California Press. Kov acheva, A., & Nikolova, H. (2023). Uncertainty marketing tactics: An overview and a unifying framework. Journal of the Academy of Marketing Science. Loia, F., de Gennaro, D., & Adinolfi, P. (2022). Managerial hubristic-behavioral strategy: how to cope with chaotic and uncertain contexts. Management Research Review, 45(9), 1137-1154. Luiz, J. M., Stringfellow, D., & Jefthas, A. (2017). Institutional complementarity and substitution as an internationalization strategy: The emergence of an African multinational giant. Global Strategy Journal, 7(1), 83-103. Ma, X., & Delios, A. (2010). Host-country headquarters and international expansion: Knowledge management by Chinese firms. Journal of International Management, 16(3), 236-246. Miller, K. D. (1992). A framework for integrated risk management in international business. Journal of International Business Studies, 23, 311-331. Miller, N. H., Sheu, G., & Weinberg, M. C. (2021). Oligopolistic Price Leadership and Mergers: The United States Beer Industry. American Economic Review, 111(10), 3123–3159. Nguyen, H. T., & Do, Q. A. (2022). Social uncertainty and firm performance in emerging markets: The moderating role of market orientation. Journal of Business Research, 144, 101051. Nguyen, T. L., Vinh Khuong, N., & Thi Canh, N. (2020). Buyer–Supplier Contract Length and the Innovation of Supplier Firms. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 52. Oetzel, J. M., & Oh, C. H. (2014). Learning to carry the cat by the tail: Firm experience, disasters, and multinational subsidiary entry and expansion. Organization Science, 25(3), 732-756. Oh, C. H., & Oetzel, J. (2011). Multinationals’ response to major disasters: How does subsidiary investment vary in response to the type of disaster and the quality of country governance? Strategic Management Journal, 32(6), 658-681. Ogunmokun, O. C., Mafimisebi, O. P., & Obembe, D. (2023). Prospect theory and bank credit risk decision-making behaviour: a systematic literature review and future research agenda. SN Business & Economics, 3(4), 90. Oladimeji, M. S., & Udosen, I. (2019). The effect of diversification strategy on organizational performance. Journal of Competitiveness, 11(4), 120. Oxford Analytica. (2022). US corruption measures heighten Paraguay uncertainty. Emerald Expert Briefings, (oxan-db). OuYang, Z., Cheng, P., & Liu, Y. (2020). The role of product line breadth, product pre-entry experience, and market uncertainty in explaining followers’ speed of feature entry. Review of Managerial Science, 14, 1221-1249. Oxelheim, H., & Wihlborg, C. (1987). Macroeconomic uncertainty and the international transmission of shocks. Journal of International Money and Finance, 6(2-3), 233-252. Partyka, R. B., & Laureano Paiva, E. (2024). Bridging the gap: state-of-the-art on vertical integration. RAUSP Management Journal. Pek, S. M., Stephen, D. L., & Lou, W. C. (2018). Foreign subsidiary agility and subsidiary performance: The moderating role of external embeddedness. Journal of World Business, 53(6), 885-895. Peng, H., Zhou, C., Sadowski, B. M., & Sun, T. (2021). Does an Imitation Strategy Promote Long-Term Firm Growth in a Dynamic Environment? A Meta-Analysis. Frontiers in Psychology, 12, 774071. Rhee, M., & Cheng, J. L. C. (2002). Foreign market uncertainty and incremental international expansion: The moderating effect of firm, industry, and host country factors. Management International Review, 42(4), 419-439. Ribeiro, P. F., Burian, C. L., & Urdinez, F. (2021). Legislative behavior, mass media, and foreign policy making: The case of Paraguay. Latin American Research Review, 56(2), 334-352. Sartor, M. A., & Beamish, P. W. (2020). Host market governmental corruption and the equity-based foreign entry strategies of multinational enterprises. Journal of International Business Studies, 51(5), 855-873. Song, S. (2014). Institutional redundancy and the internationalization of Korean banks. Journal of International Business Studies, 45(3), 309-332. Song, S. (2015). Foreign subsidiary exit: The role of institutional and technical distance. International Business Review, 24(1), 139-149. Song, S., & Lee, J. (2017). Foreign subsidiary divestment: The effect of host country stability and strategic fit. Journal of International Business Studies, 48(9), 1153-1164. Teece, D. J. (1986). Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy, 15(6), 285-305. Zhong, W., Peng, G. Z., & Liu, Y. (2019). The role of host country institutional context and subsidiary capability in managing environmental risk: Evidence from China. Journal of International Business Studies, 50(3), 328-350. Zhang, D. C., Barratt, C. L., & Williamson Smith, R. (2023). The Bright, Dark, and Gray Sides of Risk Takers at Work: Criterion Validity of Risk Propensity for Contextual Work Performance. Journal of Business and Psychology, 39, 275-294. Zhu, Z., & Deng, Z. (2023). Board Interlock Tenure and Firm Internationalization. Management and Organization Review, 19(2), 256-278. Zou, J., & Belderbos, R. (2007). On the growth of foreign affiliates: Multinational plant networks, joint ventures, and flexibility. Journal of International Business Studies, 38(7), 1095-1112. Zou, J., & Belderbos, R. (2009). Real options and foreign affiliate divestments: A portfolio perspective. Journal of International Business Studies, 40(4), 600-620. 二、 外文網頁文獻 ABC Color. (2021, May 11). SET con nuevo régimen de arrendamiento se busca dar oxígeno a sectores afectados y aplica para toda actividad económica. Retrieved January 16, 2024, from https://www.abc.com.py/nacionales/2021/05/11/set-con-nuevo-regimen-de-arrendamiento-se-busca-dar-oxigeno-a-sectores-afectados-y-aplica-para-toda-actividad-economica/ Associated Press. (2023, April 12). Argentina turns inflation crisis into million-peso artworks. Retrieved March 5, 2024, from https://apnews.com/article/argentina-money-art-inflation-bills-69a505d4f72c440a4bdd2e756e2d2d38 BBC News. (2012, April 22). Paraguay country profile. Retrieved March 30, 2024, from https://www.bbc.com/news/world-latin-america-19978115 Encyclopedia Britannica. (n.d.). Paraguay. Retrieved February 25, 2024, from https://www.britannica.com/place/Paraguay Encyclopedia Britannica. (n.d.). Paraguay: Government and society. Retrieved May 2, 2024, from https://www.britannica.com/place/Paraguay/Government-and-society Fitch Ratings. (2023, April 24). Rating definitions. Retrieved May 1, 2024, from https://www.fitchratings.com/research/fund-asset-managers/rating-definitions-24-04-2023 France 24. (2018, April 20). Paraguay elige nuevo presidente en una elección reñida. Retrieved April 10, 2024, from https://www.france24.com/es/20180420-paraguay-elecciones-campana-benitez-alegre France 24. (2022, February 22). Argentina y Paraguay sufren los incendios forestales más graves en años. Retrieved January 5, 2024, from https://www.france24.com/es/am%C3%A9rica-latina/20220222-argentina-paraguay-incendios-verano-clima Instituto Nacional de Estadística. (2023). Pobreza monetaria en el 2023 se ubicó en el 22,7%. Retrieved April 22, 2024, from https://www.ine.gov.py/noticias/1928/pobreza-monetaria-en-el-2023-se-ubico-en-el-227 La Nación. (2024, March 26). Economía paraguaya creció 4,7 % en el 2023. Retrieved April 15, 2024, from https://www.lanacion.com.py/negocios/2024/03/26/economia-paraguaya-crecio-47-en-el-2023/ Moody's Investors Service. (n.d.). Rating definitions. Retrieved February 20, 2024, from https://ratings.moodys.io/ratings S&P Global Ratings. (2023, July 19). S&P Global Ratings definitions. Retrieved January 10, 2024, from https://www.spglobal.com/ratings/en/research/articles/190705-s-p-global-ratings-definitions-504352 Transparency International. (2023). Corruption Perceptions Index 2023. Retrieved May 9, 2024, from https://www.transparency.org/en/cpi/2023 Última Hora. (2023, December 30). Paraguay cerró el 2023 con riesgo país de los más bajos en la región. Retrieved January 22, 2024, from https://www.ultimahora.com/paraguay-cerro-el-2023-con-riesgo-pais-de-los-mas-bajos-en-la-region Última Hora. (2023, September 27). Peña afirmó que Paraguay protege el ambiente y resaltó ley de carbono. Retrieved February 11, 2024, from https://www.ultimahora.com/pena-afirmo-que-paraguay-protege-el-ambiente-y-resalto-ley-de-carbono World Bank. (n.d.). Paraguay. Retrieved April 28, 2024, from https://data.worldbank.org/country/paraguay World Bank Blogs. (2023, May 10). Latin America isn't at risk of a 1980s-style crisis, but an era of missed opportunities looms. Retrieved May 14, 2024, from https://blogs.worldbank.org/en/voices/latin-america-isnt-risk-1980s-style-crisis-era-missed-opportunities-looms World Trade Organization. (n.d.). Global trade data. Retrieved March 18, 2024, from https://globaltradedata.wto.org/resource-library
描述 碩士
國立政治大學
國際經營與貿易學系
111351053
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111351053
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.advisor Tan, Dan-Chien_US
dc.contributor.author (Authors) 蔡承佑zh_TW
dc.contributor.author (Authors) Tsai, Cheng-Yuen_US
dc.creator (作者) 蔡承佑zh_TW
dc.creator (作者) Tsai, Cheng-Yuen_US
dc.date (日期) 2024en_US
dc.date.accessioned 1-Jul-2024 12:44:34 (UTC+8)-
dc.date.available 1-Jul-2024 12:44:34 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2024 12:44:34 (UTC+8)-
dc.identifier (Other Identifiers) G0111351053en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152089-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易學系zh_TW
dc.description (描述) 111351053zh_TW
dc.description.abstract (摘要) 本研究是一份關於企業風險管理、國際貿易風險,以及巴拉圭市場的綜合分析,特別聚焦於一家名為M公司的巴拉圭貿易商。首先探討了風險的定義、分類,以及在企業管理中的重要性,特別強調了風險與不確定性的差異。接著,報告詳細分析了國際貿易風險的三個主要類別:整體環境的不確定性、產業的不確定性,以及公司特定變數的不確定性。這些不確定性包括政治、經濟、社會、自然災害等外部因素,以及供應鏈、技術創新、競爭對手行為等產業內部因素。 研究中提到財務風險管理和策略風險管理的概念,以及企業可能採取的風險管理策略,如迴避、控制、合作、模仿和靈活性,其中包括M公司所使用的產業多角化、培訓多技能人才及轉換銷售品項等。新冠疫情對全球經濟和企業營運的影響也被納入討論,特別是對跨國公司的衝擊。後半部分專注於巴拉圭的市場分析,包括其地理位置、人口結構、經濟概況、政治環境、以及與主要貿易夥伴的關係。 本研究的發現提供了一個風險管理框架,並透過M公司的個案研究,展示如何在巴拉圭市場高度不確定的國際貿易環境中,透過不同的策略來應對和管理風險。zh_TW
dc.description.abstract (摘要) This study comprehensively analyzes enterprise risk management, international trade risks, and the Paraguayan market, focusing on M Company, a Paraguayan trading company. It discusses the definition, classification, and importance of business risks, distinguishing between risk and uncertainty. The report then details three categories of international trade risks: environmental, industry-specific, and company-specific uncertainties encompassing political, economic, social, and natural factors, alongside industry dynamics like supply chains, technology, and competition. Financial and strategic risk management concepts are explored, along with risk management strategies like avoidance, control, cooperation, imitation, and flexibility. M Company's practices such as industry diversification, multi-skilled talent training, and product line transformations are highlighted. The study also examines the global economic and operational impacts of the COVID-19 pandemic, particularly on multinational corporations. The latter part focuses on Paraguay's market analysis including geography, demographics, economy, politics, and trade relations. Through the case of M Company, the study offers a risk management framework and illustrates strategies for navigating uncertainties in Paraguay's dynamic international trade landscape.en_US
dc.description.tableofcontents 摘要 I Abstract II 圖次及表次 VI 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第二章 文獻探討 3 第一節 風險的定義及分類 3 一、 整體環境的不確定性 3 二、 產業的不確定性 6 三、 公司特定變數的不確定性 7 第二節 如何進行風險管理 8 一、 財務風險管理 8 二、 策略風險管理 9 第三節 新冠肺炎疫情對企業營運的影響 13 第四節 各國信用評等與風險的關聯 16 第三章 巴拉圭環境 18 第一節 巴拉圭國家概況 18 第二節 巴拉圭歷史 19 第三節 巴拉圭政治 21 第四節 巴拉圭經濟 21 一、 巴拉圭經濟概況 21 二、 巴拉圭與巴西的經貿關係 25 三、 巴拉圭與阿根廷的經貿關係 27 第五節 巴拉圭市場機會 30 第六節 巴拉圭市場風險 32 一、 經濟風險 32 二、 新冠疫情風險 34 三、 政治風險 35 四、 匯率風險 37 第四章 研究方法 40 第一節 個案訪談法 40 第五章 公司介紹 42 第一節 M公司簡介 42 第二節 M公司的沿革 43 一、 M公司的誕生 43 二、 拉丁美洲的經濟成長與危機 44 三、 M公司的再生與轉型 45 四、 M公司在近十年的營運狀況 46 第六章 個案分析 51 第一節 總體經濟不確定性的應對策略 51 一、 利用統一貨幣計價以規避匯率風險 51 二、 發展數位化與電子商務 52 第二節 政治與政策不確定性的應對策略 54 一、 建立人際關係網絡 55 二、 建立穩定的供應鏈 56 第三節 產業不確定性的應對策略 58 一、 發展預測消費者喜好的能力 58 二、 公司組織扁平化 60 第七章 結論 61 第一節 研究結論 61 第二節 管理意涵 63 第三節 研究限制與未來研究方向 65 一、 研究限制 65 二、 未來研究方向 66 參考文獻 68 一、 英文文獻 68 二、 外文網頁文獻 76zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111351053en_US
dc.subject (關鍵詞) 公司營運的不確定性zh_TW
dc.subject (關鍵詞) 國際貿易風險zh_TW
dc.subject (關鍵詞) 公司競爭優勢zh_TW
dc.subject (關鍵詞) Uncertainty in company operationsen_US
dc.subject (關鍵詞) International trade risksen_US
dc.subject (關鍵詞) Company competitive advantagesen_US
dc.title (題名) 企業風險管理之研究——以M貿易公司為例zh_TW
dc.title (題名) A Study on Risk Management of the M Trading Company 指導教授 : 譚丹琪 博士 研究生 : 蔡承佑 撰 中華en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 英文文獻 Albino-Pimentel, J., Anand, J., & Ott, T. E. (2018). Parent firm corporate social responsibility and the subsidiary stakeholder management strategy. Journal of International Business Studies, 49(7), 858-879. Alon, I., Apriliyanti, I. D., & Henríquez Parodi, M. C. (2021). A systematic review of international franchising. Multinational Business Review, 29(1), 43-69. Baker, S. R., Bloom, N., Buckman, S. R., & Davis, S. J. (2023). Measuring uncertainty. American Economic Review, 113(1), 1-36. Barman, S., & Mahakud, J. (2024). Assessing the Impact of Policy Uncertainty, Geopolitical Risk on Corporate Performance. Asia-Pacific Financial Markets. Bradley, E.H., & Alamo-Pastrana, C. (2022). Dealing with Unexpected Crises: Organizational Resilience and Its Discontents. Advances in Health Care Management, 21, 1-21. Brewer, G. D. (1983). The foundations of policy analysis. Homewood, IL: Dorsey Press. Brousseau, E., Coeurderoy, R., & Chaserant, C. (2007). The Governance of Contracts: Empirical Evidence on Technology Licensing Agreements. Journal of Institutional and Theoretical Economics JITE, 163, 205-235. Buckley, P. J., Devinney, T. M., & Louviere, J. J. (2000). Measuring the degree of internationalization of a firm. Journal of International Business Studies, 31(1), 55-67. Chen, S., Huang, Y., & Sternquist, B. (2018). Guanxi practice and Chinese buyer-supplier relationships: The buyer's perspective. Industrial Marketing Management, 74, 155-167. Chung, C. C., Lee, S. H., Beamish, P. W., & Isobe, T. (2010). Subsidiary expansion/contraction during times of economic crisis. Journal of International Business Studies, 41(3), 500-516. Chung, C. C., Lee, S. H., & Luo, H. (2013). Institutional complexity and MNE performance: A contingencies-based view. Journal of International Business Studies, 44(3), 227-245. Cuervo-Cazurra, A., & Genc, M. E. (2008). Transforming disadvantages into advantages: Developing-country MNEs in the least developed countries. Journal of International Business Studies, 39(6), 957-979. de Diego, E., & Almodóvar, P. (2022). Mapping research trends on strategic agility over the past 25 years: insights from a bibliometric approach. European Journal of Management and Business Economics, 31(2), 219-238. da Silva Lopes, T. (2022). Extraordinary Risk Management in International Business Strategy. In R. van Tulder, A. Verbeke, L. Piscitello, & J. Puck (Eds.), International Business in Times of Crisis: Tribute Volume to Geoffrey Jones (Progress in International Business Research, Vol. 16) (pp. 97-110). Emerald Publishing Limited. Delios, A., & Henisz, W. J. (2003a). Political hazards, experience, and sequential entry strategies: The international expansion of Japanese firms, 1980–1998. Strategic Management Journal, 24(11), 1153-1164. Delios, A., & Henisz, W. J. (2003b). Policy uncertainty and the sequence of entry by Japanese firms, 1980–1998. Journal of International Business Studies, 34(3), 227-241. Doh, J., Rodrigues, S., Saka-Helmhout, A., & Makhija, M. (2017). International business responses to institutional voids. Journal of International Business Studies, 48(3), 293-307. Esho, E., & Verhoef, G. (2021). Variance decomposition of firm performance: past, present and future. Management Research Review, 44(6), 867-888. Esmaeilzadeh, S., Ranjbar, M. S., & Jandaghi, G. (2024). Toward a new conceptual framework of business strategies to deal with environmental uncertainties: insights from a systematic literature review and bibliography. Management Review Quarterly. Fernández-Méndez, L., García-Canal, E., & Guillén, M. F. (2019). Domestic political connections and international expansion: It’s not only ‘who you know’ that matters. Journal of World Business, 54(4), 330-343. Fisch, J. H., & Zschoche, M. (2012). The role of operational flexibility in the expansion of international production networks. Strategic Management Journal, 33(13), 1540-1556. Gaba, V., Pan, Y., & Ungson, G. R. (2002). Timing of entry in international market: An empirical study of US Fortune 500 firms in China. Journal of International Business Studies, 33(1), 39-55. Gaur, A. S., Pattnaik, C., Lee, J. Y., & Singh, D. (2019). Building global strategic alliances: The role of business group affiliation. Journal of International Business Studies, 50(2), 203-232. Getachew, Y. S., & Beamish, P. W. (2017). Foreign subsidiary exit from Africa: The effects of investment purpose diversity and orientation. Global Strategy Journal, 7(1), 58-82. Heidenreich, S., Mohr, A. T., & Puck, J. F. (2015). Political strategies, entrepreneurial overconfidence and MNE subsidiary performance. Journal of World Business, 50(4), 793-805. Henisz, W. J., & Delios, A. (2001). Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990–1996. Administrative Science Quarterly, 46(3), 443-475. Inman, R. A., & Green, K. W. (2021). Environmental uncertainty and supply chain performance: the effect of agility. Journal of Manufacturing Technology Management. Katsaros, K. K., & Tsirikas, A. (2023). Exploring behavioral change support: the role of perceived uncertainty and self- and other-interest in change. Leadership & Organization Development Journal, 44(4), 503-519. Kobrin, S. J. (1982). Managing political risk assessment: Strategic response to environmental change. Berkeley: University of California Press. Kov acheva, A., & Nikolova, H. (2023). Uncertainty marketing tactics: An overview and a unifying framework. Journal of the Academy of Marketing Science. Loia, F., de Gennaro, D., & Adinolfi, P. (2022). Managerial hubristic-behavioral strategy: how to cope with chaotic and uncertain contexts. Management Research Review, 45(9), 1137-1154. Luiz, J. M., Stringfellow, D., & Jefthas, A. (2017). Institutional complementarity and substitution as an internationalization strategy: The emergence of an African multinational giant. Global Strategy Journal, 7(1), 83-103. Ma, X., & Delios, A. (2010). Host-country headquarters and international expansion: Knowledge management by Chinese firms. Journal of International Management, 16(3), 236-246. Miller, K. D. (1992). A framework for integrated risk management in international business. Journal of International Business Studies, 23, 311-331. Miller, N. H., Sheu, G., & Weinberg, M. C. (2021). Oligopolistic Price Leadership and Mergers: The United States Beer Industry. American Economic Review, 111(10), 3123–3159. Nguyen, H. T., & Do, Q. A. (2022). Social uncertainty and firm performance in emerging markets: The moderating role of market orientation. Journal of Business Research, 144, 101051. Nguyen, T. L., Vinh Khuong, N., & Thi Canh, N. (2020). Buyer–Supplier Contract Length and the Innovation of Supplier Firms. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 52. Oetzel, J. M., & Oh, C. H. (2014). Learning to carry the cat by the tail: Firm experience, disasters, and multinational subsidiary entry and expansion. Organization Science, 25(3), 732-756. Oh, C. H., & Oetzel, J. (2011). Multinationals’ response to major disasters: How does subsidiary investment vary in response to the type of disaster and the quality of country governance? Strategic Management Journal, 32(6), 658-681. Ogunmokun, O. C., Mafimisebi, O. P., & Obembe, D. (2023). Prospect theory and bank credit risk decision-making behaviour: a systematic literature review and future research agenda. SN Business & Economics, 3(4), 90. Oladimeji, M. S., & Udosen, I. (2019). The effect of diversification strategy on organizational performance. Journal of Competitiveness, 11(4), 120. Oxford Analytica. (2022). US corruption measures heighten Paraguay uncertainty. Emerald Expert Briefings, (oxan-db). OuYang, Z., Cheng, P., & Liu, Y. (2020). The role of product line breadth, product pre-entry experience, and market uncertainty in explaining followers’ speed of feature entry. Review of Managerial Science, 14, 1221-1249. Oxelheim, H., & Wihlborg, C. (1987). Macroeconomic uncertainty and the international transmission of shocks. Journal of International Money and Finance, 6(2-3), 233-252. Partyka, R. B., & Laureano Paiva, E. (2024). Bridging the gap: state-of-the-art on vertical integration. RAUSP Management Journal. Pek, S. M., Stephen, D. L., & Lou, W. C. (2018). Foreign subsidiary agility and subsidiary performance: The moderating role of external embeddedness. Journal of World Business, 53(6), 885-895. Peng, H., Zhou, C., Sadowski, B. M., & Sun, T. (2021). Does an Imitation Strategy Promote Long-Term Firm Growth in a Dynamic Environment? A Meta-Analysis. Frontiers in Psychology, 12, 774071. Rhee, M., & Cheng, J. L. C. (2002). Foreign market uncertainty and incremental international expansion: The moderating effect of firm, industry, and host country factors. Management International Review, 42(4), 419-439. Ribeiro, P. F., Burian, C. L., & Urdinez, F. (2021). Legislative behavior, mass media, and foreign policy making: The case of Paraguay. Latin American Research Review, 56(2), 334-352. Sartor, M. A., & Beamish, P. W. (2020). Host market governmental corruption and the equity-based foreign entry strategies of multinational enterprises. Journal of International Business Studies, 51(5), 855-873. Song, S. (2014). Institutional redundancy and the internationalization of Korean banks. Journal of International Business Studies, 45(3), 309-332. Song, S. (2015). Foreign subsidiary exit: The role of institutional and technical distance. International Business Review, 24(1), 139-149. Song, S., & Lee, J. (2017). Foreign subsidiary divestment: The effect of host country stability and strategic fit. Journal of International Business Studies, 48(9), 1153-1164. Teece, D. J. (1986). Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy, 15(6), 285-305. Zhong, W., Peng, G. Z., & Liu, Y. (2019). The role of host country institutional context and subsidiary capability in managing environmental risk: Evidence from China. Journal of International Business Studies, 50(3), 328-350. Zhang, D. C., Barratt, C. L., & Williamson Smith, R. (2023). The Bright, Dark, and Gray Sides of Risk Takers at Work: Criterion Validity of Risk Propensity for Contextual Work Performance. Journal of Business and Psychology, 39, 275-294. Zhu, Z., & Deng, Z. (2023). Board Interlock Tenure and Firm Internationalization. Management and Organization Review, 19(2), 256-278. Zou, J., & Belderbos, R. (2007). On the growth of foreign affiliates: Multinational plant networks, joint ventures, and flexibility. Journal of International Business Studies, 38(7), 1095-1112. Zou, J., & Belderbos, R. (2009). Real options and foreign affiliate divestments: A portfolio perspective. Journal of International Business Studies, 40(4), 600-620. 二、 外文網頁文獻 ABC Color. (2021, May 11). SET con nuevo régimen de arrendamiento se busca dar oxígeno a sectores afectados y aplica para toda actividad económica. Retrieved January 16, 2024, from https://www.abc.com.py/nacionales/2021/05/11/set-con-nuevo-regimen-de-arrendamiento-se-busca-dar-oxigeno-a-sectores-afectados-y-aplica-para-toda-actividad-economica/ Associated Press. (2023, April 12). Argentina turns inflation crisis into million-peso artworks. Retrieved March 5, 2024, from https://apnews.com/article/argentina-money-art-inflation-bills-69a505d4f72c440a4bdd2e756e2d2d38 BBC News. (2012, April 22). Paraguay country profile. Retrieved March 30, 2024, from https://www.bbc.com/news/world-latin-america-19978115 Encyclopedia Britannica. (n.d.). Paraguay. Retrieved February 25, 2024, from https://www.britannica.com/place/Paraguay Encyclopedia Britannica. (n.d.). Paraguay: Government and society. Retrieved May 2, 2024, from https://www.britannica.com/place/Paraguay/Government-and-society Fitch Ratings. (2023, April 24). Rating definitions. Retrieved May 1, 2024, from https://www.fitchratings.com/research/fund-asset-managers/rating-definitions-24-04-2023 France 24. (2018, April 20). Paraguay elige nuevo presidente en una elección reñida. Retrieved April 10, 2024, from https://www.france24.com/es/20180420-paraguay-elecciones-campana-benitez-alegre France 24. (2022, February 22). Argentina y Paraguay sufren los incendios forestales más graves en años. Retrieved January 5, 2024, from https://www.france24.com/es/am%C3%A9rica-latina/20220222-argentina-paraguay-incendios-verano-clima Instituto Nacional de Estadística. (2023). Pobreza monetaria en el 2023 se ubicó en el 22,7%. Retrieved April 22, 2024, from https://www.ine.gov.py/noticias/1928/pobreza-monetaria-en-el-2023-se-ubico-en-el-227 La Nación. (2024, March 26). Economía paraguaya creció 4,7 % en el 2023. Retrieved April 15, 2024, from https://www.lanacion.com.py/negocios/2024/03/26/economia-paraguaya-crecio-47-en-el-2023/ Moody's Investors Service. (n.d.). Rating definitions. Retrieved February 20, 2024, from https://ratings.moodys.io/ratings S&P Global Ratings. (2023, July 19). S&P Global Ratings definitions. Retrieved January 10, 2024, from https://www.spglobal.com/ratings/en/research/articles/190705-s-p-global-ratings-definitions-504352 Transparency International. (2023). Corruption Perceptions Index 2023. Retrieved May 9, 2024, from https://www.transparency.org/en/cpi/2023 Última Hora. (2023, December 30). Paraguay cerró el 2023 con riesgo país de los más bajos en la región. Retrieved January 22, 2024, from https://www.ultimahora.com/paraguay-cerro-el-2023-con-riesgo-pais-de-los-mas-bajos-en-la-region Última Hora. (2023, September 27). Peña afirmó que Paraguay protege el ambiente y resaltó ley de carbono. Retrieved February 11, 2024, from https://www.ultimahora.com/pena-afirmo-que-paraguay-protege-el-ambiente-y-resalto-ley-de-carbono World Bank. (n.d.). Paraguay. Retrieved April 28, 2024, from https://data.worldbank.org/country/paraguay World Bank Blogs. (2023, May 10). Latin America isn't at risk of a 1980s-style crisis, but an era of missed opportunities looms. Retrieved May 14, 2024, from https://blogs.worldbank.org/en/voices/latin-america-isnt-risk-1980s-style-crisis-era-missed-opportunities-looms World Trade Organization. (n.d.). Global trade data. Retrieved March 18, 2024, from https://globaltradedata.wto.org/resource-libraryzh_TW