One aspect that deserves attention and is considered as a basic research objective of international business literature is firm performance (GLAUM; OESTERLE, 2007), which is one of the most important constructs in management research (KIRBY, 2005). Richard et al. (2009) stated that research has used three main firm performance measures: (i) objective measures, including accounting, financial market, sales, and market share; (ii) subjective measures, such as reputation, perception of effectiveness in terms of sales, and market share; (iii) survival -pertinent measurement to researchers and managers alike (DUNNE et al. 1988).Survival has been used to examine how foreign subsidiaries have performed, since other measurements of performance at the subsidiary level are unavailable (GARG;. Thus, survival and financial performance outcomes are closely related (BAKER;
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