Abstract Using meta‐analytic data from 47,849 firms across 152 independent samples reported in 141 studies, this study presents a systematic investigation of the moderating effects of firm‐, industry‐, and country‐level factors on the multinationality‐performance relationship. The findings indicate that the effects of multinationality on performance depend on type of multinationality, firm strategic motivations, industry characteristics, and home country factors. Importantly, our assessment also reveals that firm size and stage of internationalization are not significant moderators. Thus, the findings indicate that the search for more complex M‐P relationships (i.e., U‐shaped, inverse U‐shaped, horizontal S‐curve) has the potential to expand our understanding, only when the characteristics of different research contexts, measurement issues, and firm characteristics are taken into account in the theoretical development and research design stages of studies. Copyright © 2012 Strategic Management Society.
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