撒哈拉沙漠以南的非洲國家所顯示的國家風險是否會影響外國企業在與當地企業聯盟後的財務表現是一個重要但尚未被探討的問題。為了回答這個問題，本研究建立一個理論架構，其中包含與國家風險相關的四個預測指標（即貪腐程度、通貨膨脹、法令規章品質、社會穩定），並探討它們如何影響外國企業在參與此國際策略聯盟後的財務績效。
這組假設使用了發生於2010年至2016年期間，在撒哈拉沙漠以南的非洲國家， 由144家外國公司與當地公司所建立的國際策略聯盟為樣本，進行了實證檢驗。我們發現當地政府貪腐程度和通貨膨脹與外國聯盟夥伴的財務表現呈負面關係，但法令規章品質對外國合作夥伴的財務業績沒有顯著影響。最後，社會穩定與國外合作夥伴的財務績效表現呈正向關係。
整體而言，當外國企業到撒哈拉沙漠以南的非洲國家與當地企業進行策略聯盟時，地主國家風險對外國企業的財務績效表現影響甚鉅，因此建議外國企業應認真審視地主國的政經環境，並可與當地政治人物建立良好關係，以降低地主國家風險對公司財務績效的不良影響。

Whether country risks that emerge in Sub-Saharan Africa region affect the financial performance of foreign firms that formed international strategic alliances with local partners is a critical but underexplored question. To address this question, this study develops a framework that includes four predictors associated with country risks (namely corruption, inflation, regulatory quality, and peacefulness) and investigates how they affect the financial performance of foreign firms in the international strategic alliances.
The set of hypotheses were empirically tested using a sample of 144 foreign firms that formed strategic alliances with local firms in Sub-Saharan Africa between 2010 and 2016. Specifically, we found that corruption and inflation are negatively related with foreign firms’ financial performance. We also found that regulatory quality does not have an impact on foreign firms’ financial performance because the results are not statistically significant. Lastly, peacefulness is positively related with foreign firms’ financial performance.
This study concludes that country risks have a detrimental effect on financial performance of foreign partners that formed strategic alliances with local partners in Sub-Saharan Africa. The implications of our results are that managers should be aware of local country risks, and manage to influence local public policy makers to reduce the country risks that have a harmful impact on the financial performance of their firms.

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