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Despite the recent increasing growth in the activities of international business from developing countries, regarding the institutional distance between host countries and home country, the issues of adaptive effect of strategic choices of foreign firms on the relationship between host country experience and subsidiary performance are underexplored.The study based on institutional and organizational learning perspective to develop and test four sets of hypotheses about subsidiary performance of a sample of 849 Taiwanese MNEs.The findings present an inverted U-shaped effect of host country experience on subsidiary performance, formal institutional distance negatively impact subsidiary performance while informal institutional distance (cultural distance) is found to have no significant effect on subsidiary performance.Further, this study investigates the moderating effects of collaboration with local partners and industry similarity on the relationship between host country experience and subsidiary performance and the results shows a significantly positive effect of the moderating role to weaken the diminishing effect of host country experience on subsidiary performance.The findings of the moderating roles of collaboration with local partners and industry similarity between parent and subsidiary firms provide several important implications for international business theory development and managerial practices.