메뉴 건너뛰기




Volumn 19, Issue 6, 2010, Pages 562-574

Does multinationality lead to value enhancement? An empirical examination of publicly listed corporations from Germany

Author keywords

Economies of scale; Geographical diversification; Germany; Industrial diversification; Intangible assets; MNCs; Shareholder value; Tobin's Q

Indexed keywords


EID: 77956928327     PISSN: 09695931     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ibusrev.2010.04.001     Document Type: Article
Times cited : (24)

References (63)
  • 1
    • 84977316348 scopus 로고
    • Investor recognition of corporate international diversification
    • Agmon T., Lessard D.R. Investor recognition of corporate international diversification. Journal of Finance 1977, 22(4):1049-1055.
    • (1977) Journal of Finance , vol.22 , Issue.4 , pp. 1049-1055
    • Agmon, T.1    Lessard, D.R.2
  • 2
    • 0003830699 scopus 로고
    • Division of Research, Graduate School of Business Administration, Harvard University, Boston, MA
    • Aharoni Y. The foreign investment decision process 1966, Division of Research, Graduate School of Business Administration, Harvard University, Boston, MA.
    • (1966) The foreign investment decision process
    • Aharoni, Y.1
  • 3
    • 0030362731 scopus 로고    scopus 로고
    • Valuation of the operating flexibility of multinational corporations
    • Allen L., Pantzalis C. Valuation of the operating flexibility of multinational corporations. Journal of International Business Studies 1996, 27(4):633-653.
    • (1996) Journal of International Business Studies , vol.27 , Issue.4 , pp. 633-653
    • Allen, L.1    Pantzalis, C.2
  • 4
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud Y., Lev B. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics 1981, 12(2):605-617.
    • (1981) Bell Journal of Economics , vol.12 , Issue.2 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 6
    • 33751581325 scopus 로고    scopus 로고
    • Shareholder valuation of foreign investment and expansion
    • Berry H. Shareholder valuation of foreign investment and expansion. Strategic Management Journal 2006, 27:1123-1140.
    • (2006) Strategic Management Journal , vol.27 , pp. 1123-1140
    • Berry, H.1
  • 7
    • 85151595349 scopus 로고    scopus 로고
    • Both sides of corporate diversification: The value impacts of geographic and industrial diversification. NBER Working Paper Series-National Bureau of Economic Research, No. 6224.
    • Bodnar, G. M., Tang, C., & Weintrop, J. (1997). Both sides of corporate diversification: The value impacts of geographic and industrial diversification. NBER Working Paper Series-National Bureau of Economic Research, No. 6224.
    • (1997)
    • Bodnar, G.M.1    Tang, C.2    Weintrop, J.3
  • 8
    • 85151603869 scopus 로고    scopus 로고
    • The value of corporate international diversification. SSRN Working Paper, 2003.
    • Bodnar, G. M., Tang, C., & Weintrop, J. (2003). The value of corporate international diversification. SSRN Working Paper, 2003.
    • (2003)
    • Bodnar, G.M.1    Tang, C.2    Weintrop, J.3
  • 9
    • 0035997985 scopus 로고    scopus 로고
    • Is the international business research agenda running out of steam?
    • Buckley P.J. Is the international business research agenda running out of steam?. Journal of International Business Studies 2002, 33(2):365-373.
    • (2002) Journal of International Business Studies , vol.33 , Issue.2 , pp. 365-373
    • Buckley, P.J.1
  • 11
    • 0002180901 scopus 로고
    • International corporations: The industrial economics of foreign investment
    • Caves R.E. International corporations: The industrial economics of foreign investment. Economica 1971, 38:1-27.
    • (1971) Economica , vol.38 , pp. 1-27
    • Caves, R.E.1
  • 12
    • 0040833307 scopus 로고    scopus 로고
    • Hysteresis and the value of the U.S. multinational corporation
    • Christophe S.E. Hysteresis and the value of the U.S. multinational corporation. Journal of Business 1997, 70(3):435-462.
    • (1997) Journal of Business , vol.70 , Issue.3 , pp. 435-462
    • Christophe, S.E.1
  • 13
    • 11444264867 scopus 로고    scopus 로고
    • What matters about internationalization? A market-based assessment
    • Christophe S.E., Lee H. What matters about internationalization? A market-based assessment. Journal of Business Research 2005, 58:636-643.
    • (2005) Journal of Business Research , vol.58 , pp. 636-643
    • Christophe, S.E.1    Lee, H.2
  • 15
    • 21844519267 scopus 로고
    • A simple approximation of Tobin's Q
    • Chung K.H., Pruitt S.W. A simple approximation of Tobin's Q. Financial Management 1994, 23(3):70-74.
    • (1994) Financial Management , vol.23 , Issue.3 , pp. 70-74
    • Chung, K.H.1    Pruitt, S.W.2
  • 16
    • 85151580676 scopus 로고    scopus 로고
    • Does multinationality matter? Evidence of value destruction in U.S. multinational corporations. Finance and Economics Discussion Series 2000-21. Federal Reserve Board, Washington DC.
    • Click, R. W., & Harrison, P. (2000). Does multinationality matter? Evidence of value destruction in U.S. multinational corporations. Finance and Economics Discussion Series 2000-21. Federal Reserve Board, Washington DC.
    • (2000)
    • Click, R.W.1    Harrison, P.2
  • 17
    • 58149347592 scopus 로고    scopus 로고
    • International corporate diversification and performance: Does firm self-selection matter?
    • Dastidar P. International corporate diversification and performance: Does firm self-selection matter?. Journal of International Business Studies 2009, 40(1):71-85.
    • (2009) Journal of International Business Studies , vol.40 , Issue.1 , pp. 71-85
    • Dastidar, P.1
  • 18
    • 0000737778 scopus 로고
    • Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms
    • Datta D.K., Puia G. Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms. Management International Review 1995, 35(4):337-359.
    • (1995) Management International Review , vol.35 , Issue.4 , pp. 337-359
    • Datta, D.K.1    Puia, G.2
  • 19
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis D.J., Denis D.K., Sarin A. Agency problems, equity ownership, and corporate diversification. Journal of Finance 1997, 52(1):135-160.
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 20
    • 0009953772 scopus 로고    scopus 로고
    • Global diversification, industrial diversification, and firm value
    • Denis D.J., Denis D.K., Yost K. Global diversification, industrial diversification, and firm value. Journal of Finance 2002, 57(5):1951-1980.
    • (2002) Journal of Finance , vol.57 , Issue.5 , pp. 1951-1980
    • Denis, D.J.1    Denis, D.K.2    Yost, K.3
  • 21
    • 0000695147 scopus 로고
    • Overinvestment, Tobin's Q and gains from foreign acquisitions
    • Doukas J. Overinvestment, Tobin's Q and gains from foreign acquisitions. Journal of Banking and Finance 1995, 19:1285-1303.
    • (1995) Journal of Banking and Finance , vol.19 , pp. 1285-1303
    • Doukas, J.1
  • 24
    • 84977732073 scopus 로고
    • The effect of corporate multinationalism on shareholders' wealth: Evidence from international acquisitions
    • Doukas J., Travlos N.G. The effect of corporate multinationalism on shareholders' wealth: Evidence from international acquisitions. Journal of Finance 1988, 43(5):1161-1175.
    • (1988) Journal of Finance , vol.43 , Issue.5 , pp. 1161-1175
    • Doukas, J.1    Travlos, N.G.2
  • 25
    • 0002445582 scopus 로고
    • Trade, location of economic activity and the multinational enterprise. A search for an eclectic approach
    • McMillan, London, B. Ohlin, P.O. Hesselborn, P.J. Wiskman (Eds.)
    • Dunning J.H. Trade, location of economic activity and the multinational enterprise. A search for an eclectic approach. The international allocation of economic activity 1977, 1977. McMillan, London. B. Ohlin, P.O. Hesselborn, P.J. Wiskman (Eds.).
    • (1977) The international allocation of economic activity , pp. 1977
    • Dunning, J.H.1
  • 26
    • 85125817602 scopus 로고
    • Towards an Eclectic theory of international production: Some empirical tests
    • Dunning J.H. Towards an Eclectic theory of international production: Some empirical tests. Journal of International Business Studies 1980, 11(1):9-31.
    • (1980) Journal of International Business Studies , vol.11 , Issue.1 , pp. 9-31
    • Dunning, J.H.1
  • 27
    • 0032364194 scopus 로고    scopus 로고
    • Location and the multinational enterprise: A neglected factor?
    • Dunning J.H. Location and the multinational enterprise: A neglected factor?. Journal of International Business Studies 1998, 29(1):45-66.
    • (1998) Journal of International Business Studies , vol.29 , Issue.1 , pp. 45-66
    • Dunning, J.H.1
  • 28
    • 85151589209 scopus 로고    scopus 로고
    • Unternehmensinternationalisierung und Marktwert des Eigenkapitals: Werteffekte von Auslandsmarktengagements im Spannungsfeld von wissenschaftlicher Forschung und Managerrhetorik
    • Universitäts-Verlag (MIR-Reihe), Wiesbaden, R. Moser (Ed.)
    • Eckert S., Engelhard J. Unternehmensinternationalisierung und Marktwert des Eigenkapitals: Werteffekte von Auslandsmarktengagements im Spannungsfeld von wissenschaftlicher Forschung und Managerrhetorik. Ausländische Direktinvestitionen - Neuere Entwicklungen, Entscheidungsinstrumente und führungsrelevante Folgen 2008, 79-109. Universitäts-Verlag (MIR-Reihe), Wiesbaden. R. Moser (Ed.).
    • (2008) Ausländische Direktinvestitionen - Neuere Entwicklungen, Entscheidungsinstrumente und führungsrelevante Folgen , pp. 79-109
    • Eckert, S.1    Engelhard, J.2
  • 29
    • 84977323284 scopus 로고
    • The effects of international operations on the market value of the firm-Theory and evidence
    • Errunza V.R., Senbet L.W. The effects of international operations on the market value of the firm-Theory and evidence. Journal of Finance 1981, 36(2):401-417.
    • (1981) Journal of Finance , vol.36 , Issue.2 , pp. 401-417
    • Errunza, V.R.1    Senbet, L.W.2
  • 30
    • 34250334647 scopus 로고
    • International corporate diversification, market valuation, and size-adjusted evidence
    • Errunza V.R., Senbet L.W. International corporate diversification, market valuation, and size-adjusted evidence. Journal of Finance 1984, 39(3):727-745.
    • (1984) Journal of Finance , vol.39 , Issue.3 , pp. 727-745
    • Errunza, V.R.1    Senbet, L.W.2
  • 31
    • 8844260504 scopus 로고    scopus 로고
    • Cross-country evidence on the value of corporate industrial and international diversification
    • Fauver L., Houston J.F., Naranjo A. Cross-country evidence on the value of corporate industrial and international diversification. Journal of Corporate Finance 2004, 10:729-752.
    • (2004) Journal of Corporate Finance , vol.10 , pp. 729-752
    • Fauver, L.1    Houston, J.F.2    Naranjo, A.3
  • 33
    • 33847313543 scopus 로고    scopus 로고
    • The theoretical rationale for a multinationality-performance relationship
    • Hennart J.F. The theoretical rationale for a multinationality-performance relationship. Management International Review 2007, 47(3):423-452.
    • (2007) Management International Review , vol.47 , Issue.3 , pp. 423-452
    • Hennart, J.F.1
  • 34
    • 70649083325 scopus 로고    scopus 로고
    • Down with MNE-centric theories! Market entry and expansion as the bundling of MNE and local assets
    • Hennart J.F. Down with MNE-centric theories! Market entry and expansion as the bundling of MNE and local assets. Journal of International Business Studies 2009, 40(8):1432-1454.
    • (2009) Journal of International Business Studies , vol.40 , Issue.8 , pp. 1432-1454
    • Hennart, J.F.1
  • 37
    • 85088437439 scopus 로고
    • The internationalization process of the firm-A model of knowledge development and increasing foreign market commitments
    • Johanson J., Vahlne J.-E. The internationalization process of the firm-A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies 1977, 8(1):23-32.
    • (1977) Journal of International Business Studies , vol.8 , Issue.1 , pp. 23-32
    • Johanson, J.1    Vahlne, J.-E.2
  • 39
    • 70649085149 scopus 로고    scopus 로고
    • The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership
    • Johanson J., Vahlne J.-E. The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies 2009, 40(8):1411-1431.
    • (2009) Journal of International Business Studies , vol.40 , Issue.8 , pp. 1411-1431
    • Johanson, J.1    Vahlne, J.-E.2
  • 40
  • 42
    • 2342470799 scopus 로고    scopus 로고
    • Cross-border acquisitions of US financial institutions: Impact of macroeconomic factors
    • Kiymaz H. Cross-border acquisitions of US financial institutions: Impact of macroeconomic factors. Journal of Banking and Finance 2004, 28:1413-1439.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 1413-1439
    • Kiymaz, H.1
  • 43
    • 0022082466 scopus 로고
    • Designing global strategies: Comparative and competitive value-added chains
    • Kogut B. Designing global strategies: Comparative and competitive value-added chains. Sloan Management Review 1985, 26(4):15-28.
    • (1985) Sloan Management Review , vol.26 , Issue.4 , pp. 15-28
    • Kogut, B.1
  • 44
    • 63149175841 scopus 로고    scopus 로고
    • The effect of domestic uncertainty on the real options value of international investments
    • Lee S.-H., Makhija M. The effect of domestic uncertainty on the real options value of international investments. Journal of International Business Studies 2009, 40(3):405-420.
    • (2009) Journal of International Business Studies , vol.40 , Issue.3 , pp. 405-420
    • Lee, S.-H.1    Makhija, M.2
  • 45
    • 4544266333 scopus 로고    scopus 로고
    • International diversification and firm performance: The S-curve hypothesis
    • Lu J.W., Beamish P.W. International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal 2004, 47(4):598-609.
    • (2004) Academy of Management Journal , vol.47 , Issue.4 , pp. 598-609
    • Lu, J.W.1    Beamish, P.W.2
  • 46
    • 0042170233 scopus 로고    scopus 로고
    • Corporate diversification: What gets discounted?
    • Mansi S.A., Reeb D.M. Corporate diversification: What gets discounted?. Journal of Finance 2002, 57(2):2167-2183.
    • (2002) Journal of Finance , vol.57 , Issue.2 , pp. 2167-2183
    • Mansi, S.A.1    Reeb, D.M.2
  • 47
    • 21344483210 scopus 로고
    • Shareholder benefits from corporate international diversification-Evidence from U.S. international acquisitions
    • Markides C.C., Ittner C.D. Shareholder benefits from corporate international diversification-Evidence from U.S. international acquisitions. Journal of International Business Studies 1994, 25(2):343-366.
    • (1994) Journal of International Business Studies , vol.25 , Issue.2 , pp. 343-366
    • Markides, C.C.1    Ittner, C.D.2
  • 48
    • 0032044632 scopus 로고    scopus 로고
    • International acquisitions-Do they create value for shareholders?
    • Markides C.C., Oyon D. International acquisitions-Do they create value for shareholders?. European Management Journal 1998, 16(2):125-135.
    • (1998) European Management Journal , vol.16 , Issue.2 , pp. 125-135
    • Markides, C.C.1    Oyon, D.2
  • 49
    • 84986743460 scopus 로고
    • Multinational corporations vs. domestic corporations-Financial performance and characteristics
    • Michel A., Shaked I. Multinational corporations vs. domestic corporations-Financial performance and characteristics. Journal of International Business Studies 1986, 17(3):89-100.
    • (1986) Journal of International Business Studies , vol.17 , Issue.3 , pp. 89-100
    • Michel, A.1    Shaked, I.2
  • 50
    • 0032334693 scopus 로고    scopus 로고
    • Managerial incentives, internalization, and market valuation of multinational firms
    • Mishra C.S., Gobeli D.H. Managerial incentives, internalization, and market valuation of multinational firms. Journal of International Business Studies 1998, 29(3):583-598.
    • (1998) Journal of International Business Studies , vol.29 , Issue.3 , pp. 583-598
    • Mishra, C.S.1    Gobeli, D.H.2
  • 51
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • Morck R., Shleifer A., Vishny R. Do managerial objectives drive bad acquisitions?. Journal of Finance 1990, 45(1):31-48.
    • (1990) Journal of Finance , vol.45 , Issue.1 , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 52
    • 0000699742 scopus 로고
    • Why investors value multinationality
    • Morck R., Yeung B. Why investors value multinationality. Journal of Business 1991, 64(2):165-187.
    • (1991) Journal of Business , vol.64 , Issue.2 , pp. 165-187
    • Morck, R.1    Yeung, B.2
  • 54
    • 0035580149 scopus 로고    scopus 로고
    • Does location matter?-An empirical analysis of geographic scope and MNC market valuation
    • Pantzalis C. Does location matter?-An empirical analysis of geographic scope and MNC market valuation. Journal of International Business Studies 2001, 32(1):133-155.
    • (2001) Journal of International Business Studies , vol.32 , Issue.1 , pp. 133-155
    • Pantzalis, C.1
  • 55
    • 2142758611 scopus 로고    scopus 로고
    • Identifying the big question in international business research
    • Peng M.W. Identifying the big question in international business research. Journal of International Business Studies 2004, 35(2):99-108.
    • (2004) Journal of International Business Studies , vol.35 , Issue.2 , pp. 99-108
    • Peng, M.W.1
  • 56
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: The diversification discount and inefficient investment
    • Rajan R., Servaes H., Zingales L. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance 2000, 55:35-80.
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 57
    • 85071095017 scopus 로고
    • Risk reduction by international diversification
    • Rugman A.M. Risk reduction by international diversification. Journal of International Business Studies 1976, 7(2):75-80.
    • (1976) Journal of International Business Studies , vol.7 , Issue.2 , pp. 75-80
    • Rugman, A.M.1
  • 59
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin J. A general equilibrium approach to monetary theory. Journal of Money Credit and Banking 1969, 1(1):15-29.
    • (1969) Journal of Money Credit and Banking , vol.1 , Issue.1 , pp. 15-29
    • Tobin, J.1
  • 60
    • 65749109733 scopus 로고    scopus 로고
    • Triple-testing the quality of multinationality-performance research: An internalization theory perspective
    • Verbeke A., Brugman P. Triple-testing the quality of multinationality-performance research: An internalization theory perspective. International Business Review 2009, 18(3):265-275.
    • (2009) International Business Review , vol.18 , Issue.3 , pp. 265-275
    • Verbeke, A.1    Brugman, P.2
  • 61
    • 65749111610 scopus 로고    scopus 로고
    • Toward more effective research on the multinationality-performance relationship
    • Verbeke A., Li L., Goerzen A. Toward more effective research on the multinationality-performance relationship. Management International Review 2009, 49(2):149-162.
    • (2009) Management International Review , vol.49 , Issue.2 , pp. 149-162
    • Verbeke, A.1    Li, L.2    Goerzen, A.3
  • 62
    • 84993045814 scopus 로고
    • Overcoming the liability of foreignness
    • Zaheer S. Overcoming the liability of foreignness. Academy of Management Journal 1995, 38(2):341-364.
    • (1995) Academy of Management Journal , vol.38 , Issue.2 , pp. 341-364
    • Zaheer, S.1
  • 63
    • 0001171863 scopus 로고    scopus 로고
    • The dynamics of the liability of foreignness: A global study of survival in financial services
    • Zaheer S., Mosakowski E. The dynamics of the liability of foreignness: A global study of survival in financial services. Strategic Management Journal 1997, 18(6):439-464.
    • (1997) Strategic Management Journal , vol.18 , Issue.6 , pp. 439-464
    • Zaheer, S.1    Mosakowski, E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.