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来源类型Working Paper
规范类型报告
DOI10.3386/w11023
来源IDWorking Paper 11023
Internationalization and the Evolution of Corporate Valuation
Ross Levine; Sergio L. Schmukler
发表日期2005-01-10
出版年2005
语种英语
摘要By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that Tobin's "q" does not rise after internationalization, even relative to firms that do not internationalize. Instead, "q" rises significantly one year before internationalization and during the internationalization year. But, then "q" falls sharply in the year after internationalization, relinquishing the increases of the previous two years. To account for these dynamics, we show that market capitalization rises one year before internationalization and remains high, while corporate assets increase during internationalization. The evidence supports models stressing that internationalization facilitates corporate expansion, but challenges models stressing that internationalization produces an enduring effect on "q" by bonding firms to a better corporate governance system.
主题Financial Economics ; Financial Markets ; International Economics ; International Finance ; International Factor Mobility
URLhttps://www.nber.org/papers/w11023
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/568658
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Ross Levine,Sergio L. Schmukler. Internationalization and the Evolution of Corporate Valuation. 2005.
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