Firm-level internationalisation and the home bias puzzle

被引：21

作者：

Berrill, Jenny ^{[1
]}

Kearney, Colm ^{[1
,2
]}

机构：

[1] Trinity Coll Dublin, Business Sch, Dublin, Ireland

[2] Trinity Coll Dublin, Inst Int Integrat Studies, Dublin, Ireland

来源：

JOURNAL OF ECONOMICS AND BUSINESS | 2010年 / 62卷 / 04期

关键词：

International diversification; Home bias; Mean-variance spanning;

D O I：

10.1016/j.jeconbus.2010.02.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The extent to which internationalising MNEs create value, and the extent to which investors can reap the benefits of firm-level internationalisation remain controversial issues. Using a multi-country dataset with over 3 million observations, we classify 1143 firms listed on the exchanges of the G7 countries according to the geographical spread of their sales and subsidiaries. Weshow that more internationalised firms provide greater diversification benefits. By investing in home-based internationalised firms, investors can 'free ride' the costs and risks associated with internationalisation at the level of the firm and exhibit home bias while availing of international diversification benefits. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：235 / 256

页数：22

共 64 条

[1] INVESTOR RECOGNITION OF CORPORATE INTERNATIONAL DIVERSIFICATION [J].