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Multinational Diversification and Corporate Performance: Evidence from European Firms

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  • Ike Mathur
  • Manohar Singh
  • Kimberly C. Gleason
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    Abstract

    "We investigate the empirical relationship between accounting based measures of performance and the degree of multinational diversification for a set of European chemical industry firms. We find that for these firms, the degree of multinational diversification is strongly related to superior financial performance. The results hold for each of the three sample years. The findings suggest that multinational firms outperform purely domestic and exporting firms. The results provide strong support for gains from multinational diversification. The results indicate that while greater European unification may have eroded potential benefits of exploiting international capital and product market imperfections, the benefits of firm specific economies of scope and scale as well as managerial and financial synergies are still realised through exports." Copyright Blackwell Publishers Ltd, 2004.

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    Bibliographic Info

    Article provided by European Financial Management Association in its journal European Financial Management.

    Volume (Year): 10 (2004)
    Issue (Month): 3 ()
    Pages: 439-464

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    Handle: RePEc:bla:eufman:v:10:y:2004:i:3:p:439-464

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    Cited by:
    1. Garbe, Jan-Nicolas & Richter, Nicole Franziska, 2009. "Causal analysis of the internationalization and performance relationship based on neural networks -- advocating the transnational structure," Journal of International Management, Elsevier, vol. 15(4), pages 413-431, December.
    2. Nippa, Michael, 2011. "Zur Notwendigkeit des Corporate Portfolio Management: Eine Würdigung der wissenschaftlichen Forschung der letzten vier Jahrzehnte," Freiberg Working Papers 2011,02, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    3. Jan Hanousek & Evzen Kocenda & Michal Masika, 2012. "Firm Efficiency: Domestic Owners, Coalitions, and FDI," CERGE-EI Working Papers wp456, The Center for Economic Research and Graduate Education - Economic Institute, Prague.

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