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A Note on Return on Foreign Assets and Foreign Presence for UK Multinationals

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Author Info
Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)
George Yip (Capgemini Consulting)
Saliya Jayaratne (Said Business School)

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Abstract

Within the context of the international business literature on multinationality and performance we develop new data on the foreign presence and performance of large UK multinational enterprises (MNEs). There are 32 UK MNEs for which we can obtain data on both their degree of multinationality (measured by the ratio of foreign-to-total sales, F/T) and on their performance. Here, in addition to the traditional overall performance of the firm, shown as return on total assets (ROTA), we use new data on the return on foreign assets (ROFA). We conduct analytical work to show the positioning of the UK MNEs in the ROFA and F/T space and provide regression results showing a linear relationship between multinationality and performance, using the new ROFA metric.

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File URL: http://www.bus.indiana.edu/riharbau/RePEc/iuk/wpaper/bepp2007-10-rugman-yip-jayaratne.pdf
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Publisher Info
Paper provided by Indiana University, Kelley School of Business, Department of Business Economics and Public Policy in its series Working Papers with number 2007-10.

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Date of creation: 2007
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Publication status: Forthcoming in British Journal of Management
Handle: RePEc:iuk:wpaper:2007-10

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Related research
Keywords: UK multinationals; return on foreign assets; foreign-to-total sales; performance; multinational strategy;

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References listed on IDEAS
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  1. Daniel Sullivan, 1996. "Measuring the Degree of Internationalization of a firm: A Reply," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 27(1), pages 179-192, March. [Downloadable!] (restricted)
  2. Farok J Contractor & Sumit K Kundu & Chin-Chun Hsu, 2003. "A three-stage theory of international expansion: the link between multinationality and performance in the service sector," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 34(1), pages 5-18, January. [Downloadable!] (restricted)
  3. Toni M. Whited, 2001. "Is It Inefficient Investment that Causes the Diversification Discount?," Journal of Finance, American Finance Association, vol. 56(5), pages 1667-1691, October. [Downloadable!] (restricted)
  4. Allen Michel & Israel Shaked, 1986. "Multinational Corporations vs Domestic Corporations: Financial Performance and Characteristics," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 17(3), pages 89-100, September. [Downloadable!] (restricted)
  5. Daniel Sullivan, 1994. "Measuring the Degree of Internationalization of a Firm," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 25(2), pages 325-342, June. [Downloadable!] (restricted)
  6. Robert M Grant, 1987. "Multinationality and Performance among British Manufacturing Companies," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 18(3), pages 79-89, September. [Downloadable!] (restricted)
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