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Do Multinational Operations Influence Firm Value? Evidence from the Triad Regions

  • Brett Olsen

    (College of Business, University of Missouri at Columbia, U.S.A.)

  • B. Elango

    (College of Business, Illinois State University, U.S.A.)

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    This paper examines the effect of multinational operations on firm value using a sample of firms from the three triad regions of the world. Using the Transnational Index (reported by the United Nations), a newer measure of multinational operations, this study helps explain some of the conflicting findings reported in the literature and highlights the importance of location of the firm as a factor in influencing the premium or discount in firm value due to multinational operations.

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    Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

    Volume (Year): 4 (2005)
    Issue (Month): 1 (April)
    Pages: 11-29

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    Handle: RePEc:ijb:journl:v:4:y:2005:i:1:p:11-29
    Contact details of provider: Postal: 100 Wenhwa Road, Seatwen, Taichung
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    1. Ike Mathur & Kyran Hanagan, 1983. "Are Multinational Corporations Superior Investment Vehicles for Achieving International Diversification?," Journal of International Business Studies, Palgrave Macmillan, vol. 14(3), pages 135-146, September.
    2. Larry H.P. Lang & Rene M. Stulz, 1993. "Tobin's Q, Corporate Diversification and Firm Performance," NBER Working Papers 4376, National Bureau of Economic Research, Inc.
    3. Daniel Sullivan, 1994. "Measuring the Degree of Internationalization of a Firm," Journal of International Business Studies, Palgrave Macmillan, vol. 25(2), pages 325-342, June.
    4. John H Dunning, 1980. "Towards an Eclectic Theory of International Production: Some Empirical Tests," Journal of International Business Studies, Palgrave Macmillan, vol. 11(1), pages 9-31, March.
    5. Bae, Sung C. & Noh, Seungwook, 2001. "Multinational corporations versus domestic corporations: a comparative study of R&D investment activities," Journal of Multinational Financial Management, Elsevier, vol. 11(1), pages 89-104, February.
    6. Alan Rugman, 1980. "Internalization as a general theory of foreign direct investment: A re-appraisal of the literature," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 116(2), pages 365-379, June.
    7. Christos Pantzalis, 2001. "Does Location Matter? An Empirical Analysis of Geographic Scope and MNC Market Valuation," Journal of International Business Studies, Palgrave Macmillan, vol. 32(1), pages 133-155, March.
    8. Branch, Ben, 1974. "Research and Development Activity and Profitability: A Distributed Lag Analysis," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 999-1011, Sept./Oct.
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