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Degree of Internationalization and Performance: An Analysis of Canadian Banks

  • Walid Hejazi
  • Eric Santor

The international business literature measures the link between the degree of internationalization (DOI) of a firm's activities and its performance. The results of this literature are mixed. The authors extend the analysis to Canadian bank-level data, but they also take into account the riskiness of each bank's foreign-asset exposure. The results establish a positive, but weak, relationship between DOI and performance--one that is dependent on each bank's risk profile. The authors discuss the policy implications of their analysis.

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File URL: http://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-32.pdf
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Paper provided by Bank of Canada in its series Working Papers with number 05-32.

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Length: 42 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:bca:bocawp:05-32
Contact details of provider: Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
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Web page: http://www.bank-banque-canada.ca/

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  1. Bernard, Andrew B. & Bradford Jensen, J., 1999. "Exceptional exporter performance: cause, effect, or both?," Journal of International Economics, Elsevier, vol. 47(1), pages 1-25, February.
  2. Linda S. Goldberg, 2001. "When Is U.S. Bank Lending to Emerging Markets Volatile?," NBER Working Papers 8209, National Bureau of Economic Research, Inc.
  3. Jason Allen & Ying Liu, 2007. "Efficiency and economies of scale of large Canadian banks," Canadian Journal of Economics, Canadian Economics Association, vol. 40(1), pages 225-244, February.
  4. 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, vol. 34(1), pages 5-18, January.
  5. Kannan Ramaswamy & K Galen Kroeck & William Renforth, 1996. "Measuring the Degree of Internationalization of a firm: A Comment," Journal of International Business Studies, Palgrave Macmillan, vol. 27(1), pages 167-177, March.
  6. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  7. Jung, Yojin, 1991. "Multinationality and profitability," Journal of Business Research, Elsevier, vol. 23(2), pages 179-187, September.
  8. Anderson, T. W. & Hsiao, Cheng, 1982. "Formulation and estimation of dynamic models using panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 47-82, January.
  9. 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.
  10. N Capar & M Kotabe, 2003. "The relationship between international diversification and performance in service firms," Journal of International Business Studies, Palgrave Macmillan, vol. 34(4), pages 345-355, July.
  11. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Scholarly Articles 3445092, Harvard University Department of Economics.
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