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Bank Value and Geographic Diversification: Regional vs Global

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  • Canan Yildirim

    (Faculty of Economics, Administrative and Social Sciences, Kadir Has University)

  • Georgios Efthyvoulou

    (Department of Economics, University of Sheffield)

Abstract

This paper analyzes the impact of geographic diversification on bank value by employing a data set comprising the largest banks across the world, originating from both developed and emerging countries. The findings suggest that the value impact of international diversification depends on the financial development level of a bank’s home country: higher levels of diversification are associated with changes in valuations only for banks originating from emerging countries. In addition, the locus of internationalization matters for the direction of effects: while markets respond positively to the intra-regional expansion activities of emerging country banks, they seem to believe that these banks cannot benefit from diversifying into far away markets.

Suggested Citation

  • Canan Yildirim & Georgios Efthyvoulou, 2016. "Bank Value and Geographic Diversification: Regional vs Global," Working Papers 2016001, The University of Sheffield, Department of Economics.
  • Handle: RePEc:shf:wpaper:2016001
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    More about this item

    Keywords

    multinational banking; geographic diversification; bank value;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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