International corporate diversification and performance: Does firm self-selection matter?

Volume: 40, Issue: 1, Pages: 71 - 85
Published: Jan 1, 2009
Abstract
This paper presents new evidence on US multinational firms and shows that the decision to diversify internationally is endogenous, and depends on firm, industry, and home-country characteristics. US multinational firms are a self-selected sample, and firms that are more likely to diversify internationally have lower firm values. Contrary to the global diversification discount literature, multinational firms are valued at a premium after...
Paper Details
Title
International corporate diversification and performance: Does firm self-selection matter?
Published Date
Jan 1, 2009
Volume
40
Issue
1
Pages
71 - 85
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