Capital investment,internationalization, and firm performance: Evidence from Southeast Asian countries |
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| Institution: | 1. CEFAGE-UE, Universidade de Évora, Palácio do Vimioso, Largo Marquês de Marialva, 8, 7000-809 Évora, Portugal;2. Department of Economics and CEFAGE-UE, Universidade de Évora, Departamento de Economia, Largo dos Colegiais, 2, 7000-803 Évora, Portugal;1. National Kaohsiung First University of Science and Technology, No. 2, Jhuoyue Rd., Nanzih District, Kaohsiung City 811, Taiwan, ROC;2. Ming Chuan University, 250 Zhong Shan N. Rd., Sec. 5, Taipei 111, Taiwan, ROC;3. National Taichung University of Science and Technology, No. 129 Sec. 3, Sanmin Road, Taichung City 404, Taiwan, ROC;1. Department of Civil Engineering, National Taiwan University, Taiwan;2. Department of Civil and Environmental Engineering, The Hong Kong Polytechnic University, Kowloon, Hong Kong;1. School of Economics, Business Administration and Accounting in Ribeirão Preto (FEA-RP), University of São Paulo (USP), Brazil;2. Department of Accounting, School of Economics, Business Administration and Accounting in Ribeirão Preto (FEA-RP), University of São Paulo (USP), Av. dos Bandeirantes, 3900, FEA-RP, ZIP, 14040-905 Ribeirão Preto, São Paulo, Brazil;1. The University of Texas at San Antonio, One UTSA Circle, San Antonio, TX 78249, USA;2. Faculty of Industrial Engineering and Management, Technion—Israel Institute of Technology, Haifa 32000, Israel;3. NUS Business School, National University of Singapore, Singapore 117592, Singapore |
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| Abstract: | This study asks whether firms that invest more have higher degrees of internationalization and whether firms with higher degrees of internationalization perform better than those with lower degrees of internationalization. Using a large panel sample that consists of non-financial firms in five countries in the Southeast Asia region during the period 1990–2014, I show that capital investment negatively affects the level of internationalization but has a positive effect on foreign sales growth. The negative effect of capital investment on internationalization levels is weaker for firms with higher degrees of internationalization. The level of internationalization is not associated with firm performance, measured as return on assets; however, there is some evidence for the positive relation between the level of internationalization and firm performance, measured as the stock return. |
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| Keywords: | Corporate investment Firm performance Foreign assets Foreign sales Internationalization |
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