Optimal geographic diversification and firm performance: evidence from the U.K. |
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| Authors: | Nigel Driffield Jun Du Sourafel Girma |
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| Institution: | (1) Economics and Strategy Group, Aston Business School, Aston University, Birmingham, B4 7ET, UK;(2) Nottingham University Business School, Jubilee Campus, Nottingham, NG8 1BB, UK |
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| Abstract: | This paper examines the relationship between multinationality and firm performance. The analysis is based on a sample of over
400 UK multinationals, and encompasses both service sector and manufacturing sector multinationals. This paper confirms the
non-linear relationship between performance and multinationality that is reported elsewhere in the literature, but offers
further analysis of this relationship. Specifically, by correcting for endogeneity in the investment decision, and for shocks
in productivity across countries, the paper demonstrates that the returns to multinationality are greater than those that
have been reported elsewhere, and persist to higher degrees of international diversification.
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| Keywords: | Multinationality Performance Productivity |
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