The degree of internationalization and the value of the firm: theory and evidence |
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Institution: | 1. University of Texas at El Paso, United States;2. Bucknell University, United States |
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Abstract: | A valuation approach is used to examine the effects of the degree of internationalization on the relation between the market value of a firm’s stock and the book value of equity. Degree of internationalization was measured by both foreign revenues over total revenues and foreign assets over total assets. Results on the “Most International” 100 U.S. firms indicate a consistent and positive relation between each measure of the degree of internationalization and the value of equity. |
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