مشخصات مقاله:
عنوان فارسی مقاله:
آیا سرمایه گذاری های خارجی ارزش شرکت و عملکرد شرکت را افزایش می دهند؟ شواهدی از ژاپن
عنوان انگلیسی مقاله:
Do foreign investments increase firm value and firm performance? Evidence from Japan
کلمات کلیدی مقاله:
مقدار محکم، عملکرد محکم، سرمایه گذاری های خارجی، ژاپن، استراتژی
کلمات کلیدی انگلیسی:
Firm value – Firm performance – Foreign investments – Japan – Strategy
مناسب برای رشته های دانشگاهی زیر:
مدیریت
مناسب برای گرایش های دانشگاهی زیر:
مدیریت کسب و کار، مدیریت مالی
وضعیت مقاله انگلیسی و ترجمه:
مقاله انگلیسی را میتوانید به صورت رایگان با فرمت PDF با کلیک بر روی دکمه آبی، دانلود نمایید. برای ثبت سفارش ترجمه نیز روی دکلمه قرمز رنگ کلیک نمایید. سفارش ترجمه نیازمند زمان بوده و ترجمه این مقاله آماده نمیباشد و پس از اتمام ترجمه، فایل ورد تایپ شده قابل دانلود خواهد بود.
فهرست مطالب:
Abstract
JEL classification
Keywords
1. Introduction
2. Brief literature review and hypothesis development
3. Research design and data
3.1. Empirical design and data
3.2. Key variables of interest
3.2.1. Foreign investments
3.2.2. Firm value and firm performance
3.3. Control variables
3.3.1. Firm-level control variables
3.3.2. Industry- and country-level control variables
3.4. Empirical strategy
3.4.1. Panel OLS regressions
3.4.2. IV-2SLS regressions
4. The impact of foreign investments on firm value and firm performance
4.1. Descriptive statistics
4.2. Results of panel OLS regressions
4.3. Results of IV-2SLS regressions
5. Conclusion
References
قسمتی از مقاله انگلیسی:
1. Introduction
Studies on consequences of a firm’s internationalization can be found in several business disciplines such as strategy, finance, and international business (see e.g., Gomes and Ramaswamy, 1999; Kotabe et al., 2002; Doidge et al., 2004; Fauver et al., 2004; Mani et al. 2007; Hsu et al., 2013). One of key questions in the literature is whether a firm’s internationalization enhances or weakens its performance (see e.g., Buckley and Casson, 1976; Kogut and Zander, 1993; Zaheer, 1995; Hsu et al., 2013; Zhou and Wu, 2014). Generally speaking, empirical findings observed in the literature are mixed; that is, prior studies show that the relationship between a firm’s internationalization and its performance is positive (see e.g., Hsu et al., 2013; de Jong and van Houten, 2014), negative (see e.g., Singla and George, 2013; Xiao et al., 2013) or not evident (see e.g., Doukas and Lang, 2003; Cosset et al., 2016). In this paper, we revisit the question of whether internationalization is associated with firm value and firm performance in an advanced economy. Building upon prior studies (see e.g., Grossman and Helpman, 1989; Kyläheiko et al., 2011; Aw and Lee, 2014), we argue that a firm’s foreign investments should result in (1) an increase in revenue (e.g., due to market-seeking foreign investments), (2) lower production costs (e.g., due to efficiency-seeking foreign investments) or (3) both larger revenues and lower production costs. We therefore control for both channels in order to have a better test of the effect of internationalization on firm performance. Accordingly, a positive (negative) effect of foreign investments on firm value is arguably attributable to (1) an expected increase (decrease) in revenue and/or (2) an expected increase (decrease) in profitability