지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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The purpose of this study is to examine empirically whether multinationality influences corporate value, and further to estimate how multinationality affects differently according to specific quantiles of corporate value. Using Ohlson’s valuation model (1995) with ordinary least square regression, we demonstrate that multinationality is a key factor to corporate value after controlling confounding variables. We also find that the effect of multinationality varies across different quantiles, and its effect increase as a quintile increases in the test of a quantile regression. Compared to estimates of OLS, the estimate of multinationality in OLS is greater than the estimate of multinationality at 50th for all measures of multinationality. As a result, our findings provide evidence that the estimate of OLS can underestimate the effect of multinationality compared to the estimate of a quantile regression. Given this finding, the effect of multinationality could be, in fact, far greater than figures turned up in the extant studies employing OLS. Moreover, we find that, the effect of multinationality sharply jumps up at the range of the highly valued firms. Thus, compared to the previous studies which mainly rely on the OLS regression, this study could provide a more comprehensive pictures regarding the relationship between the corporate value and multinationality.
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참고문헌 (27)
참고문헌 신청
Adler, Michael / 1983 / International Portfolio Choice and Corporation Finance : A Synthesis / Journal of Finance 38 (3) : 925 ~ 984
Annavarjula, Madan / 2000 / Multinationality-Performance Relationship : A Review and Reconceptualization / International Journal of Organizational Analysis 8 (1) : 48 ~ 67
Bodnar, Gordon M. / 1997 / Both Sides of Corporate Diversification : The Value Impacts of Geographic and Industrial Diversification
Click, Reid W. / 2000 / Does Multinationality Matter? Evidence of Value Destruction in U. S. Multinational Corporations
Denis, David J. / 2002 / Global Diversification, Industrial Diversification, and Firm Value / Journal of Finance 57 (5) : 1951 ~ 1979
Annavarjula, Madan / 2000 / Multinationality-Performance Relationship : A Review and Reconceptualization / International Journal of Organizational Analysis 8 (1) : 48 ~ 67
Bodnar, Gordon M. / 1997 / Both Sides of Corporate Diversification : The Value Impacts of Geographic and Industrial Diversification
Click, Reid W. / 2000 / Does Multinationality Matter? Evidence of Value Destruction in U. S. Multinational Corporations
Denis, David J. / 2002 / Global Diversification, Industrial Diversification, and Firm Value / Journal of Finance 57 (5) : 1951 ~ 1979
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