Impacts of International Greenfield Investment on Firm Valuation

被引：3

作者：

Chang, Shao-Chi ^{[1
]}

Chang, Juei-Chi ^{[1
,2
]}

机构：

[1] Natl Cheng Kung Univ, Tainan 70101, Taiwan

[2] Hsing Wu Univ, New Taipei City, Taiwan

来源：

CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION | 2012年 / 29卷 / 04期

关键词：

international greenfield investment; multinational corporations; multinational network hypothesis; stock market valuation; operating performance; FOREIGN DIRECT-INVESTMENT; CORPORATE MULTINATIONALISM; JOINT VENTURES; ENTRY MODE; ACQUISITION; CHOICE; DIVERSIFICATION; KNOWLEDGE; INVESTORS; WEALTH;

D O I：

10.1002/CJAS.1226

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Our study examines the announcement effects of 343 international greenfield investments by 289 U.S. firms for their impact on shareholder wealth. This paper develops five hypotheses based on the positive-multinational-network hypothesis. The evidence indicates that market reactions to announcements by firms entering developing countries are more favorable than those entering developed countries. In addition, the results show that the wealth effect for firms entering a host country for the first time is greater than for those that are already operating within the country. As for the long run, greenfield firms have shown improvement in their operating performance and stock performance. Copyright (C) 2012 ASAC. Published by John Wiley & Sons, Ltd.

引用

页码：310 / 321

页数：12

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