Multinationality and firm value: The role of real options awareness

被引：22

作者：

Ioulianou, Sophocles ^{[1
]}

Trigeorgis, Lenos ^{[1
,2
]}

Driouchi, Tarik ^{[3
]}

机构：

[1] Univ Cyprus, POB 20537, CY-1678 Nicosia, Cyprus

[2] MIT, Sloan Sch Management, E62-688,100 Main St, Cambridge, MA 02142 USA

[3] Kings Coll London, 150 Stamford St, London SE1 9NH, England

来源：

JOURNAL OF CORPORATE FINANCE | 2017年 / 46卷

关键词：

Real options; Multinationality; Growth options; Management quality; Firm value; GROWTH OPTIONS; OPERATING FLEXIBILITY; DOMESTIC CORPORATIONS; STOCK RETURNS; CROSS-SECTION; PERFORMANCE; VALUATION; STRATEGY; DIVERSIFICATION; MATTER;

D O I：

10.1016/j.jcorpfin.2017.06.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We contribute to multinationality and real options theories by considering the role of firm heterogeneity in real options awareness for MNCs. We test the joint impact of real options awareness (RO-AWN) and multinationality on firm value using an extensive sample of U.S.-listed international firms over the ten-year period 1996-2005. We show that when a firm's growth options and degree of RO-AWN are considered, multinationality has a significant positive impact on firm value and performance as measured by Tobin's Q return-on-assets and the 3 year average stock returns. We find that the benefits of multinationality accrue asymmetrically to firms differing in RO-AWN. Managers who are more aware of their corporate real options are able to significantly enhance firm value. Our findings are robust to a range of dataset and measurement specifications, endogeneity issues and controlling for alternative theories of the firm. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：77 / 96

页数：20

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