Business in troubled waters : does adverse attitude affect firm value?

Park, Jung Chul, Sarkar, Dipanwita, Sarkar, Jayanta, & Yost, Keven (2013) Business in troubled waters : does adverse attitude affect firm value? Journal of Corporate Finance, 22, pp. 221-235.

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Abstract

This paper investigates the relationship between US MNCs' valuations and anti-Americanism in countries where MNCs' foreign subsidiaries are located. We find that MNCs suffer value-destruction when they enter markets where people express severe anti-Americanism. However, we uncover that geographic diversification into these high anti-Americanism countries significantly increases firm value if the MNC has high levels of intangibles such as technological know-how and marketing expertise. Our findings are consistent with the notion that the advantages from internalizing the cross-border transfer of intangibles are greater when barriers to competition are higher.

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ID Code: 61205
Item Type: Journal Article
Refereed: Yes
Keywords: Global attitudes, Intangible assets, Internalization, Multinational corporation, Geographic diversification
DOI: 10.1016/j.jcorpfin.2013.05.004
ISSN: 1872-6313
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Deposited On: 09 Jul 2013 21:58
Last Modified: 04 Oct 2016 00:32

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