Business in troubled waters : does adverse attitude affect firm value?
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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|Item Type:||Journal Article|
|Keywords:||Global attitudes, Intangible assets, Internalization, Multinational corporation, Geographic diversification|
|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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