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The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries

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  • Ece C KARADAGLI

Abstract

Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for “Emerging-7 (E7)” countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.

Suggested Citation

  • Ece C KARADAGLI, 2012. "The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(7), pages 858-865.
    • Handle: RePEc:asi:aeafrj:v:2:y:2012:i:7:p:858-865:id:936
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    Cited by:

    1. Wasif Ali & Julie L. Drolet & Kamal Khatiwada & Emmanuel Chilanga & Mohammed Nurudeen Musah, 2022. "The Shifting Landscape of International Practicum in Social Work Education," International Journal of Social Work, Macrothink Institute, vol. 9(1), pages 125-125, June.
    2. Rana El Bahsh & Ali Alattar & Aziz N. Yusuf, 2018. "Firm, Industry and Country Level Determinants of Capital Structure: Evidence from Jordan," International Journal of Economics and Financial Issues, Econjournals, vol. 8(2), pages 175-190.
    3. Sepideh Haghi & Sayed Mahdi Mostafavi & Mehdi Behname, 2015. "The effects of globalization on firm’s stock in the selected Asian countries," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 1, pages 1-1, June.
    4. Michael Donadelli & Marcella Lucchetta, 2013. "Emerging Stock Premia: Some Evidence From Industrial Stock Market Data," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(4), pages 398-422, April.
    5. Teresa Candeias & Diana Dias, 2023. "Wine Companies’ Profitability in the Old World: Working Capital’s Impact," Administrative Sciences, MDPI, vol. 13(8), pages 1-17, July.
    6. Richard Sagor Mitra, 2020. "Importance of Standardization in Minimizing Cross-cultural Miscommunication," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 11(3), pages 01-07, September.

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