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Internationalization and firm performance

Author

Listed:
  • Likitwongkajon, Napaporn
  • Vithessonthi, Chaiporn

Abstract

We argue that industry competition and industry innovation intensity exert an influence on the relation between a firm's internationalization and performance. Using a large panel sample consisting of publicly listed nonfinancial firms in 27 European countries from 1990 to 2016, we document that internationalization is negatively associated with operating performance and firm value. The negative effects of internationalization on operating performance and firm value vary depending on the degree of industry competition or industry innovation intensity. These results imply that industry conditions moderate the effects of internationalization on operating performance and firm value.

Suggested Citation

  • Likitwongkajon, Napaporn & Vithessonthi, Chaiporn, 2023. "Internationalization and firm performance," Global Finance Journal, Elsevier, vol. 56(C).
    • Handle: RePEc:eee:glofin:v:56:y:2023:i:c:s1044028322000552
    DOI: 10.1016/j.gfj.2022.100753
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    More about this item

    Keywords

    Europe; Firm performance; Industry competition; Industry innovation intensity; Internationalization; Strategy;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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