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Do foreign investments increase firm value and firm performance? Evidence from Japan

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  • Likitwongkajon, Napaporn
  • Vithessonthi, Chaiporn

Abstract

As empirical evidence on the impact of internationalization on firm performance remains unclear, we revisit the question of whether foreign investments enhance firm value and firm performance. Using a panel sample of publicly listed firms in Japan during the 1990–2016 period, we find that foreign investments are negatively associated with firm value. In addition, foreign investments are negatively related to firm performance at short- and long-horizons. Furthermore, foreign investments appear to reduce revenue growth but have no effect on firm efficiency, suggesting that simply increasing foreign investments does not necessarily enhance revenue growth or firm efficiency.

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  • Likitwongkajon, Napaporn & Vithessonthi, Chaiporn, 2020. "Do foreign investments increase firm value and firm performance? Evidence from Japan," Research in International Business and Finance, Elsevier, vol. 51(C).
    • Handle: RePEc:eee:riibaf:v:51:y:2020:i:c:s027553191830713x
    DOI: 10.1016/j.ribaf.2019.101099
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    More about this item

    Keywords

    Firm value; Firm performance; Foreign investments; Japan; 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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