Internationalization and the evolution of corporate valuation

• 成果类型: Article; Proceedings Paper
• 署名作者: Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
• 署名单位: Brown University; The World Bank
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2006.12.004
• 发表日期: 2008
• 页码: 607-632
• 关键词: international financial markets; Financial integration; Tobin's Q; bonding; segmentation; Cross-listing; depositary receipts; ADRs

摘要

By documenting the evolution of Tobin's g before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market-timing theories of internationalization. We find that Tobin's g does not rise after internationalization, even relative to domestic firms. Instead, g rises significantly before and during the internationalization year, but then falls sharply in the following year, quickly relinquishing the increases of the previous years. In decomposing these dynamics, we find that market capitalization rises before internationalization and remains high, while corporate assets increase during internationalization. The evidence supports the theory that financial internationalization facilitates corporate expansion, but challenges the theory that internationalization produces an enduring effect on g by bonding firms to a better corporate governance system. (C) 2007 Elsevier B.V. All rights reserved.