A Note on Return on Foreign Assets and Foreign Presence for UK Multinationals*
研究了32家英国跨国公司的海外存在程度（外国销售占比）与绩效（总资产回报率及新指标外国资产回报率）的关系，发现两者呈线性关系。
Within the context of the international business literature on multinationality and performance we develop new data on the foreign presence and performance of large UK multinational enterprises (MNEs). There are 32 UK MNEs for which we can obtain data on both their degree of multinationality (measured by the ratio of foreign to total (F/T) sales) and their performance. Here, in addition to the traditional overall performance of the firm, shown as return on total assets, we use new data on the return on foreign assets (ROFA). We conduct analytical work to show the positioning of the UK MNEs in the ROFA and F/T sales space and provide regression results showing a linear relationship between multinationality and performance, using the new ROFA metric.