Multinational Diversification and Corporate Performance: Evidence from European Firms
研究欧洲化学工业企业的跨国多元化程度与会计绩效的关系，发现跨国多元化程度高的企业财务表现更优，且结果在三年样本中稳健。
Abstract We investigate the empirical relationship between accounting based measures of performance and the degree of multinational diversification for a set of European chemical industry firms. We find that for these firms, the degree of multinational diversification is strongly related to superior financial performance. The results hold for each of the three sample years. The findings suggest that multinational firms outperform purely domestic and exporting firms. The results provide strong support for gains from multinational diversification. The results indicate that while greater European unification may have eroded potential benefits of exploiting international capital and product market imperfections, the benefits of firm specific economies of scope and scale as well as managerial and financial synergies are still realised through exports.