Returns to Internationalization: Business Group-Affiliated Firms vs Standalone Firms
研究了企业集团附属公司与独立公司从国际化中获得的回报差异，发现独立公司的边际收益更高，但集团附属公司更能利用特定资产获得更高总回报。
Abstract The purpose of this study is to explore the differential gains from internationalization for different forms of corporate governance. In particular, we seek to move from the question concerning whether firms are able to generate differential gains from internationalization, to the question of why. Our focus is on ownership structure, and the differential rates at which business group affiliated firms and standalone firms gain from internationalization. Using a unique data set of some 356 standalone and business group affiliated firms, we show that while the marginal gains from internationalization may be greater for standalone firms, business group firms are better able to exploit firm-specific assets, leveraging these into higher returns to internationalization.