The Value of Internationalization for Emerging Market Firms -- Family versus Non-Family firms

Chih-Hsiang Hsu (), Ming-Sung Kao () and Lee-Men Lee ()
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Chih-Hsiang Hsu: Department of Finance, Ming Chuan University, Taiwan
Ming-Sung Kao: Department of International Trade and Finance, Fu Jen Catholic University, Taiwan
Lee-Men Lee: Department of Business Administration, Fu Jen Catholic University

Economics Bulletin, 2016, vol. 36, issue 2, 1214-1222

Abstract: This paper examines how the market responses to emerging market firms' internationalization. Using the sample of 638 Taiwanese multinational firms, the result shows that the firm value decreases with its overseas assets whereas the negative impact is significantly weaker for the family firms than non-family firms. When analysing only family firms further, controlling families with high deviations of cash flow and control righ will be associated with lower value than normal family firms.

Keywords: family firms; internationalization; firm value; agency problem (search for similar items in EconPapers)
JEL-codes: F2 M1 (search for similar items in EconPapers)
Date: 2016-06-22
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Citations: View citations in EconPapers (2)

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