Internationalization and firm performance

Napaporn Likitwongkajon and Chaiporn Vithessonthi ()

Global Finance Journal, 2023, vol. 56, issue C

Abstract: We argue that industry competition and industry innovation intensity exert an influence on the relation between a firm's internationalization and performance. Using a large panel sample consisting of publicly listed nonfinancial firms in 27 European countries from 1990 to 2016, we document that internationalization is negatively associated with operating performance and firm value. The negative effects of internationalization on operating performance and firm value vary depending on the degree of industry competition or industry innovation intensity. These results imply that industry conditions moderate the effects of internationalization on operating performance and firm value.

Keywords: Europe; Firm performance; Industry competition; Industry innovation intensity; Internationalization; Strategy (search for similar items in EconPapers)
JEL-codes: F21 F23 G31 G32 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:56:y:2023:i:c:s1044028322000552

DOI: 10.1016/j.gfj.2022.100753

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