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An event study analysis of outward foreign direct investment: the case of Greece

Antonis Demos (), Fragkiskos Filippaios () and Marina Papanastassiou

International Journal of the Economics of Business, 2004, vol. 11, issue 3, 329-348

Abstract: The purpose of this article is twofold. Firstly, by applying the event study methodology, it provides detailed and updated evidence on the value generating effect of different modes of foreign direct investment (FDI) entry. Secondly, this is the first paper to empirically evaluate the impact of FDI on the stock returns of Greek firms participating in the Athens Stock Exchange (ASE). In the case of Greece, the cross-section analysis revealed that successful outward FDI projects tend to be located in developed countries, performed in a high-technology sector and linked to horizontal integration.

Keywords: Multinational Corporations (MNCs); Foreign Direct Investment; Mergers & Acquisitions; Event Study; JEL Classifications: F23; F30; G14; G34 (search for similar items in EconPapers)
Date: 2004
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Handle: RePEc:taf:ijecbs:v:11:y:2004:i:3:p:329-348