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- W1531444145 abstract "Using a unique sample of 212 UK multinational firms and 4,676 subsidiaries, I show that multinational firms attract, on average, a global diversification premium of approximately 16% compared with a country-industry matched portfolio of local non-multinational firms. I also show that the value premium is higher when the difference between UK and host country internal corporate governance is greater - on average better corporate governance practices explain roughly one-third of the value premium. This result suggests that multinational firms are compensated for exporting good corporate governance. Further, I find evidence that advocates multinational firms invest more in countries with weaker governance standards. At the subsidiary level, I find that multinational firms use internal capital markets to channel higher levels of investment into better investment opportunities. Finally, consistent with a value premium, I show that multinational firms channel investment into globally cheap assets." @default.
- W1531444145 created "2016-06-24" @default.
- W1531444145 creator A5071632703 @default.
- W1531444145 date "2008-01-01" @default.
- W1531444145 modified "2023-09-25" @default.
- W1531444145 title "The Valuation Effects of Multinational Firms" @default.
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- W1531444145 doi "https://doi.org/10.2139/ssrn.1088300" @default.
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