search query: @freeterm performance characteristics / total: 1
reference: 1 / 1
« previous | next »
| Author: | Aybar, B. Thirunavukkarasu, A. |
| Title: | Emerging market multinationals |
| Journal: | Journal of Asia-Pacific Business
2005 : VOL. 6:2, p. 5-26, 27-39 |
| Index terms: | emerging markets multinational companies international |
| Freeterms: | performance characteristics |
| Language: | eng |
| Abstract: | This study explores the risk and performance (hereafter as: r-and-p.) characteristics of emerging market (here as: EM/EMs) multinationals (EMNCs) using a sample composed of 79 EMNCs from 15 countries located in Africa, Asia, Eastern Europe-Russia, and Latin America. The r-and-p. analyses are based on monthly share price returns collected over 1996-2003 period and annual accounting data. It is found that EMNCs on average perform better than their respective country market indices, a widely used EM benchmark, S&P 500 and, global market index (MSCI-World) during the analysed period. The analysis indicates that performance is not affected by the degree of internationalization and EMNC investments in developed markets have a positive impact on the value. Finally, the results indicate that EMNCs in less risky EMs enjoy higher firm value. |
« previous | next »
SCIMA