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| Author: | Garrod, N. Rees, W. |
| Title: | International diversification and firm value |
| Journal: | Journal of Business Finance and Accounting
1998 : NOV-DEC, VOL. 25:9-10, p. 1255-1285 |
| Index terms: | INTERNATIONAL DIVERSIFICATION COMPANY VALUE ACCOUNTING DATA AGGREGATION |
| Language: | eng |
| Abstract: | The impact of multinationalism is investigated by using a valuation model incorporating geographically segmented accounting information. Multinational companies are more highly valued than their domestic counterparts and the valuation difference lies in all their operations. The value advantage of multinational companies appears too large to be realistically explained by cost of capital reductions and would support either that high value firms become multinationals, rather than multinational companies gaining valuation benefits from foreign investments, or a pricing fad. |
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