haku: @journal_id 475 / yhteensä: 1037
viite: 19 / 1037
Tekijä:Shaver, J. M.
Otsikko:The benefits of geographic sales diversification: how exporting facilitates capital investment
Lehti:Strategic Management Journal
2011 : OCT, VOL. 32:10 p. 1046-1060
Asiasana:diversification
capital investment
cash flow
exports
manufacturing industry
liquidity
competitive advantage
R&D
foreign exchange
business cycles
Kieli:eng
Tiivistelmä:This article argues that by geographically diversifying sales, companies' exporting signals more stable expected cash flows and company quality, which may increase external capital providers' willingness to fund investments. Investigating a representative sample of Spanish manufacturers from 1990 to 1998, it is found that exporting decreases investment liquidity constraints allowing companies to make strategic investments they would not otherwise be able to make. This indicates how diversification can be a strategy to develop and maintain competitive advantage.
SCIMA tietueen numero: 276177
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