Firm Internationalization and Systematic Risk : a multidimensional approach
نویسندگان
چکیده
This study aims at characterizing the bene...ts of corporate international diversi...cation on stock values by introducing the notion of psychic distance in the analysis. In order to capture this crucial dimension, we construct a new internationalization index. Our ...ndings display evidence that this dimension signi...cantly in‡uences international exposure of ...rms belonging to the same industry provided that the sector is homogeneous. The paper shows that domestic and international exposures tend to decrease as ...rms expand their activities among psychically distant countries. Interestingly, the opposite is observed for ...rms belonging to industries in which the degree of di¤erentiation and entry barriers are weak.
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