TY - JOUR
T1 - Internationalization and firm performance
AU - Likitwongkajon, Napaporn
AU - Vithessonthi, Chaiporn
N1 - Funding Information:
The authors wish to thank participants at the 2018 Annual Meeting of the Academy of International Business, held in Minneapolis, for many helpful suggestions. An earlier version of this paper was presented at a seminar at Sunway University Business School. They would also like to thank Olimpia Racela for editorial assistance. The first author gratefully acknowledges financial support (Grant No: 016/2563) from Faculty of Business Administration and Accountancy at Khon Kaen University. The authors do not have any potential conflicts of interests.
Funding Information:
The authors wish to thank participants at the 2018 Annual Meeting of the Academy of International Business, held in Minneapolis, for many helpful suggestions. An earlier version of this paper was presented at a seminar at Sunway University Business School. They would also like to thank Olimpia Racela for editorial assistance. The first author gratefully acknowledges financial support (Grant No: 016/2563 ) from Faculty of Business Administration and Accountancy at Khon Kaen University . The authors do not have any potential conflicts of interests.
Publisher Copyright:
© 2022 Elsevier Inc.
PY - 2023/5
Y1 - 2023/5
N2 - We argue that industry competition and industry innovation intensity exert an influence on the relation between a firm's internationalization and performance. Using a large panel sample consisting of publicly listed nonfinancial firms in 27 European countries from 1990 to 2016, we document that internationalization is negatively associated with operating performance and firm value. The negative effects of internationalization on operating performance and firm value vary depending on the degree of industry competition or industry innovation intensity. These results imply that industry conditions moderate the effects of internationalization on operating performance and firm value.
AB - We argue that industry competition and industry innovation intensity exert an influence on the relation between a firm's internationalization and performance. Using a large panel sample consisting of publicly listed nonfinancial firms in 27 European countries from 1990 to 2016, we document that internationalization is negatively associated with operating performance and firm value. The negative effects of internationalization on operating performance and firm value vary depending on the degree of industry competition or industry innovation intensity. These results imply that industry conditions moderate the effects of internationalization on operating performance and firm value.
KW - Europe
KW - Firm performance
KW - Industry competition
KW - Industry innovation intensity
KW - Internationalization
KW - Strategy
UR - http://www.scopus.com/inward/record.url?scp=85134181424&partnerID=8YFLogxK
U2 - 10.1016/j.gfj.2022.100753
DO - 10.1016/j.gfj.2022.100753
M3 - Article
AN - SCOPUS:85134181424
SN - 1044-0283
VL - 56
JO - Global Finance Journal
JF - Global Finance Journal
M1 - 100753
ER -