Facing global economic crisis: Foreign sales, ownership groups, and corporate value

被引：27

作者：

Ma, Xufei ^{[1
]}

Yiu, Daphne W. ^{[1
]}

Zhou, Nan ^{[2
,3
]}

机构：

[1] Chinese Univ Hong Kong, Dept Management, Shatin, Hong Kong, Peoples R China

[2] Moscow Sch Management SKOLKOVO, Moscow, Russia

[3] SKOLKOVO E&Y Inst Emerging Market Studies, Unit 1608, Beijing 100101, Peoples R China

来源：

JOURNAL OF WORLD BUSINESS | 2014年 / 49卷 / 01期

关键词：

Foreign sales; Firm value; Global economic crisis; Ownership groups; Emerging markets; GROUP-AFFILIATED COMPANIES; BUSINESS GROUP-PERFORMANCE; FIRM PERFORMANCE; INTERNATIONAL DIVERSIFICATION; INSTITUTIONAL INVESTORS; STRATEGIC FLEXIBILITY; OPERATING FLEXIBILITY; MANAGEMENT RESEARCH; EMPIRICAL-EVIDENCE; CEO COMPENSATION;

D O I：

10.1016/j.jwb.2013.02.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study extends the research on internationalization to a new organizational context emerging market firms (EMF), and a new time context global economic crisis. We propose a U-shaped relationship between foreign sales intensity and firm value for EMFs during global economic crisis. Further, we distinguish between EMFs' relational owners (i.e., business groups) and transactional owners (i.e., institutional investors) to investigate their different moderating effects. We find empirical support for our hypotheses using a sample of Chinese firms during the global economic crisis in 2008. Moreover, we provide research and practice implications. (C) 2013 Published by Elsevier Inc.

引用

页码：87 / 100

页数：14

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