Please use this identifier to cite or link to this item:
http://hdl.handle.net/10071/19962
Author(s): | Gulamhussen, M. A. Pinheiro, C. M. Pozzolo, A. F. |
Date: | 2017 |
Title: | Do multinational banks create or destroy shareholder value? A cross-country analysis |
Volume: | 26 |
Number: | 5 |
Pages: | 295 - 313 |
ISSN: | 0963-8008 |
DOI (Digital Object Identifier): | 10.1111/fmii.12091 |
Keywords: | Foreign Direct Investment Banks Tobin's q F23 G20 |
Abstract: | We question whether the international diversification of multinational banks creates or destroys shareholder value. Based on a sample of 384 listed banks from 56 countries we provide new and robust evidence that bank cross-border activities create shareholder value, as shown by an economically and statistically significant premium for international diversification. Our results are confirmed controlling for bank fixed effects, time-varying bank characteristics, reverse causality, functional diversification, and instrumenting for the choice to expand abroad. The increase in shareholder value is slightly larger for banks in the middle range of international diversification and in the case of expansion towards less developed countries. |
Peerreviewed: | yes |
Access type: | Open Access |
Appears in Collections: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Files in This Item:
File | Description | Size | Format | |
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G_P_P_ FMII POST PRINT.pdf | Pós-print | 444,52 kB | Adobe PDF | View/Open |
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