Firm Internationalization, Diversification and Corporate Value: Empirical Evidence From Listed Chinese Corporations

Huaping SUN, Yong GENG, Weifeng SUN, Yusheng KONG


Theoretical analysis shows that there are many differences between internationalization and diversification; therefore they have different impacts on corporate value. Based on a sample of Chinese manufacturing listed corporations in 2009-2011, the empirical results show that there is statistically significant positive relationship between internationalization and corporate value, while diversification is statistically negatively related. Further analysis shows that diversification will positively moderate the relationship between internationalization and corporate value. These conclusions are important to the managers and


Internationalization; Diversification; Multinational corporations; Corporate value

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