Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
1002635 | International Business Review | 2010 | 17 Pages |
We analyze an underrepresented area in the international business (IB) and finance literatures: the simultaneous effects of multinational enterprises’ (MNEs) portfolios of foreign cross-listings’ and firm performance. We build on the literatures of multinationality–performance in the IB field and foreign cross-listings in the international finance domain. We advance a theoretical framework of the simultaneous relationships among multiplicity of MNEs’ foreign cross-listings (number of foreign stock exchanges), diversity (dispersion of the host countries’ quality of institutions) of MNEs’ foreign cross-listings, and firm performance (ROA). The simultaneous equations model results based on a sample of 330 Triad MNEs during 2004–2006 provide fresh insights for future theory development and managerial practice.