Internationalization of US multinational hotel companies: Expansion to Asia versus Europe

Internationalization has been a major expansion strategy for many US corporations including hotel companies. Some researchers argue that internationalization adds value to firms while others hold an opposite perspective. This study examines impacts of general internationalization of US multinational hotel companies (MNHCs) on firm value, estimated by Tobin's Q. Second, the study examines differences between internationalization of US MNHCs in different regions, that is, Asia and Europe. Lastly, the study tests a curvilinear relationship between internationalization and firm value.