What matters about internationalization: a market-based assessment

This study examines the relationship between a firm's degree of internationalization (DOI) and market value. Our objectives are to provide future researchers with more confidence and empirical validation when selecting DOI constructs and to provide practitioners with more evidence of the value of internationalization. The results of the study indicate that the foreign assets percentage in both a linear and a quadratic valuation model is significantly correlated with the information set that investors utilize when determining market valuations.