Search results for "international diversification"

showing 4 items of 4 documents

Time-varying conditional correlation : effect on international portfolio diversification in Southeast Asia

2017

Tämä tutkimus tarkastelee USA:n ja valittujen Kaakkois-Aasian kehittyvien maiden markkinoita; Philippiinejä, Indonesiaa, Malesiaa ja Thaimaata. Tutkimus antaa tuloksia sekä USA:n että indonesialaisen sijoittajan näkökulmasta. Merkittävä rooli tutkimuksessa on ajassa muuttuvan korrelaation havainnollistamisessa osakeindeksien välillä käyttäen apuna Englen vuonna 2002 esittelemää DCC-GARCH mallia. Tutkimuksessa käytetty data on vuodesta 1988 vuoteen 2015 saakka. Tulokset paljastavat kuinka valittujen osakemarkkinoiden välinen korrelaatio on muuttunut kolmen kriisin - Aasian kriisin, teknologiakuplan ja globaali talouskriisin - myötä ja onko muutos ollut pysyvää vai ei. Lisäksi tutkimuksessa t…

Time-varying conditional correlationGARCHhajautuskehittyvät markkinatmarkkinat (taloustiede)markkinatkansainvälinen talousMarket correlationInternational diversificationEmerging MarketsYhdysvallatkorrelaatioKaakkois-Aasia
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Behind the curtain of international diversification: An agency theory perspective

2018

This paper dissects the antecedents of international diversification through the lens of the agency cost of free cash flow arguments. It explores whether the partial convergence of interests among managers, majority shareholders, and minority shareholders affects a firm's choice to diversify internationally. Using a sample panel of 60 Italian firms evaluated longitudinally from 2004 to 2014, the study tests whether a firm's international diversification is affected by its free cash flow (as the ultimate source of managerial discretion) and debt (as the main constraint to managerial discretion), especially in firm contexts that exacerbate agency problems. We find that the effects on internat…

growth opportunitiesFree cash flowFinancial economicsdebt; free cash flow; growth opportunities; international diversification; ownership concentration;Strategy and Managementmedia_common.quotation_subject05 social sciencesAgency costDiversification (finance)Principal–agent problemSettore SECS-P/08 - Economia e Gestione delle Impreseinternational diversificationinternational diversification; free cash flow; debt; ownership concentration; growth opportunitiesShareholderownership concentrationManagerial discretionDebt0502 economics and businessfree cash flow050211 marketingBusinessBusiness and International Managementdebt050203 business & managementmedia_common
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Unveiling the Antecedents of International Diversification: An Agency Theory Approach

2014

While various studies have developed hypotheses about the antecedents of international diversification drawing mainly on the resource-based view, the behavioral theory of the firm, and the transaction costs literature, we advance our understanding by investigating the explanatory power of agency costs of free cash flow arguments. Using a sample panel of 167 Italian firms longitudinally evaluated during the 1980-2010 period, this study tests whether the firm’s choice to spread operations in multiple foreign countries is conditioned by excess of free cash flow and debt, especially in firm-contexts where agency problems are exacerbated by managers or large shareholders’ opportunism. We find th…

Agency Theory; International Diversification; Panel Data AnalysisActuarial scienceFree cash flowmedia_common.quotation_subjectAgency TheoryAgency costDiversification (finance)Principal–agent problemGeneral MedicineMonetary economicsSettore SECS-P/08 - Economia e Gestione delle ImpresePanel Data AnalysisCorporate GovernanceDebtInternational Diversification; Agency Theory; Corporate GovernanceOpportunismInternational DiversificationEconomicsCash flowExplanatory powermedia_common
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Unveiling the Antecedents of International Diversification: An Agency Theory Approach

2014

While various studies have developed hypotheses about the antecedents of international diversification drawing mainly on the resource-based view, the behavioral theory of the firm, and the transaction costs literature, we advance our understanding by investigating the explanatory power of agency costs of free cash flow arguments. Using a sample panel of 167 Italian firms longitudinally evaluated during the 1980-2010 period, this study tests whether the firm’s choice to spread operations in multiple foreign countries is conditioned by excess of free cash flow and debt, especially in firm-contexts where agency problems are exacerbated by managers or large shareholders’ opportunism. We find th…

Agency Theory; International Diversification; Panel Data AnalysisAgency TheoryInternational DiversificationSettore SECS-P/08 - Economia e Gestione delle ImpresePanel Data Analysis
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