Do multinational banks create or destroy shareholder value? A cross-country analysis
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/19962 |
Resumo: | We question whether the international diversification of multinational banks creates or destroys shareholder value. Based on a sample of 384 listed banks from 56 countries we provide new and robust evidence that bank cross-border activities create shareholder value, as shown by an economically and statistically significant premium for international diversification. Our results are confirmed controlling for bank fixed effects, time-varying bank characteristics, reverse causality, functional diversification, and instrumenting for the choice to expand abroad. The increase in shareholder value is slightly larger for banks in the middle range of international diversification and in the case of expansion towards less developed countries. |
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Do multinational banks create or destroy shareholder value? A cross-country analysisForeign Direct InvestmentBanksTobin's qF23G20We question whether the international diversification of multinational banks creates or destroys shareholder value. Based on a sample of 384 listed banks from 56 countries we provide new and robust evidence that bank cross-border activities create shareholder value, as shown by an economically and statistically significant premium for international diversification. Our results are confirmed controlling for bank fixed effects, time-varying bank characteristics, reverse causality, functional diversification, and instrumenting for the choice to expand abroad. The increase in shareholder value is slightly larger for banks in the middle range of international diversification and in the case of expansion towards less developed countries.Wiley2020-02-26T11:00:28Z2017-01-01T00:00:00Z20172020-02-26T10:56:47Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/19962eng0963-800810.1111/fmii.12091Gulamhussen, M. A.Pinheiro, C. M.Pozzolo, A. F.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-07-07T03:13:49Zoai:repositorio.iscte-iul.pt:10071/19962Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-07-07T03:13:49Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
title |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
spellingShingle |
Do multinational banks create or destroy shareholder value? A cross-country analysis Gulamhussen, M. A. Foreign Direct Investment Banks Tobin's q F23 G20 |
title_short |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
title_full |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
title_fullStr |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
title_full_unstemmed |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
title_sort |
Do multinational banks create or destroy shareholder value? A cross-country analysis |
author |
Gulamhussen, M. A. |
author_facet |
Gulamhussen, M. A. Pinheiro, C. M. Pozzolo, A. F. |
author_role |
author |
author2 |
Pinheiro, C. M. Pozzolo, A. F. |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Gulamhussen, M. A. Pinheiro, C. M. Pozzolo, A. F. |
dc.subject.por.fl_str_mv |
Foreign Direct Investment Banks Tobin's q F23 G20 |
topic |
Foreign Direct Investment Banks Tobin's q F23 G20 |
description |
We question whether the international diversification of multinational banks creates or destroys shareholder value. Based on a sample of 384 listed banks from 56 countries we provide new and robust evidence that bank cross-border activities create shareholder value, as shown by an economically and statistically significant premium for international diversification. Our results are confirmed controlling for bank fixed effects, time-varying bank characteristics, reverse causality, functional diversification, and instrumenting for the choice to expand abroad. The increase in shareholder value is slightly larger for banks in the middle range of international diversification and in the case of expansion towards less developed countries. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-01-01T00:00:00Z 2017 2020-02-26T11:00:28Z 2020-02-26T10:56:47Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/19962 |
url |
http://hdl.handle.net/10071/19962 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0963-8008 10.1111/fmii.12091 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Wiley |
publisher.none.fl_str_mv |
Wiley |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
mluisa.alvim@gmail.com |
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1817546422134767616 |