Do multinational banks create or destroy shareholder value? A cross-country analysis

Detalhes bibliográficos
Autor(a) principal: Gulamhussen, M. A.
Data de Publicação: 2017
Outros Autores: Pinheiro, C. M., Pozzolo, A. F.
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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spelling 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:RCAAP2023-11-09T17:47:04Zoai:repositorio.iscte-iul.pt:10071/19962Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:22:47.765177Repositório 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
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