Reliance on Foreign Markets: Multinationality and Performance

1. Introduction -- 2. Theory and Prior Evidence on Multinationality. 2.1 Benefits and Costs of Multinationality. 2.2 Prior Empirical Evidence on Multinationality and Performance -- 3. Hypotheses.3.1 Multinationality and Profitability. 3.2 Multinationality and Firm Value -- 4. Description of Data and Methodology. 4.1 Description of Data. 4.2Trends in Overseas Operations of Japanese Multinational Companies.4.3 Model -- 5.Empirical Results. 5.1 Descriptive Statistics and Correlations. 5.2 Results and Discussion -- 6. Robustness Check and Additional Tests. 6.1 Alternative Measurement Test. 6.2 Regional Breakdown Test -- 7. Conclusion.