Choi, Jongmoo Jay; Hiraki, Takato; Landi, James A. - In: Journal of Corporate Finance 29 (2014) C, pp. 88-110
We provide evidence for the combined value impacts of corporate multinationality and business group affiliation, incorporating the effect of endogeneity of diversification decisions. The results for Japanese industrial firms indicate that multinational firms have a statistically significant 2.3%...