The relationship between multinationality and value is still one of the most fundamental questions in IB research. Gande, Schenzler, and Senbet (2009) claim to have found empirical evidence for the incomplete capital markets theory (ICMT), which stipulates that investors value corporate...

Purpose: Current discussions in the international business community have demonstrated that the focus of MNCs operations tends to be more regional than global. This paper aims to investigate the performance effects of intra-regional and inter-regional strategy among large companies in European...