Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within...

This paper deals with divestment, i.e. the closure or sell-off of units in foreign locations, or conversely units owned by foreign firms. Such actions are discussed from the perspective of the firms making such decisions, and divestment assessments are looked at through the lens of international...

Does it pay to be a multinational? Despite decades of empirical research, we still do not know. We undertake a large‐sample, cross‐national replication of Lu and Beamish (2004) and Berry and Kaul's (2016) works to examine whether the multinationality–performance relationship is S‐shaped...

Changes in the financial market and attempts at implementation of prudential regulation proposals after the recent financial crisis resulted in the scientific conference entitled International Conference on Management, Banking and Finance, held at the Faculty of Management, University of Warsaw,...

This paper studies how the nature and shape of the relationship between inter- national diversification (ID) and performance (P) may vary according to a firm's geographical focus of internationalization. Using a sample of Spanish multinational firms for the 2004-2012 period we find an M-shaped...