A review of the literature on the market valuation of multinational firms

Shahrokh M. Saudagaran

12 citations0/0 files storedManagerial Finance

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Corporate Finance and Governance International Business and FDI Financial Reporting and Valuation Research

Abstract

Summarizes three theories on the value of multinational companies: internalization, imperfect capital markets and managerial objectives (agency costs); and reviews a comprehensive selection of previous studies of the effects of multinationality and international diversification on firm value. Believes that globalization makes this an important area and suggests some avenues for further research.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1937The Nature of the Firm 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1933The Modern Corporation and Private Property 1968THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 1995Earnings, Book Values, and Dividends in Equity Valuation*1980Toward an Eclectic Theory of International Production: Some Empirical Tests 1972The capital asset pricing model: Some empirical tests

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