The Regional Dimension of UK Multinationals

Abstract

As multinational enterprises (MNEs) expand internationally (for example, as the ratio of foreign (F) to total (T) sales increases), there is a positive effect on firm performance (usually measured by return on total assets (ROTA). We advance this literature in three ways: (i) we focus on the recent performance of UK MNEs, in terms of ROTA, but also in terms of their return on foreign assets (ROFA); (ii) to supplement (F/T), we examine the ratio of European (E) to total (T) sales of these UK MNEs; and (iii) we test the relationship between (E/T) and both ROFA and ROTA, and find a significant non-linear fit.

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