Bodnar, G.M.; Tang, C.; Weintrop, J. - Weiss Center for International Financial Research, … - 1998
This paper examines the effect of both geographic and industrial diversification on firm value for a sample of over 20,000 firm-year observations of US corporations from 1987-1993. Our multivariate tests indicate the average value of a firm with international operations is 2.2% higher than a...