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Chih-Hsiang Hsu, Ming-Sung Kao and Lee-Men Lee
''The Value of Internationalization for Emerging Market Firms -- Family versus Non-Family firms''
( 2016, Vol. 36 No.2 )
This paper examines how the market responses to emerging market firms' internationalization. Using the sample of 638 Taiwanese multinational firms, the result shows that the firm value decreases with its overseas assets whereas the negative impact is significantly weaker for the family firms than non-family firms. When analysing only family firms further, controlling families with high deviations of cash flow and control righ will be associated with lower value than normal family firms.
Keywords: family firms, internationalization, firm value, agency problem
JEL: F2 - International Factor Movements and International Business: General
M1 - Business Administration: General
Manuscript Received : Dec 25 2015 Manuscript Accepted : Jun 22 2016

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