Excess Market Value, the Multinational Corporation, and Tobin's q-Ratio

Kim, Wi Saeng; Lyn, Esmeralda O.

doi:10.1057/palgrave.jibs.8490420

Cited by 129 publications

(67 citation statements)

References 11 publications

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“…However, other studies show that, once intangibles are controlled for, the impact of international diversification on performance becomes very small (Bodnar/Tang/Weintrop 2003) or can turn insignificant (Kim/Lyn 1986) or even negative (Click/Harrison 2000) (the dependent variable in these last two studies was Tobin's q). 15 This suggests that the choice of dependent variable should be more carefully considered, and if ROA is chosen, one should control for a firm's investment in intangible assets.…”

Section: Methodological Issuesmentioning

confidence: 97%

The theoretical rationale for a multinationality-performance relationship

2007

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Section: Methodological Issuesmentioning

confidence: 97%

The theoretical rationale for a multinationality-performance relationship

2007

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“…The inside capital is then increased and the need for outside financing is decreased. Therefore, the uniqueness of the products and the leverage were negative correlated (Bradley et al 1984;Burgman, 1996;Lee and Kwok, 1988;Kim and Lyn, 1986;Titman and Wessels, 1988). Ratio of R&D and advertising expenses to total sales was used for measurement.…”

Section: Measure Variablesmentioning

confidence: 99%

“…This paper is to analyze the differences between the leverage and cash dividend of the internationalized and domestic electronic industries so as to provide references for the financing and financial decisions of electronic industries in the Taiwan. Shaked (1986) and Kim and Lyn (1986) measured the internationalization by foreign sales account for at least 20 percent of total sales. Daniels and Bracker (1989) used foreign assets as percentage of total assets as a proxy of foreign production dependence.…”

Section: Introductionmentioning

confidence: 99%

Internationalization and Capital Structure of Taiwan Electronic Corporations

Lin¹,

Hung²

2011

IBR

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This paper analyzes capital structure between the internationalized and domestic electronic industries in Taiwan from 1999 to 2008 as the reference for financing strategies and decision. The evidence shows that the leverage and the payout cash dividend ratio in the internationalized electronic firms are lower than those in domestic electronic firms. Due to the uniqueness and the high profit ability of the internationalized electronic firms in the Taiwan, they have more earnings and inside capital so that the leverage is lower. On the contrary, the internationalization level is irrelevant with the payout cash dividend ratio due to the payout cash dividend depending on the dividend balance policy regulated by government in Taiwan.

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“…Hitt (2006) pointed out that international diversification was a strategy through which a firm expands the sales of its goods or services across the borders of global regions and countries into different geographic locations or markets. Shaked (1986) and Kim and Lyn (1986) measured the internationalization by foreign sales account for at least 20 percent of total sales. Daniels and Bracker (1989) used foreign assets as percentage of total assets as a proxy of foreign production dependence.…”

mentioning

confidence: 99%

Does Internationalization of The Electronic Industries in The US Make Financing and Dividend Different?

Lin¹,

Hung²

2011

IJEF

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This paper analyzes the debt ratio and the scale of cash dividend among the internationalized and domestic electronic industries in the US from 1999 to 2008 as the reference for financing strategies and decision. The evidence shows that the debt ratio and the payout cash dividend ratio in the internationalized electronic firms are lower than those in domestic electronic firms. Due to the uniqueness and the high profit ability of the internationalized electronic firms in the US, they have more earnings and inside capital so that the debt ratio is lower. Also, the internationalized electronic industries in the US have higher internationalization level with higher system risk level but their payout cash dividend ratio is less in that they tend to keep the cash against any incident.

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Excess Market Value, the Multinational Corporation, and Tobin's q-Ratio

Cited by 129 publications

References 11 publications

The theoretical rationale for a multinationality-performance relationship

The theoretical rationale for a multinationality-performance relationship

Internationalization and Capital Structure of Taiwan Electronic Corporations

Does Internationalization of The Electronic Industries in The US Make Financing and Dividend Different?

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