TY - JOUR
T1 - Facing global economic crisis
T2 - Foreign sales, ownership groups, and corporate value
AU - Ma, Xufei
AU - Yiu, Daphne W.
AU - Zhou, Nan
PY - 2014/1
Y1 - 2014/1
N2 - This study extends the research on internationalization to a new organizational context - emerging market firms (EMF), and a new time context - global economic crisis. We propose a U-shaped relationship between foreign sales intensity and firm value for EMFs during global economic crisis. Further, we distinguish between EMFs' relational owners (i.e., business groups) and transactional owners (i.e., institutional investors) to investigate their different moderating effects. We find empirical support for our hypotheses using a sample of Chinese firms during the global economic crisis in 2008. Moreover, we provide research and practice implications.
AB - This study extends the research on internationalization to a new organizational context - emerging market firms (EMF), and a new time context - global economic crisis. We propose a U-shaped relationship between foreign sales intensity and firm value for EMFs during global economic crisis. Further, we distinguish between EMFs' relational owners (i.e., business groups) and transactional owners (i.e., institutional investors) to investigate their different moderating effects. We find empirical support for our hypotheses using a sample of Chinese firms during the global economic crisis in 2008. Moreover, we provide research and practice implications.
KW - Emerging markets
KW - Firm value
KW - Foreign sales
KW - Global economic crisis
KW - Ownership groups
UR - http://www.scopus.com/inward/record.url?scp=84888032025&partnerID=8YFLogxK
UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-84888032025&origin=recordpage
U2 - 10.1016/j.jwb.2013.02.002
DO - 10.1016/j.jwb.2013.02.002
M3 - RGC 21 - Publication in refereed journal
SN - 1090-9516
VL - 49
SP - 87
EP - 100
JO - Journal of World Business
JF - Journal of World Business
IS - 1
ER -