Trends and key determinants of firm-level integration

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-06-16 DOI:10.1016/j.jimonfin.2025.103376

Thomas Conlon, John Cotter, Ioannis Ropotos

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Abstract

We measure market integration at a firm-level for all US companies with the rest of the world. While we observe that integration increased through the years for the US as a whole, there are differences across firms according to their characteristics. Past research indicates that large firms, significant exporters and firms held primarily by institutional investors are more integrated. However, not all characteristics affect integration to the same degree. As such, we characterize the key factors that account for most of the total panel variation of firm-level integration. The corporate spread between BAA and AAA bond indices is the most important variable that determines the level of integration of a stock followed by size, institutional ownership and foreign sales. When we categorize our variables into groups, we find that Macro, Market and Ownership variables matter the most. In general, Macro variables are the primary drivers of US integration levels and have an effect that is larger than any firm characteristic.

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企业整合的趋势和关键决定因素

我们在公司层面衡量所有美国公司与世界其他地区的市场整合程度。虽然我们观察到，多年来，美国整体上的整合有所增加，但根据公司的特点，不同公司之间存在差异。过去的研究表明，大公司、重要出口商和主要由机构投资者持有的公司的整合程度更高。然而，并不是所有的特征对整合的影响程度都相同。因此，我们描述了占公司层面整合总面板变化大部分的关键因素。BAA和AAA债券指数之间的公司利差是决定股票整合水平的最重要变量，其次是规模、机构持股和对外销售。当我们将变量分类时，我们发现宏观、市场和所有权变量最重要。总体而言，宏观变量是美国一体化水平的主要驱动因素，其影响大于任何企业特征。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.