对所有人来说都很陌生,但对许多人来说很流利:多国性对冲击复原力的影响

IF 8.9 1区 管理学 Q1 BUSINESS
Harald Puhr , Jakob Müllner
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引用次数: 12

摘要

突如其来的新冠肺炎疫情给国际市场带来了冲击波。本文研究了多国性与风险之间的关系。虽然IB文献一致认为,在相对稳定时期,国际化会增加系统性风险,但我们认为,国际化也能提高抵御外源冲击的能力。我们利用连续的冠状病毒疫情作为一个独特的实证实验室,表明尽管多国性导致了增加系统性风险的外来性责任,但它也产生了多国性资产,增强了抵御冲击的能力。然而,随着国际化程度较低的公司了解到冲击,投资者调整其估值以适应冲击后的现实,国际化公司的这种优势逐渐被侵蚀。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Foreign to all but fluent in many: The effect of multinationality on shock resilience

The sudden COVID-19 pandemic sent shockwaves through international markets. This paper studies the relation between multinationality and risk. While IB literature agrees that internationalization, in times of relative stability, increases systematic risk, we argue that internationalization also improves resilience against exogenous shocks. Leveraging the sequential COVID-waves as a unique empirical laboratory, we show that although multinationality causes liability of foreignness that increases systematic risk, it also generates an asset of multinationality that enhances shock resilience. Yet this advantage of internationalized firms gradually erodes as less internationalized firms learn about the shock and investors adapt their valuations to the post-shock reality.

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来源期刊
CiteScore
16.50
自引率
11.20%
发文量
73
期刊介绍: The Journal of World Business holds a distinguished position as a leading publication within the realm of International Business. Rooted in a legacy dating back to 1965, when it was established as the Columbia Journal of World Business, JWB is committed to disseminating cutting-edge research that reflects significant advancements in the field. The journal actively seeks submissions that propel new theoretical frameworks and innovative perspectives on International Business phenomena. Aligned with its domain statement, submissions are expected to possess a clear multinational, cross-border, or international comparative focus, while remaining pertinent to the study of management and organizations. JWB particularly encourages submissions that challenge established theories or assumptions, presenting pioneering or counterintuitive findings. With an inclusive approach, the journal welcomes contributions from diverse conceptual and theoretical traditions, encompassing allied social sciences and behavioral sciences. Submissions should either develop new theories or rigorously test existing ones, employing a variety of qualitative, quantitative, or other methodological approaches. While JWB primarily caters to scholars and researchers, it values contributions that explore implications for Multinational Enterprises and their management, as well as ramifications for public policy and the broader societal role of business.
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