{"title":"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","authors":"Harald Puhr , Jakob Müllner","doi":"10.1016/j.jwb.2022.101370","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":51357,"journal":{"name":"Journal of World Business","volume":"57 6","pages":"Article 101370"},"PeriodicalIF":8.9000,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S109095162200061X/pdfft?md5=8c5100a2f84f4da9a3c01156e619cf46&pid=1-s2.0-S109095162200061X-main.pdf","citationCount":"12","resultStr":"{\"title\":\"Foreign to all but fluent in many: The effect of multinationality on shock resilience\",\"authors\":\"Harald Puhr , Jakob Müllner\",\"doi\":\"10.1016/j.jwb.2022.101370\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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.</p></div>\",\"PeriodicalId\":51357,\"journal\":{\"name\":\"Journal of World Business\",\"volume\":\"57 6\",\"pages\":\"Article 101370\"},\"PeriodicalIF\":8.9000,\"publicationDate\":\"2022-10-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S109095162200061X/pdfft?md5=8c5100a2f84f4da9a3c01156e619cf46&pid=1-s2.0-S109095162200061X-main.pdf\",\"citationCount\":\"12\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of World Business\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S109095162200061X\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of World Business","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S109095162200061X","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
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.
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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