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When geography matters: International diversification and firm performance of Spanish multinationals

dc.contributor.authorMayordomo X.M.
dc.contributor.authorEspinosa-Méndez C.
dc.contributor.authorAraya-Castillo L.
dc.date.accessioned2020-09-02T22:22:52Z
dc.date.available2020-09-02T22:22:52Z
dc.date.issued2019
dc.identifier10.1016/j.brq.2018.10.006
dc.identifier.issn23409436
dc.identifier.urihttps://hdl.handle.net/20.500.12728/5277
dc.descriptionThis paper studies how the nature and shape of the relationship between international diversification (ID) and performance (P) may vary according to a firm's geographical focus of internationalization. Using a sample of Spanish multinational firms for the 2004–2012 period we find an M-shaped relationship. However, significant differences are found when the different geographical foci of internationalization are considered. Strong support is found when firms adopt a regional focus (an inverted S-curve when the ID measure refers to the number of foreign countries and an M-curve when it refers to the size of the network of foreign subsidiaries), a biregional focus (an S-curve) and a semiglobal focus (an inverted S-curve but also an M-curve with foreign subsidiaries). These findings and their pattern suggest the critical importance of the country of origin and the geographical focus of internationalization in explaining the relationship between ID–P. © 2018 ACEDE
dc.language.isoen
dc.publisherElsevier B.V.
dc.subjectFirm performance
dc.subjectGeographical focus
dc.subjectInternational diversification
dc.subjectM-curve
dc.subjectMultinational firms
dc.subjectSpain
dc.titleWhen geography matters: International diversification and firm performance of Spanish multinationals
dc.typeArticle in Press


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