Entry mode and firm value: Evidence from investing firms in mainland China

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题名:	Entry mode and firm value: Evidence from investing firms in mainland China
作者:	Lu, HT (Lu, Hsueh-Tien) Keung, EC (Keung, Edmund C.)
贡献者:	會計系
关键词:	Foreign entry mode Foreign direct investment Firm value
日期:	2019-12
上传时间:	2019-12-25 09:27:03 (UTC+8)
摘要:	We examine whether forming a joint venture creates more or less value relative to establishing a wholly owned subsidiary. Using a unique dataset of 1567 Taiwanese listed firms (19,090 firm-years) from 2000 to 2016, we find geographical diversification to mainland China results in valuation discounts, which is attributed to overall investments, wholly owned subsidiaries, and joint ventures. Further, we provide evidence that firms forming joint ventures generate less firm value than firms creating wholly owned subsidiaries in mainland China. This finding could be a potential explanation for why Taiwanese listed firms are increasingly choosing the wholly owned subsidiary mode to invest in firms in mainland China.
關聯:	PACIFIC-BASIN FINANCE JOURNAL 卷冊: 58 文獻號碼: UNSP 101208
显示于类别:	[會計學系暨研究所 ] 期刊論文

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