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Year 2020, Volume: 11 Issue: 1, 88 - 92, 30.07.2020
https://doi.org/10.17261/Pressacademia.2020.1246

Abstract

References

  • Assaf, A. G., Josiassen, A., Ratchford, B. T., & Barros, C. P. (2012). Internationalization and Performance of Retail Firms: A Bayesian Dynamic Model. Journal of Retailing, 88(2), s. 191-205. https://doi.org/10.1016/j.jretai.2011.11.005
  • Bobillo, A. M., Iturriaga, F. L., & Gaite, F. T. (2010). Firm performance and international diversification: The internal and external competitive advantages. International Business Review, 19, s. 607-618. https://doi.org/10.1016/j.ibusrev.2010.03.006
  • Çavuşgil, T. S., Knight, G., & Riesenberger, J. R. (2014). International Business: The New Realities (3. ed.). England: Pearson. ( ISBN-13: 978-0132991261).
  • Contractor, F. J., Kumar, V., & Kundu, S. K. (2007). Nature of the relationship between international expansion and performance: The case of emerging market firms. Journal of World Business, 42, s. 401-417. https://doi.org/10.1016/j.jwb.2007.06.003
  • Contractor, F. J., Kundu, S. K., & Hsu, C.-C. (2003). A Three-Stage Theory of International Expansion: The Link between Multinationality andPerformance in the Service Sector. Journal of International Business Studies, 34(1), s. 5-18. 5-18. https://doi.org/10.1057/palgrave.jibs.8400003
  • Eckert, S., Dittfeld, M., Muche, T., & Rassler, S. (2010). Does multinationality lead to value enhancement? An empirical examination of publicly listed corporations from Germany. International Business Review, 19, s. 562-574. https://doi.org/10.1016/j.ibusrev.2010.04.001
  • Geringer, J. M., Beamish, P. W., & daCosta, R. C. (1989). Diversification Strategy and Internationalization: Implication for MNE Performance. Strategic Management Journal, 10, s. 109-119. https://doi.org/10.1002/smj.4250100202
  • Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and International Diversification among Japanese Multinational Firms. Strategic Management Journal, 21(1), s. 51-80. https://doi.org/10.1002/(SICI)1097-0266(200001)21:1<51::AID-SMJ77>3.0.CO;2-K
  • Göker, İ. E., & Uysal, B. (2017, Ekim ). Uluslararasılaşma Düzeyi ile Finansal Performans İlişkisi: İmalat Sanayii Firmaları Üzerine Bir Araştırma. Muhasebe ve Finansman Dergisi, s. 157-172. https://doi.org/10.25095/mufad.400227
  • Gomes, L., & Ramasway, K. (1999). An Empirical Examination of the Relationship Between Multinationality and Performance. Journal of International Business Studies, 30(1), s. 173-187. https://doi.org/10.1057/palgrave.jibs.8490065
  • Grant, R. M., Jammine, A. P., & Thomas, H. (1988). Diversity, Diversification, and Profitability Among British Manufacturing Companies, 1972-84. Academy of Management Journal, 31(4), s. 771-801. https://doi.org/10.5465/256338
  • Güngördü, A., & Yılmaz, K. G. (2016). Uluslararası Ticaret ve Yatırım Teorisi Olarak Eklektik Paradigma: Geçmişten Günümüze Bir Bakış. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 1003-1020.
  • Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International Diversification: Effect on Innovation and Firm Performance in Product Diversified Firms. Academy of Management, 40(4), s. 767-798. https://doi.org/10.5465/256948
  • Johanson, J., & Vahlne, J.-E. (1977). The Internationalization Process of the Firm-A Model of Knowledge Development and Increasing Foreign Market Commitments. Journal of International Business Studies, 8(1), 23-32. https://doi.org/10.1057/palgrave.jibs.8490676
  • Keller, W., & Yeaple, S. R. (2009). Multinational Enterprises, International Trade and Productivity Growth: Firm Level Evidence From The United States. The Review of Economics and Statistics, 91(4), s. 821-831. https://doi.org/10.1162/rest.91.4.821
  • Kirca, A. H., Fernandez, W. D., & Kundu, S. K. (2016). An empirical analysis and extension of internalization theory in emerging markets: The role of in the multinationality-performance relationship. Journal of World Business, 51, s. 628-640. https://doi.org/10.1016/j.jwb.2016.03.003
  • Michel, A., & Shaked, I. (1986). Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics. Journal of International Business Studies, 17(3), s. 89-100. https://doi.org/10.1057/palgrave.jibs.8490435
  • Mudambia, R., Mudambia, S. M., Khurshedb, A., & Goergen, M. (2012). Multinationality and the performance of IPOs. Applied Financial Economics, 22, s. 763-776. https://doi.org/10.1080/09603107.2011.626396
  • Mutlu, E. C. (2008). Uluslararası İşletmecilik: Teori ve Uygulama. İstanbul: Beta. (ISBN: 9789754869644).
  • Osorio, D. B., Colino, A., Martin, L. A., & Vicente, J. A. (2016). The international diversification-performance link in Spain: Does firm size really matter? International Business Review, 25, s. 548-558. https://doi.org/10.1016/j.ibusrev.2015.09.004
  • Qian, G. (2002). Multinationality, product diversification, and profitability of emerging US small- and medium-sized enterprises. Journal of Business Venturing, 17, s. 611-633. https://doi.org/10.1016/S0883-9026(01)00080-5
  • Tallman, S., & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management Journal, 39(1), s. 179-196. https://doi.org/10.5465/256635
  • Tatoğlu, F. Y. (2008). Panel Veri Ekonometrisi (4. ed.). İstanbul: Beta.(ISBN:9786052422816).
  • Xiao, S. S., Jeong, I., Moon, J. J., Chung, C. C., & Chung, J. (2013). Internationalization and Performance of Firms in China: Moderating Effects of Governance Structure and the Degree of Centralized Control. Journal of International Management, 19, s. 118-137. https://doi.org/10.1016/j.intman.2012.12.003

INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY

Year 2020, Volume: 11 Issue: 1, 88 - 92, 30.07.2020
https://doi.org/10.17261/Pressacademia.2020.1246

Abstract

Purpose- The purpose of the study is to examine the impact of internationalization on financial performance.
Methodology- Based on early studies, four different models which includes linear, squared, cubed and fourth power forms of the degree of internationalization (DOI) have been composed. The full sample includes 35 listed companies and 243 firm years between 2012-2018. Panel data regression analysis has used to test the relationship between DOI and financial performance.
Findings- Our results support an inverted horizontal S-shaped relation between internationalization and financial performance.
Conclusion- In academic literature there are numerous studies about the effect of internationalization of firms and entering new markets on the businesses. The results of the studies examining the relationship between internationalization and financial performance are also very different. In earlier studies, a linear relationship is accepted between internationalization and financial performance, but newer studies are usually based on a curvilinear relationship.

References

  • Assaf, A. G., Josiassen, A., Ratchford, B. T., & Barros, C. P. (2012). Internationalization and Performance of Retail Firms: A Bayesian Dynamic Model. Journal of Retailing, 88(2), s. 191-205. https://doi.org/10.1016/j.jretai.2011.11.005
  • Bobillo, A. M., Iturriaga, F. L., & Gaite, F. T. (2010). Firm performance and international diversification: The internal and external competitive advantages. International Business Review, 19, s. 607-618. https://doi.org/10.1016/j.ibusrev.2010.03.006
  • Çavuşgil, T. S., Knight, G., & Riesenberger, J. R. (2014). International Business: The New Realities (3. ed.). England: Pearson. ( ISBN-13: 978-0132991261).
  • Contractor, F. J., Kumar, V., & Kundu, S. K. (2007). Nature of the relationship between international expansion and performance: The case of emerging market firms. Journal of World Business, 42, s. 401-417. https://doi.org/10.1016/j.jwb.2007.06.003
  • Contractor, F. J., Kundu, S. K., & Hsu, C.-C. (2003). A Three-Stage Theory of International Expansion: The Link between Multinationality andPerformance in the Service Sector. Journal of International Business Studies, 34(1), s. 5-18. 5-18. https://doi.org/10.1057/palgrave.jibs.8400003
  • Eckert, S., Dittfeld, M., Muche, T., & Rassler, S. (2010). Does multinationality lead to value enhancement? An empirical examination of publicly listed corporations from Germany. International Business Review, 19, s. 562-574. https://doi.org/10.1016/j.ibusrev.2010.04.001
  • Geringer, J. M., Beamish, P. W., & daCosta, R. C. (1989). Diversification Strategy and Internationalization: Implication for MNE Performance. Strategic Management Journal, 10, s. 109-119. https://doi.org/10.1002/smj.4250100202
  • Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and International Diversification among Japanese Multinational Firms. Strategic Management Journal, 21(1), s. 51-80. https://doi.org/10.1002/(SICI)1097-0266(200001)21:1<51::AID-SMJ77>3.0.CO;2-K
  • Göker, İ. E., & Uysal, B. (2017, Ekim ). Uluslararasılaşma Düzeyi ile Finansal Performans İlişkisi: İmalat Sanayii Firmaları Üzerine Bir Araştırma. Muhasebe ve Finansman Dergisi, s. 157-172. https://doi.org/10.25095/mufad.400227
  • Gomes, L., & Ramasway, K. (1999). An Empirical Examination of the Relationship Between Multinationality and Performance. Journal of International Business Studies, 30(1), s. 173-187. https://doi.org/10.1057/palgrave.jibs.8490065
  • Grant, R. M., Jammine, A. P., & Thomas, H. (1988). Diversity, Diversification, and Profitability Among British Manufacturing Companies, 1972-84. Academy of Management Journal, 31(4), s. 771-801. https://doi.org/10.5465/256338
  • Güngördü, A., & Yılmaz, K. G. (2016). Uluslararası Ticaret ve Yatırım Teorisi Olarak Eklektik Paradigma: Geçmişten Günümüze Bir Bakış. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 1003-1020.
  • Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International Diversification: Effect on Innovation and Firm Performance in Product Diversified Firms. Academy of Management, 40(4), s. 767-798. https://doi.org/10.5465/256948
  • Johanson, J., & Vahlne, J.-E. (1977). The Internationalization Process of the Firm-A Model of Knowledge Development and Increasing Foreign Market Commitments. Journal of International Business Studies, 8(1), 23-32. https://doi.org/10.1057/palgrave.jibs.8490676
  • Keller, W., & Yeaple, S. R. (2009). Multinational Enterprises, International Trade and Productivity Growth: Firm Level Evidence From The United States. The Review of Economics and Statistics, 91(4), s. 821-831. https://doi.org/10.1162/rest.91.4.821
  • Kirca, A. H., Fernandez, W. D., & Kundu, S. K. (2016). An empirical analysis and extension of internalization theory in emerging markets: The role of in the multinationality-performance relationship. Journal of World Business, 51, s. 628-640. https://doi.org/10.1016/j.jwb.2016.03.003
  • Michel, A., & Shaked, I. (1986). Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics. Journal of International Business Studies, 17(3), s. 89-100. https://doi.org/10.1057/palgrave.jibs.8490435
  • Mudambia, R., Mudambia, S. M., Khurshedb, A., & Goergen, M. (2012). Multinationality and the performance of IPOs. Applied Financial Economics, 22, s. 763-776. https://doi.org/10.1080/09603107.2011.626396
  • Mutlu, E. C. (2008). Uluslararası İşletmecilik: Teori ve Uygulama. İstanbul: Beta. (ISBN: 9789754869644).
  • Osorio, D. B., Colino, A., Martin, L. A., & Vicente, J. A. (2016). The international diversification-performance link in Spain: Does firm size really matter? International Business Review, 25, s. 548-558. https://doi.org/10.1016/j.ibusrev.2015.09.004
  • Qian, G. (2002). Multinationality, product diversification, and profitability of emerging US small- and medium-sized enterprises. Journal of Business Venturing, 17, s. 611-633. https://doi.org/10.1016/S0883-9026(01)00080-5
  • Tallman, S., & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management Journal, 39(1), s. 179-196. https://doi.org/10.5465/256635
  • Tatoğlu, F. Y. (2008). Panel Veri Ekonometrisi (4. ed.). İstanbul: Beta.(ISBN:9786052422816).
  • Xiao, S. S., Jeong, I., Moon, J. J., Chung, C. C., & Chung, J. (2013). Internationalization and Performance of Firms in China: Moderating Effects of Governance Structure and the Degree of Centralized Control. Journal of International Management, 19, s. 118-137. https://doi.org/10.1016/j.intman.2012.12.003
There are 24 citations in total.

Details

Primary Language English
Subjects Finance, Business Administration
Journal Section Articles
Authors

Deniz Ozbay This is me 0000-0003-4643-7577

Fulya Tasel This is me 0000-0001-6959-5776

Publication Date July 30, 2020
Published in Issue Year 2020 Volume: 11 Issue: 1

Cite

APA Ozbay, D., & Tasel, F. (2020). INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY. PressAcademia Procedia, 11(1), 88-92. https://doi.org/10.17261/Pressacademia.2020.1246
AMA Ozbay D, Tasel F. INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY. PAP. July 2020;11(1):88-92. doi:10.17261/Pressacademia.2020.1246
Chicago Ozbay, Deniz, and Fulya Tasel. “INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY”. PressAcademia Procedia 11, no. 1 (July 2020): 88-92. https://doi.org/10.17261/Pressacademia.2020.1246.
EndNote Ozbay D, Tasel F (July 1, 2020) INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY. PressAcademia Procedia 11 1 88–92.
IEEE D. Ozbay and F. Tasel, “INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY”, PAP, vol. 11, no. 1, pp. 88–92, 2020, doi: 10.17261/Pressacademia.2020.1246.
ISNAD Ozbay, Deniz - Tasel, Fulya. “INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY”. PressAcademia Procedia 11/1 (July 2020), 88-92. https://doi.org/10.17261/Pressacademia.2020.1246.
JAMA Ozbay D, Tasel F. INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY. PAP. 2020;11:88–92.
MLA Ozbay, Deniz and Fulya Tasel. “INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY”. PressAcademia Procedia, vol. 11, no. 1, 2020, pp. 88-92, doi:10.17261/Pressacademia.2020.1246.
Vancouver Ozbay D, Tasel F. INTERNATIONALIZATION AND FINANCIAL PERFORMANCE: AN EMPRICAL ANALYSIS ON LISTED COMPANIES IN TURKEY. PAP. 2020;11(1):88-92.

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