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首页> 外文期刊>Asian Economic and Financial Review >The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries
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The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries

机译：全球化对新兴市场公司绩效的影响：来自新兴7国的证据

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Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for “Emerging-7 (E7)” countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.
机译：尽管在宏观层面上关于全球化的几乎每个方面都有各种各样的文献，但令人惊讶的是，主题领域的微观层面似乎被忽略了一点，因此，几乎没有关于全球化对公司绩效/价值的影响的消息。 。为了努力弥补这一差距，本研究着重于一个国家的整体全球化水平及其单个维度的影响，特别是其经济，政治和社会全球化水平对公司绩效的影响，该水平由股票市场来衡量。通过使用面板数据估计，“新兴7（E7）”国家（特别是巴西，中国，印度，印度尼西亚，墨西哥，俄罗斯和土耳其）在1998-2009年期间的指数回报。研究结果表明，全球化的整体水平显着提高了公司绩效。此外，尽管传统意义上的经济全球化成果微不足道，但全球化的单一维度也具有增值作用。此外，就企业绩效提升而言，政治全球化似乎是全球化最有希望的方面。

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