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How firm internationalization is recognized by outsiders: The response of financial analysts

机译:外部人士如何认识到公司的国际化:金融分析师的回应

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摘要

Although prior research has studied the strategic value of internationalization for firm performance, how such value is recognized and assessed by outsiders such as analysts is less well understood. Analysts' recommendations can serve as a reasonable proxy for the external response of internationalization strategy. In this study, we investigate how analysts evaluate the strategy of firm internationalization and interpret the value of internationalization in their reports. In the analyses of 326 large publicly traded firms over a 13-year period, we hypothesize and find support for the view that firm internationalization shares a curvilinear relationship with analysts' recommendations, as well as the moderating role of industry uncertainty and competition. Overall, this study contributes to the literature by investigating how financial analysts respond to a firm's internationalization strategy.
机译:尽管先前的研究已经研究了国际化对公司绩效的战略价值,但是对于诸如分析家之类的外部人如何认可和评估这种价值却鲜为人知。分析师的建议可以合理地替代国际化战略的外部反应。在本研究中,我们调查分析师如何评估公司国际化战略并在其报告中解释国际化的价值。在对13年期间326家大型上市公司的分析中,我们假设并得到支持,即公司国际化与分析师的建议具有曲线关系,以及行业不确定性和竞争的调节作用,这一观点得到了支持。总体而言,这项研究通过调查金融分析师如何回应企业的国际化战略,为文献做出了贡献。

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