원문정보
초록
영어
Using data for 53,365 firms from 40 countries over the period of 1991-2012, we examine the extent to which a firm’s growth opportunities are country-specific, with particular focus on its cross-firm difference within a country. We find that country-specific growth opportunities (CSGOs) are much more pronounced in small companies than in large firms. We also find that the CSGOs -- especially those for small firms -- decrease as the country becomes more open financially. The exact opposite pattern exists in the industry-specific components in corporate growth options, as they increase with the country’s financial openness, especially for small firms. The results indicate that financial globalization helps corporate growth opportunities to be priced globally than locally and reduces the within-country heterogeneity.
목차
1. Introduction
2. Sample and data
3. Empirical results
3.1. CSGOs and within-country heterogeneity
3.2. CSGOs, within-country heterogeneity, and financial globalization – Cross-country analysis
3.3. CSGOs, within-country heterogeneity, and financial globalization – within-country analysis
4. Additional analysis
4.1. Industry-specific growth opportunities (ISGOs)
4.2. Role of global factors – An analysis of VIX
5. Conclusions
References