Internationalization、Capital Investment Efficiency and Firm Life Cycle
碩士 === 國立彰化師範大學 === 財務金融技術學系 === 105 === This paper aims to explore how firm internationalization influences capital investment efficiency and investigates the moderating effects of corporate life cycle. We selected 12,990 samples of Taiwanese listed companies ranging from 2005 to 2015. First we exa...
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| Format: | Others |
| Language: | zh-TW |
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2017
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| Online Access: | http://ndltd.ncl.edu.tw/handle/3ex99d |
| Summary: | 碩士 === 國立彰化師範大學 === 財務金融技術學系 === 105 === This paper aims to explore how firm internationalization influences capital investment efficiency and investigates the moderating effects of corporate life cycle. We selected 12,990 samples of Taiwanese listed companies ranging from 2005 to 2015. First we examine how firm internation-alization influences capital investment efficiency, with the measure of internationalization by the number of countries where the overseas subsidiaries located in and the number of overseas subsidiaries respectively. Our results suggested that internationalization contributed to capital investment efficiency, indicating that companies with higher degree of internationalization lead less to over-investment or under-investment. This paper also further investigated corporate life cycle effects. The findings suggested that the impact of internationalization on capital investment efficiency is more pronounced when a company was in the life cycle of mature stage.
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