Does Location Matter? An Empirical Analysis of Geographic Scope and MNC Market Valuation

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Real Options in Management and Organizational Strategy: A Review of Decision‐making and Performance Implications (2012, unknown): “Pantzalis (2001) examines the relationship between market value and MNCs’ geographic scope, illustrating specifically the positive association between growth options potential and firm involvement in emerging economies.”
International Joint Ventures and the Value of Growth Options (2008, background): “explain why MNCs routinely undertake seemingly negative net present value investments in new and uncertain foreign markets (Chen et al., 1991; Pantzalis, 2002).”
The impact of political risk on the volatility of stock returns: the case of Canada (2005, result): “This approach is thus in line with a strand of the international business literature that suggests that the value of firms increases with the degree of foreign involvement, on the grounds that market imperfections provide systematic advantages to multinational firms over domestic firms by offering, ”