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International Financial Integration Through Equity Markets :, Which Firms from Which Countries Go Global?, Sergio Schmukler, Stijn Claessens

This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, we find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
Table Of Contents
Content; I. Introduction; II. Data; III. Methodology; IV. Internationalization: Country-Level Perspective; V. Internationalization: Firm-Level Perspective; VI. Conclusions; Figures; 1. Internationalization Process; 2. Internationalization Process; 3. Distribution of Countries According to International Activity; 4. Distribution of Firm Characteristics for Domestic and International Firms; Tables; 1. Stock Market Internationalization by Region; 2a. Stock Market Internationalization and Country Characteristics; 2b. Stock Market Internationalization and Country Characteristics
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (48 p.)
Specific Material Designation
Form Of Item

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