International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global?

Claessens, Stijn ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ACCESS TO CAPITAL MARKETS;    ASSETS;    BONDS;    BOOK VALUE;    CAPITAL FLIGHT;   

DOI  :  10.1596/1813-9450-4146
RP-ID  :  WPS4146

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors study internationalfinancial integration analyzing firms from various countriesraising capital, trading equity, and cross-listing in majorworld stock markets. Using a large sample of 39,517 firmsfrom 111 countries covering the period 1989-2000, they findthat, although international financial integration increasessubstantially over this period, only relatively fewcountries and firms actively participate in internationalmarkets. Firms more likely to internationalize are fromlarger and more open economies, with higher income, bettermacroeconomic policies, and worse institutionalenvironments. These firms tend to be larger, grow faster,and have higher returns and more foreign sales. Whilechanges occur with internationalization, these firmattributes are present before internationalization takesplace. The results suggest that international financialintegration will likely remain constrained by country andfirm characteristics.