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The Impact of International Diversification on Company’s Performance

Student: Chesnokova Elena

Supervisor: Nikita Pirogov

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

This paper concentrates on studying relationship between international diversification and performance of Russian based firms. On sample of 58 firms during the period between 2005 and 2016 was reported that diversity in countries of asset placement influences firm’s efficiency. Diversity was captured through cultural and institutional distances between host and home countries and dispersion of foreign assets between foreign countries. It was shown that cultural distance of host countries decreases efficiency, institutional distance has no significant impact on efficiency and dispersion-performance relationship is non-linear. These findings are consistent for both operational and market performance indicators. As for the operational indicators, relationship with dispersion of assets can be described by use of inverted U-shaped curve, for market indicators relationship falls under S-shaped curve.

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