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

Author/Editor: Claessens, Stijn | Schmukler, Sergio L.
Authorized for Distribution: June 1, 2007
Electronic Access: Free Full Text (PDF file size is 794KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: 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.
 
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Series: Working Paper No. 07/138
Subject(s): Financial integration | International capital markets | Globalization | Capital accumulation | Stock markets
Author's keyword(s): International financial integration | internationalization | globalization of financial markets | access to financial markets
 
English  
    Published:   June 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007138   Pages:   46
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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