Based on a sample of 702 cross-border acquisitions of 70 German MNE’s we explore the value effects associated with an increase in internationality. We argue that the value effect is related to the extent of additional valuable options the company is able to obtain by increasing the degree of internationality – either through increasing the breadth or the depth of the company’s multinational network. Most importantly, we show that there is a negative relationship between the depth of a company’s multinational network in a country and the value effect of an additional investment in the respective country.     «

Based on a sample of 702 cross-border acquisitions of 70 German MNE’s we explore the value effects associated with an increase in internationality. We argue that the value effect is related to the extent of additional valuable options the company is able to obtain by increasing the degree of internationality – either through increasing the breadth or the depth of the company’s multinational network. Most importantly, we show that there is a negative relationship between the depth of a compan...     »