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Corporate performance under geoeconomic fragmentation: evidence from iberian transnational corporations

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dc.contributor.authorSantos, Mário Coutinho Dos
dc.contributor.authorMyro, Rafael
dc.contributor.authorMoreira, Antonio
dc.contributor.authorMota, Jorge
dc.date.accessioned2026-02-02T11:39:44Z
dc.date.available2026-02-02T11:39:44Z
dc.date.issued2024en_US
dc.date.updated2026-01-23T15:29:09Z
dc.description.abstractThis paper examines the value creation of Iberian transnational corporations (TNCs) from 2013 to 2023, focusing on the impact of geoeconomic fragmentation. Using data from 7,040 TNCs, we find that total shareholder returns (TSR) exhibited variability, driven by macroeconomic recoveries and geopolitical disruptions, with differences between Portuguese and Spanish firms. Lower geoeconomic risk is associated with a higher 1.60 percent TSR, emphasizing the importance of stable environments for multinational corporations, particularly for manufacturing firms. Key financial and strategic drivers of TSR also include financial performance, financial stability, cost of equity, growth opportunities, and geographical diversification. Additionally, firms with negatively skewed stock returns show higher corporate value as investors demand lower expected returns, particularly for firms not at extreme skewness levels. Our findings highlight the role of risk management and diversification strategies in enhancing firm performance when experiencing geoeconomic challenges. Results provide insights for corporate leaders, investors, and policymakers on the effects of global fragmentation on TNCs’ performance. Our results are robust to alternative models and variable specifications.eng
dc.description.versioninfo:eu-repo/semantics/publishedVersion
dc.identifier.doi10.26619/erbe-2024.4.1.6en_US
dc.identifier.issn2184-898Xen_US
dc.identifier.slugcv-prod-4458126
dc.identifier.urihttp://hdl.handle.net/10400.2/21112
dc.language.isoeng
dc.peerreviewedyes
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectGeoeconomic fragmentation
dc.subjectValue creation
dc.subjectTransnational Corporations (TNCs)
dc.subjectTotal Shareholder Return (TSR)
dc.subjectGeoconomic risk
dc.titleCorporate performance under geoeconomic fragmentation: evidence from iberian transnational corporationseng
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage148
oaire.citation.issue1en_US
oaire.citation.startPage115
oaire.citation.titleERBE- European Review of Business Economicsen_US
oaire.citation.volumeIVen_US
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameMoreira
person.givenNameAntonio
person.identifier.orcid0000-0002-6613-8796
rcaap.cv.cienciaid541F-5442-5666 | António Carrizo Moreira
rcaap.rightsopenAccessen_US
relation.isAuthorOfPublication51ad303d-335c-4e2f-bae3-fffffef2e2f5
relation.isAuthorOfPublication.latestForDiscovery51ad303d-335c-4e2f-bae3-fffffef2e2f5

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