Abstract
This study examines the relationship between market valuation and the geographic scope of U.S. multinational corporations' (MNCs) foreign operations by focusing on the importance of the location of MNC operations. The location factors utilized here capture the degree of segmentation/integration between the United States and the foreign regions where the MNC operates. The results indicate that MNCs with presence in countries with developing economies have significantly higher market values than MNCs that operate only in countries with advanced economies. Furthermore, the market value impact of intangible assets increases with the degree of an MNC's expansion into developing locations only; this result is consistent with the notion that internalizing markets for the cross-border transfer of intangibles leads to competitive advantages.
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