Multidimensional approach to factors affecting Japanese firms’ expansion in the MENA region

Figures & data

Table 1. Descriptive statistics of cumulative abnormal returns of expansion in MENA economies

	Sample 2006–2014		Sample 2006–2009		Sample 2010–2014
	t = 0	t = (−1; +1)	t = 0	t = (−1; +1)	t = 0	t = (−1; +1)
Positive	62	67	27	29	35	38
Negative	53	48	31	25	22	23
Mean	0.005	0.004	0.002	0.003	0.008	0.005
Median	0.001	0.002	−0.001	0.001	0.002	0.001
Max	0.347	0.541	0.347	0.541	0.316	0.273
Min	−0.063	−1.116	−0.051	−0.105	−0.063	−1.116
St.dev	0.035	0.041	0.029	0.033	0.046	0.055

Table 2. Factors that influence shareholder wealth from expansion in MENA economies: Regression results

	Sample 2006–2009		Sample 2010–2014		Sample 2006–2014
	t = 0	t = (−1; +1)	t = 0	t = (−1; +1)	t = 0	t = (−1; +1)
Advertising intensity	0.021	−0.012	−0.032	−0.118*	−0.034	−0.073
R&D intensity	0.037	0.051	0.064*	−0.042	0.076	−0.031
Acquisitions	−0.043*	−0.028*	0.008	−0.021	−0.076**	−0.073**
New Plants	−0.022	−0.027	0.0002	−0. 027	−0.023*	−0.024*
Year 2006	−0.008	−0.034*			−0.003	0.005
Year 2007	−0.039	−0.119			−0.035	−0.112
Year 2008	−0.010	0.036			0.014	0.035
Year 2009	0.003	0.033			−0.004	−0.027*
Year 2011			0.003	0.010	0.002	0.007
Year 2012			0.010	0.002	−0.006	0.002
Year 2013			0.059	0.038	0.056***	0.038*
Year 2014			0.023	0.016	0.029*	0.015
FDI intensity	0.027	0.123*	0.012*	0.009	0.054*	0.034*
R-squared	0.2147	0.2882	0.2615	0.3654	0.3342	0.3705

Note: ***, ** and * denote significance at the 1, 5 and 10% respectively.

Table 3. Differences between the coefficient estimates of country and mode-of-entry dummies in the 2006–2009 and 2010–2014 sub-samples

	t = 0	t = (−1; +1)
Acquisitions	0.02*	0.03**
New Plants	0.01*	0.01*
Saudi Arabia	−0.009**	−0.01**
Israel	−0.04***	−0.05***
Turkey	−0.01**	−0.03***
Egypt	−0.02***	−0.01**
Morocco	−0.01	−0.01*
U.A.E	−0.05***	−0.02***

Note: Observations in other countries are missing either in the 2006–2009 or 2010–2014 sample. ***, ** and * denote significance at the 1, 5 and 10% respectively.