The Impact of Internationalization on the Success of Western European Multinational Companies

The paper deals with the results of the study aimed at assessing the influence internationalization has on the performance of leading European transnational corporations (TNCs) approximated by their company value. The authors test a hypothesis that high level of international operations results in extra competitiveness of the TNCs under review both domestically and in foreign markets. Data on about five dozen largest European non-financial companies from UNCTAD World Investment Reports for 2018‒2022 are in the focus of regression modeling analysis. The findings show no significant relationship between transnationality index changes and value of the companies under review. The authors provide some possible reasons associated with the regional peculiarities of European firms to explain the obtained results.