Source: Annual reports from the companies' corporate websites and own calculations Table 5 Internationalization of blue-chip and mid-cap firms in industry sectors Panel A Employees Blue-chips Mid-caps Sector Home RoW N Home RoW N Sig.
We use a unique, hand-collected dataset which allows us to examine internationalization of blue-chip versus mid-cap indices in France, Germany, and the UK.
For France, we include the CAC40 as the blue-chip index and the two indices, CAC Next 20 and CAC Mid 60, which we aggregate to a combined mid-cap index.
In the empirical analysis, we first combine the data for the three countries and analyze the overall level of international diversification in blue-chip versus mid-cap stock market indices.
Our results for the combined sample of French, German, and UK indices reveal that, overall, both blue-chip and mid-cap indices exhibit high levels of internationalization.
To measure blue-chip and mid-cap index constituents' level of internationalization, we follow Oehler et al.
First, we form a combined sample that includes the blue-chip index constituents from France, Germany, and the UK and compare them with the combined sample including all mid-cap index constituents from the three countries.