This dissertation analyzes the relationship between internationalization and performance of New Zealand based multinational companies (MNCs) by utilizing a more current sample of MNCs. Using concepts derived from the prior studies, I develop four hypotheses that relate impacts of internationalization on firm performance. Conditional quantile regressions indicate that firms with the highest performance might be negatively affected by depth of geographical concentration and positively influenced by breadth of internationalization. Accordingly, for firms with the highest values of Tobin’s q, their market value is particularly sensitive to international expansion activities. In addition, size effects might negatively impact on firm performance.