Panel B which includes German blue-chip and mid-cap index constituents' employees and sales in Europe and beyond (RoW) largely supports the findings from Panel A, even though the differences between the blue-chip and mid-cap index are less statistically significant.
Results for UK blue-chip and mid-cap index constituents are presented in Table 4.
The larger proportion of employees outside of Europe for blue-chip than for mid-cap index constituents is statistically significant, which supports the notion of stronger internationalization for blue-chip firms.
Finally, we analyze whether the degree of internationalization of blue-chip and mid-cap firms is sector-specific.
The blue-chip firms' percentage of employees in the domestic country ranges from 15.
Results in Panel B of Table 5 support the finding that blue-chip firms are internationalized at a higher degree than mid-cap firms across most sectors.
In contrast, blue-chip firms in the health sector show very high degrees of internationalization.
We analyze the question whether blue-chip indices provide a larger degree of internationalization than mid-cap indices.