The reshoring trend has gained momentum among manufacturing companies, which increasingly decide to relocate their production activities back to their home country. In this article, we explore the relationship between the motivations guiding the decision to reshore and the companies’ shareholder value. Particularly, taking an eclectic paradigm perspective, we aim to understand whether the motivations driving the companies’ decisions to reshore explain changes in the shareholder value. Empirically, we built an ad-hoc database based on 370 reshoring decisions involving the USA as a reshoring destination and announced in the 10-year time window ranging from 2009 to 2018. Our results highlight that resource seeking, market seeking and strategic asset seeking motivations positively affect the share price of the companies, while there are no market reactions when companies repatriate their activities because of efficiency-seeking motivations. This study extends previous literature offering explanations about how changes in the companies’ share price depend on the different reshoring motivations (i.e., efficiency seeking, resource seeking, market seeking, and strategic asset seeking motivations) pursued by the reshoring companies. Moreover, this study offers important implications for managers of companies undertaking reshoring decisions.

制造公司的回流趋势在制造公司中获得了动力，它们越来越多地决定将其生产活动迁回本国。在本文中，我们探讨了引导决定重新投资的动机与公司股东价值之间的关系。特别是，从折衷范式的角度来看，我们旨在了解推动公司决策的动机是否解释了股东价值的变化。根据经验，我们基于 370 项涉及美国作为回流目的地的回流决策建立了一个临时数据库，并在 2009 年至 2018 年的 10 年时间窗口内公布。我们的结果强调了资源寻求、市场寻求和战略资产寻求动机对公司股价产生积极影响，而当公司出于追求效率的动机而将其活动汇回国内时，市场没有反应。本研究扩展了以前的文献，解释了公司股价的变化如何依赖于回流公司所追求的不同回流动机（即效率寻求、资源寻求、市场寻求和战略资产寻求动机）。此外，这项研究对企业的管理者进行回流决策具有重要意义。和战略资产寻求动机）回流公司所追求的。此外，这项研究对企业的管理者进行回流决策具有重要意义。和战略资产寻求动机）回流公司所追求的。此外，这项研究对企业的管理者进行回流决策具有重要意义。