Who is afraid of political risk? Multinational firms and their choice of capital structure

Elsevier BV - Tập 82 Số 2 - Trang 208-218 - 2010
Iris Iris, Monika Monika

Tài liệu tham khảo

Ackerman, 2008 Aggarwal, R., Kyaw, N.A., 2004. Internal capital markets and capital structure choice of U.S. multinationals' affiliates. mimeo. Andersson, 1991 Asiedu, 2001, Ownership structure in foreign direct investment projects, Review of Economics and Statistics, 83, 647, 10.1162/003465301753237731 Beach, 2008, Methodology: measuring the 10 economic freedoms Beck, 1999, A new database on financial development and structure Berle, 1932 Brealey, 1996 Buckley, 2003 Buettner, 2009, Taxation and capital structure choice — evidence from a panel of German multinationals, Economics Letters, 105, 309, 10.1016/j.econlet.2009.09.001 Cameron, 2005 Demsetz, 1983, The structure of ownership and the theory of the firm, Journal of Law and Economics, 26, 375, 10.1086/467041 Desai, 2004, A multinational perspective on capital structure choice and internal capital markets, Journal of Finance, 2451, 10.1111/j.1540-6261.2004.00706.x Desai, 2008, Capital structure with risky foreign investment, Journal of Financial Economics, 88, 534, 10.1016/j.jfineco.2007.05.002 Deutsche Presse Agentur, 2007 Eaton, 1983, Country risk: economic aspects, 75 Eaton, 1984, A theory of expropriation and deviations from perfect capital mobility, Economic Journal, 94, 16, 10.2307/2232213 Fama, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301, 10.1086/467037 Hill, 1998, How investors react to political risk, Duke Journal of Comparative and International Law, 8 2008 Huizinga, 2008, Capital structure and international debt shifting, Journal of Financial Economics, 88, 80, 10.1016/j.jfineco.2007.05.006 Janeba, 2000, Tax competition when government lack commitment: excess capacity as a countervailing threat, American Economic Review, 90, 1508, 10.1257/aer.90.5.1508 Javorcik, B.S., Wei, S.J., 2009. Corruption and cross-border investment in emerging markets: Firm-level evidence. Journal of International Money and Banking forthcoming. Jensen, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics (JFE), 3 Kobrin, 1980, Foreign enterprise and forced divestment in ldcs, International Organization, 41, 609, 10.1017/S0020818300027624 Konrad, 2001, Foreign direct investment, intra-firm trade and ownership structure, European Economic Review, 45, 475, 10.1016/S0014-2921(99)00015-X Kraus, 1973, A state-preference model of optimal finance leverage, Journal of Finance, 28, 911, 10.2307/2978343 Lipponer, 2006, Microdatabase direct investment — MiDi. A brief guide McConnell, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics, 27, 595, 10.1016/0304-405X(90)90069-C Mintz, 2005, Taxation and the financial structure of German outbound FDI Morck, 1988, Management ownership and market valuation. An empirical analysis, Journal of Financial Economics, 20, 293, 10.1016/0304-405X(88)90048-7 Mueller, 2006, Technology transfer and spillovers in international joint ventures, Journal of International Economics, 68, 456, 10.1016/j.jinteco.2005.07.001 Novaes, W., Werlang, S., 2005. Political risk and capital structure choice of foreign subsidiaries: an empirical analysis. mimeo. Romero, 2008 Ross, 1977, The determination of financial structure: the incentive-signalling approach, The Bell Journal of Economics, 8, 23, 10.2307/3003485 Schnitzer, 1999, Expropriation and control rights: a dynamic model of foreign direct investment, International Journal of Industrial Organization, 17, 1113, 10.1016/S0167-7187(98)00015-0 Schnitzer, 2002, Debt vs. foreign direct investment: the impact of sovereign risk on the structure of international capital flows, Economica, 69, 41, 10.1111/1468-0335.00270 Scott, 1976, A theory of optimal capital structure, The Bell Journal of Economics, 7, 33, 10.2307/3003189 Short, 1999, Managerial ownership and the performance of firms: evidence from the U.K, Journal of Corporate Finance, 5, 79, 10.1016/S0929-1199(98)00016-9 The Associated Press, 2008 Thomas, 1994, Foreign direct investment and the risk of expropriation, Review of Economic Studies, 61, 81, 10.2307/2297878 Voice of America, 2008 Zellner, 1962, An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias, Journal of the American Statistical Association, 57, 348, 10.2307/2281644