.png){kind=icon}
返回
FDI, Export, and Capital Structure
.png){kind=icon}
PRE
AI
DOI：10.1007/s11575-011-0077-0.png)
.png){kind=icon}
原文求助.png){kind=icon}
分享.png){kind=icon}
收藏
摘要
En 中文
This study investigates the impact of foreign direct investment (FDI) and export on capital structure for firms in emerging economies. The hypotheses are developed based on an agency theory perspective and are tested using a sample of 566 Taiwanese firms. We find that the behavior of multinational corporations (MNCs) with a high debt ratio is in line with agency theory predictions. Our findings show that: (1) MNCs in emerging economies, defined as those firms with at least one foreign subsidiary or some extent of FDI, have a higher level of debt than non-MNCs, which contrasts with the findings for MNCs based in developed countries; and (2) export intensity leads to a lower debt ratio, which has not received much attention in previous studies. We propose several factors related to the context of emerging economies to explain these contradictory findings. We also explore the interaction effect of the extent of FDI and export intensity on the capital structure of MNCs, and find that the impact is negative, which implies that both monitoring costs and agency costs rise dramatically for creditors when firms' international operations become overly complicated.
Keyword:
Foreign direct investment (FDI)
Export
Agency theory
Internationalization
Capital structure
Emerging economies
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
4.1
论文数:
676
被引数:
2.5K
机构
引用论文
Hydrogen storage in bimetallic Ti–Al sub-nanoclusters supported on graphene石墨烯负载的双金属ti-al亚纳米团簇中的储氢
.png){kind=icon}
PREAI
分享收藏MULTINATIONAL-CORPORATIONS VS DOMESTIC CORPORATIONS - FINANCIAL PERFORMANCE AND CHARACTERISTICS
PREAI
分享收藏
查看更多内容