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"American multinational firms respond to politically risky environments by adjusting their capital structures abroad and at home. Foreign subsidiaries located in politically risky countries have significantly more debt than do other foreign affiliates of the same parent companies. American firms further limit their equity exposures in politically risky countries by sharing ownership with local partners and by serving foreign markets with exports rather than local production. The residual political risk borne by parent companies leads them to use less domestic leverage, resulting in lower firm-wide leverage. Multinational firms with above-average exposures to politically risky countries have 8.4 percent less domestic leverage than do other firms. These findings illustrate the impact of risk exposures on capital structure"--National Bureau of Economic Research web site.
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Subjects
Foreign Investments, Mathematical modelsEdition | Availability |
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Capital structure with risky foreign investment
2006, National Bureau of Economic Research
in English
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Edition Notes
"May 2006."
Includes bibliographical references (p. 18-19).
Also available in PDF from the NBER world wide web site (www.nber.org).
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- Created September 29, 2008
- 4 revisions
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December 17, 2020 | Edited by MARC Bot | import existing book |
December 15, 2009 | Edited by WorkBot | link works |
April 25, 2009 | Edited by ImportBot | add OCLC number |
September 29, 2008 | Created by ImportBot | Imported from Oregon Libraries MARC record |