| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6481 |
| DP6481 U.S. Labour Market Dynamics Revisited | |
| Eran Yashiv | |
| 发表日期 | 2007-09-21 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such as expropriation, corruption and confiscatory taxation. In our theoretical analysis we find that, as political risk increases, the ownership share always decreases, whereas leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of the Deutsche Bundesbank, we find supportive evidence for these different effects. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Capital structure Leverage Multinational firms Ownership structure Political risk |
| URL | https://cepr.org/publications/dp6481 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535299 |
| 推荐引用方式 GB/T 7714 | Eran Yashiv. DP6481 U.S. Labour Market Dynamics Revisited. 2007. |
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