| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12276 |
| 来源ID | Working Paper 12276 |
| Capital Structure with Risky Foreign Investment | |
| Mihir A. Desai; C. Fritz Foley; James R. Hines Jr. | |
| 发表日期 | 2006-06-05 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance ; Financial Markets |
| URL | https://www.nber.org/papers/w12276 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569930 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,C. Fritz Foley,James R. Hines Jr.. Capital Structure with Risky Foreign Investment. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12276.pdf（155KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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