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Finance-specific factors as drivers of cross-border investment - An empirical investigation

Publiceringsår: 2008
Språk: Engelska
Sidor: 630-641
Publikation/Tidskrift/Serie: International Business Review
Volym: 17
Nummer: 6
Dokumenttyp: Artikel
Förlag: Elsevier

Sammanfattning

In this paper we empirically test the role of firm-specific financial characteristics as drivers of international investment and production. We hypothesize that financial strength generates advantages that can be exploited through cross-border investment activity. The hypothesis is tested in a series of binary-response models, using a sample of 1379 European non-financial firms' international acquisitions. Controlling for traditional firm- and target-country-specific foreign direct investment (FDI) determinants, we find strong evidence that financial factors play a significant role in explaining cross-border investment. We conclude that without explicit consideration of the financial dimension, firms' FDI decisions cannot be properly understood. (C) 2008 Elsevier Ltd. All rights reserved.

Disputation

Nyckelord

  • Business and Economics
  • OLI
  • Cost of capital
  • Financial variables
  • Cross-border acquisitions
  • FDI
  • Financial strategy
  • LISTINGS

Övriga

Published
Yes
  • ISSN: 0969-5931

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