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Finance-specific Factors as Drivers of Cross-border Investment - An OLI perspective

In English

Författare

Summary, in English

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 FDI determinants within an OLI framework, 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.

Publiceringsår

2008

Språk

Engelska

Dokumenttyp

Working paper

Förlag

IFN Working Paper series

Ämne

  • Business Administration
  • Economics and Business

Nyckelord

  • FDI
  • OLI
  • cross-border acquisitions
  • cost of capital
  • financial strategy
  • financial variables.

Status

Unpublished