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Corporate financial determinants of foreign direct investment

Publiceringsår: 2011
Språk: Engelska
Sidor: 269-282
Publikation/Tidskrift/Serie: The Quarterly Review of Economics and Finance
Volym: 51
Nummer: 3
Dokumenttyp: Artikel
Förlag: Elsevier

Sammanfattning

Financial market incompleteness and (partial) segmentation of financial markets internationally may endow some firms with a financial advantage which can be exploited through foreign direct investment. We argue that this advantage appears as a distinct cost-of-capital effect on FDI, and identify possible channels for such an effect. Using a sample of European firms’ cross-border acquisitions, and controlling for traditional firm-level determinants of FDI, we find strong support for a cost-of-equity effect, whereas the effect of debt costs is indeterminate. Moreover, financial FDI determinants are more important for firms with high knowledge intensity and for firms resident in relatively less financially developed countries.

Disputation

Nyckelord

  • Business and Economics
  • FDI
  • Cross-border acquisitions
  • Investment-q
  • Cost of capital
  • Cross-listing
  • Segmentation

Övriga

Published
Yes
  • ISSN: 1062-9769

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