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Financial determinants of FDI

In English

Författare

Summary, in English

We argue that mainstream FDI theory underplays financial motivations for international investment, and suggest several possible channels for a distinct cost-of-capital effect on FDI. Using a sample of European firms’ cross-border acquisitions, and controlling for traditional firm-level determinants of FDI, we find strong evidence in favor of a cost-of-equity effect, whereas the effect of debt costs is indeterminate. We further find that financial determinants are more important for firms originating in

relatively less financially developed countries and for firms with high knowledge intensity.

Publiceringsår

2008

Språk

Engelska

Dokumenttyp

Working paper

Förlag

IFN Working Paper series

Ämne

  • Business Administration
  • Economics and Business

Nyckelord

  • FDI
  • cross-border acquisitions
  • investment-q
  • cost of capital
  • crosslisting
  • segmentation

Status

Unpublished