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Capital Structure and the Financing of the Multinational Corporation: A Fractional Multiobjective Approach

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  • Kornbluth, Jonathan S. H.
  • Vinso, Joseph D.

Abstract

The financial manager of the multinational corporation (MNC) is faced with various tax structures, changing exchange rates, barriers to capital flows, and the possibility of financial market segmentation. The manager must be concerned with determining an optimal capital structure as well as identifying the sources of the relevant funds. Likewise, the manager must be concerned not only with funds flows, but also with the risk that the value of these flows will change owing to changing exchange rates. Finally, the manager must be concerned with operating under widely differing governmental philosophies.

Suggested Citation

  • Kornbluth, Jonathan S. H. & Vinso, Joseph D., 1982. "Capital Structure and the Financing of the Multinational Corporation: A Fractional Multiobjective Approach," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(2), pages 147-178, June.
    • Handle: RePEc:cup:jfinqa:v:17:y:1982:i:02:p:147-178_01
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    Cited by:

    1. Aggarwal, Raj & Kyaw, NyoNyo A., 2008. "Internal capital networks as a source of MNC competitive advantage: Evidence from foreign subsidiary capital structure decisions," Research in International Business and Finance, Elsevier, vol. 22(3), pages 409-439, September.
    2. Nicoleta BARBUTA-MISU, 2012. "Analysis of the Financial Structure Influence on the Cost of Capital in Multinational Companies," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 301-310.
    3. Shao, Lawrence Peter, 1997. "Capital structure norms among foreign subsidiaries of U.S. multinational enterprises," Global Finance Journal, Elsevier, vol. 8(1), pages 145-157.
    4. Nicoleta Barbuta-Misu, 2012. "Influence the capital structure on the cost of capital and enterprise value in multinationals," EuroEconomica, Danubius University of Galati, issue 4(31), pages 7-20, November.

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