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Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure

Citations

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Cited by:

  1. Chkir, Imed Eddine & Cosset, Jean-Claude, 2001. "Diversification strategy and capital structure of multinational corporations," Journal of Multinational Financial Management, Elsevier, vol. 11(1), pages 17-37, February.
  2. Boardman, Anthony E. & Shapiro, Daniel M. & Vining, Aidan R., 1997. "The role of agency costs in explaining the superior performance of foreign MNE subsidiaries," International Business Review, Elsevier, vol. 6(3), pages 295-317, June.
  3. Akbel, Basak & Schnitzer, Monika, 2011. "Creditor rights and debt allocation within multinationals," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1367-1379, June.
  4. Arie Y Lewin & Silvia Massini & Carine Peeters, 2020. "Absorptive capacity, socially enabling mechanisms, and the role of learning from trial and error experiments: A tribute to Dan Levinthal’s contribution to international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(9), pages 1568-1579, December.
  5. Wen, Chufu & Wen, Fenghua & Lin, Diyue & Zhao, Lili, 2024. "Multinational corporations and share pledging of the controlling shareholder," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  6. Aggarwal, Raj & Kyaw, NyoNyo Aung, 2010. "Capital structure, dividend policy, and multinationality: Theory versus empirical evidence," International Review of Financial Analysis, Elsevier, vol. 19(2), pages 140-150, March.
  7. Wenyuan Zhou & Haiyan Zhong & Zhongchi Wan & Xiaoou Ma & Xun Gong, 2024. "International Operation of Enterprises and Inefficient Investment: a Mitigating or Intensifying Effect?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 47-62, March.
  8. Sergiy Tsyganov & Olga Zalisko, 2015. "Mne Specific Factors Of Corporate Capital Structure: Comparative Analysis In Terms Of Financial Resources Demand And Supply," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 1(2).
  9. Keshari, Pradeep Kumar, 2013. "Comparative performance of foreign affiliates and domestic firms in the Indian machinery industry," MPRA Paper 33076, University Library of Munich, Germany, revised 20 Apr 2013.
  10. Wang, Li-Hsun, 2017. "Accounting quality and information asymmetry of foreign direct investment firms," Research in International Business and Finance, Elsevier, vol. 42(C), pages 950-958.
  11. Mittoo, Usha R. & Zhang, Zhou, 2008. "The capital structure of multinational corporations: Canadian versus U.S. evidence," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 706-720, December.
  12. Nedelchev, Miroslav, 2010. "Корпоративно Управление На Финансови Групи (Спазвай И Обяснявай) [Corporate Governance of Financial Groups (Comply and Explain)]," MPRA Paper 52249, University Library of Munich, Germany.
  13. Elango, B., 2010. "Influence of industry type on the relationship between international operations and risk," Journal of Business Research, Elsevier, vol. 63(3), pages 303-309, March.
  14. Aoun, Dany & Heshmati, Almas, 2006. "The Causal Relationship between Capital Structure and Cost of Capital: Evidence from ICT Companies Listed at NASDAQ," Ratio Working Papers 87, The Ratio Institute.
  15. Joliet, Robert & Muller, Aline, 2013. "Capital structure effects of international expansion," Journal of Multinational Financial Management, Elsevier, vol. 23(5), pages 375-393.
  16. Jones, Edward & Kwansa, Nana Abena & Li, Hao, 2020. "How does internationalization affect capital raising decisions? Evidence from UK firms," Journal of Multinational Financial Management, Elsevier, vol. 57.
  17. Deligonul, Seyda Z., 2020. "Multinational country risk: Exposure to asset holding risk and operating risk in international business," Journal of World Business, Elsevier, vol. 55(2).
  18. Galagedera, Don U.A., 2012. "Recent trends in relative performance of global equity markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 834-854.
  19. Allen N. Berger & Sadok El Ghoul & Omrane Guedhami & Raluca A. Roman, 2017. "Internationalization and Bank Risk," Management Science, INFORMS, vol. 63(7), pages 2283-2301, July.
  20. Mishra, Dev & Tannous, George, 2010. "Securities laws in the host countries and the capital structure of US multinationals," International Review of Economics & Finance, Elsevier, vol. 19(3), pages 483-500, June.
  21. Bronzini, Raffaello & D’Ignazio, Alessio & Revelli, Davide, 2022. "Financial structure and bank relationships of Italian multinational firms," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
  22. Krapl, Alain A., 2015. "Corporate international diversification and risk," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 1-13.
  23. Hassan Ahmad & Nasreen Akhter & Tariq Siddiq & Zahid Iqbal, 2018. "Ownership Structure, Corporate Governance and Capital Structure of Non-Financial Firms of Pakistan," Information Management and Business Review, AMH International, vol. 10(1), pages 31-46.
  24. Rodney D. Boehme & Anthony D. May, 2016. "Multinational Corporations and Stock Price Crash Risk," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 5(4), pages 39-63, July.
  25. Abderrazak Dhaoui, 2008. "R&D diversification in MNCs: Between earnings management and shareholders increasing wealth," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 9(3), pages 199-205, June.
  26. Rahman, Manzur & Deshpande, Shreesh, 1997. "Convertible bond calls by multinational and domestic firms: an agency cost perspective," Journal of Multinational Financial Management, Elsevier, vol. 7(1), pages 43-54, April.
  27. Gyimah, Daniel & Kwansa, Nana Abena & Kyiu, Anthony K. & Sikochi, Anywhere (Siko), 2021. "Multinationality and capital structure dynamics: A corporate governance explanation," International Review of Financial Analysis, Elsevier, vol. 76(C).
  28. Ge, Wenxia & Kim, Jeong-Bon & Li, Tiemei & Li, Yutao, 2016. "Offshore operations and bank loan contracting: Evidence from firms that set up subsidiaries in offshore financial centers," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 335-355.
  29. Seoki Lee & Yoon Koh & Qu Xiao, 2014. "Internationalization and Financial Health in the US Hotel Industry," Tourism Economics, , vol. 20(1), pages 87-105, February.
  30. Dany Aoun & Almas Heshmati, 2008. "International diversification, capital structure and cost of capital: evidence from ICT firms listed at NASDAQ," Applied Financial Economics, Taylor & Francis Journals, vol. 18(12), pages 1021-1032.
  31. Gu, Junjian, 2022. "Do at home as Romans do? CEO overseas experience and financial misconduct risk of emerging market firms," Research in International Business and Finance, Elsevier, vol. 60(C).
  32. Alfredo J. Mauri, 2009. "Influence of MNC Network Configuration Patterns on the Volatility of Firm Performance," Management International Review, Springer, vol. 49(6), pages 691-707, December.
  33. Bielov, Constantine & Mitomo, Hitoshi & Hämmäinen, Heikki, 2022. "Efficiency frontier of OECD MNOs: Multinational vs Domestic," Telecommunications Policy, Elsevier, vol. 46(5).
  34. Bournakis, Ioannis & Papanastassiou, Marina & Pitelis, Christos, 2015. "Regional Growth and Convergence in the UK: the Role of MNE Subsidiaries and Domestic Firms," MPRA Paper 68090, University Library of Munich, Germany.
  35. Lindner, Thomas & Klein, Florian & Schmidt, Stefan, 2018. "The effect of internationalization on firm capital structure: A meta-analysis and exploration of institutional contingencies," International Business Review, Elsevier, vol. 27(6), pages 1238-1249.
  36. Gupta, Jairaj & Wilson, Nicholas & Gregoriou, Andros & Healy, Jerome, 2014. "The effect of internationalisation on modelling credit risk for SMEs: Evidence from UK market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 31(C), pages 397-413.
  37. Pacheco, Luís, 2016. "Capital structure and internationalization: The case of Portuguese industrial SMEs," Research in International Business and Finance, Elsevier, vol. 38(C), pages 531-545.
  38. Florence André-Le Pogamp & Frédéric Perdreau, 2009. "Stratégies de diversification et structure du capital," Revue Finance Contrôle Stratégie, revues.org, vol. 12(4), pages 5-38, December.
  39. Manzur Rahman, 1997. "Investment Opportunities And Multinationality: Evidence From Capital Structure Changes," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(3), pages 423-434, September.
  40. Kang, Youngho & Kim, Ryoonhee & Whang, Unjung, 2023. "International knowledge transfers and capital structure of multinational affiliates: Evidence from expatriate managers as the transfer agents," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
  41. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.
  42. Elliott, William B. & Huffman, Stephen P. & Makar, Stephen D., 2003. "Foreign-denominated debt and foreign currency derivatives: complements or substitutes in hedging foreign currency risk?," Journal of Multinational Financial Management, Elsevier, vol. 13(2), pages 123-139, April.
  43. Seung Han & Yoon Shin & Walter Reinhart & William Moore, 2009. "Market Segmentation Effects in Corporate Credit Rating Changes: The Case of Emerging Markets," Journal of Financial Services Research, Springer;Western Finance Association, vol. 35(2), pages 141-166, April.
  44. Rafael Borges Ribeiro & Vinícius Silva Pereira & Karem Cristina de Sousa Ribeiro, 2017. "Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis," Brazilian Business Review, Fucape Business School, vol. 14(6), pages 575-591, November.
  45. Jouida, Sameh & Hellara, Slaheddine, 2018. "Diversification and target leverage of financial institutions," Journal of Multinational Financial Management, Elsevier, vol. 46(C), pages 11-35.
  46. Różański Jerzy & Bogołębska Justyna, 2020. "Financial Strategy and the Process of the Internationalization of Enterprises," Financial Sciences. Nauki o Finansach, Sciendo, vol. 25(4), pages 55-65, December.
  47. Wang, Zhimin & Ettinger, Marilyn & Xie, Yuying & Xu, Li, 2020. "The cost of capital: U.S.-based multinational corporations versus U.S. domestic corporations," Global Finance Journal, Elsevier, vol. 44(C).
  48. Ge, Wenxia & Kim, Jeong-Bon & Li, Tiemei & Li, Yutao, 2018. "Operations in offshore financial centers and loan syndicate structure," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 157-180.
  49. Reid W. Click & Paul Harrison, 2000. "Does multinationality matter? Evidence of value destruction in U.S. multinational corporations," Finance and Economics Discussion Series 2000-21, Board of Governors of the Federal Reserve System (U.S.).
  50. Briance Mascarenhas, 2013. "The Industry-focused International Strategy," Management International Review, Springer, vol. 53(2), pages 251-267, April.
  51. Park, Soon Hong & Suh, Jungwon & Yeung, Bernard, 2013. "Do multinational and domestic corporations differ in their leverage policies?," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 115-139.
  52. Vikrant Shirodkar & Alexander T. Mohr, 2015. "Resource Tangibility and Foreign Firms’ Corporate Political Strategies in Emerging Economies: Evidence from India," Management International Review, Springer, vol. 55(6), pages 801-825, December.
  53. 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.
  54. McMillan, David G. & Camara, Omar, 2012. "Dynamic capital structure adjustment: US MNCs & DCs," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 278-301.
  55. Carney, Richard W. & El Ghoul, Sadok & Guedhami, Omrane & Wang, He (Helen), 2024. "Geopolitical risk and the cost of capital in emerging economies," Emerging Markets Review, Elsevier, vol. 61(C).
  56. Akhtar, Shumi, 2016. "Privatization decisions of Australian firms: An empirical investigation," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 243-255.
  57. Agustinus, Prasetyantoko, 2007. "Foreign Ownership and Firm Financing Constraint in Indonesia," MPRA Paper 6500, University Library of Munich, Germany.
  58. Lu, Hsueh-Tien & Keung, Edmund C., 2019. "Entry mode and firm value: Evidence from investing firms in mainland China," Pacific-Basin Finance Journal, Elsevier, vol. 58(C).
  59. Ya‐Hwei Yang & Ying‐Yi Tu, 2004. "Analysis of Factors Influencing Taiwan's Unregistered Overseas Investment Behavior," Asian Economic Journal, East Asian Economic Association, vol. 18(2), pages 213-231, June.
  60. Mari Avarmaa & Aaro Hazak & Kadri Männasoo, 2011. "Capital structure formation in multinational and local companies in the Baltic States," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 11(1), pages 125-146, July.
  61. Singh, Manohar & Davidson, Wallace III & Suchard, Jo-Ann, 2003. "Corporate diversification strategies and capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(1), pages 147-167.
  62. Wang, Li-Hsun & Lin, Chu-Hsiung & Fung, Hung-Gay & Kao, Tzu-Chuan, 2019. "Foreign direct investment and downside risk: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  63. Kayo, Eduardo K. & Kimura, Herbert, 2011. "Hierarchical determinants of capital structure," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 358-371, February.
  64. Ivan E. Brick & Rose C. Liao, 2017. "The joint determinants of cash holdings and debt maturity: the case for financial constraints," Review of Quantitative Finance and Accounting, Springer, vol. 48(3), pages 597-641, April.
  65. Shumi Akhtar, 2018. "Dividend payout determinants for Australian Multinational and Domestic Corporations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 11-55, March.
  66. Jon Tucker & John Pointon & Moji Olugbode, 2010. "Target gearing in the UK: a triangulated approach," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 6(1), pages 58-80, February.
  67. Özgür Arslan & Mehmet Baha Karan, 2009. "Credit risks and internationalization of SMEs," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 10(4), pages 361-368, September.
  68. Nawar Hashem & Larry Su, 2019. "Internationalization and the Cross-section of Stock Returns: Evidence from Multinational Corporations Publicly Listed in the U.K," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 18(3), pages 245-263, December.
  69. Charee Kwak, 2017. "The Effect of Corporate International Diversification on Firm Risk," Discussion Papers 2017-17, Kobe University, Graduate School of Business Administration.
  70. Shou-Min Tsao & Guang-Zheng Chen, 2012. "The impact of internationalization on performance and innovation: The moderating effects of ownership concentration," Asia Pacific Journal of Management, Springer, vol. 29(3), pages 617-642, September.
  71. Ramirez, Andres & Kwok, Chuck C.Y., 2010. "Settling the debate on multinational capital structure using the CEPR measure," Journal of Multinational Financial Management, Elsevier, vol. 20(4-5), pages 251-271, December.
  72. Bae, Sung C. & Noh, Seungwook, 2001. "Multinational corporations versus domestic corporations: a comparative study of R&D investment activities," Journal of Multinational Financial Management, Elsevier, vol. 11(1), pages 89-104, February.
  73. De Maeseneire, Wouter & Claeys, Tine, 2012. "SMEs, foreign direct investment and financial constraints: The case of Belgium," International Business Review, Elsevier, vol. 21(3), pages 408-424.
  74. Oesterle, Michael-Jörg & Richta, Hannah Noriko & Fisch, Jan Hendrik, 2013. "The influence of ownership structure on internationalization," International Business Review, Elsevier, vol. 22(1), pages 187-201.
  75. Shumi Akhtar, 2005. "The Determinants of Capital Structure for Australian Multinational and Domestic Corporations," Australian Journal of Management, Australian School of Business, vol. 30(2), pages 321-341, December.
  76. Amine Tarazi & Iftekhar Hasan & Ibrahim Siraj & Qiang Wu, 2016. "Value Relevance of Earnings of Multinational Firms: Regulatory Regimes Associated with Foreign Subsidiaries," Working Papers hal-01360048, HAL.
  77. Carpano, Claudio & Rahman, Manzur & Roth, Kendall & Michel, John G., 2006. "International competition in mature, localized industries: Evidence from the U.S. furniture industry," Journal of Business Research, Elsevier, vol. 59(5), pages 630-637, May.
  78. João Paulo Martins Linhares & Hsia Hua Sheng & Daniela Verzola Vaz & Nilton Deodoro Moreira Cardoso Junior, 2017. "Influence of Macroeconomic Factors in the Capital Structure of Foreign Subsidiarie," Outlines of global transformations: politics, economics, law, Center for Crisis Society Studies, vol. 10(4).
  79. Mohammed Jerbeen & Faisal Alnori, 2020. "Corporate Geographical Location and Capital Structure: Evidence from an Emerging Market," International Journal of Economics and Financial Issues, Econjournals, vol. 10(3), pages 174-186.
  80. Pinto, João M. & Silva, Cátia S., 2021. "Does export intensity affect corporate leverage? Evidence from Portuguese SMEs," Finance Research Letters, Elsevier, vol. 38(C).
  81. Abel Ebeh Ezeoha, 2017. "Corporate Finance in Africa: The Interactive Impact of Firm Nationality and Characteristics," Review of Development Economics, Wiley Blackwell, vol. 21(3), pages 849-873, August.
  82. Batten, Jonathan A. & Khaw, Karren Lee-Hwei & Young, Martin R., 2021. "Convertible debt and asset substitution of multinational corporations," Journal of Corporate Finance, Elsevier, vol. 67(C).
  83. Chiung-Jung Chen & Chwo-Ming Joseph Yu, 2011. "FDI, Export, and Capital Structure," Management International Review, Springer, vol. 51(3), pages 295-320, June.
  84. Berry, Heather & Sakakibara, Mariko, 2008. "Resource accumulation and overseas expansion by Japanese multinationals," Journal of Economic Behavior & Organization, Elsevier, vol. 65(2), pages 277-302, February.
  85. Melgarejo Duran, Mauricio & Stephen, Sheryl-Ann, 2020. "Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis," Research in International Business and Finance, Elsevier, vol. 54(C).
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