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An Empirical Examination of Multinational Corporate Capital Structure

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Cited by:

  1. Maes, Elisabeth & Dewaelheyns, Nico & Fuss, Catherine & Van Hulle, Cynthia, 2019. "The impact of exporting on financial debt choices of SMEs," Journal of Business Research, Elsevier, vol. 102(C), pages 56-73.
  2. 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.
  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. Ashish Sood & V Kumar, 2018. "Client profitability of diffusion segments across countries for multi-generational innovations: The influence of firm, market, and cross-national differences," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(9), pages 1237-1262, December.
  5. 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.
  6. 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).
  7. Ta-Cheng Chang & John Darcy & Yu-Ting Hou & Yun-Chia Yan, 2022. "Degree of Internationalization, Financial Structure and Cost of Capital: Evidence from Emerging Taiwan," Accounting and Finance Research, Sciedu Press, vol. 11(4), pages 1-23, November.
  8. 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.
  9. 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.
  10. 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.
  11. Joliet, Robert & Muller, Aline, 2013. "Capital structure effects of international expansion," Journal of Multinational Financial Management, Elsevier, vol. 23(5), pages 375-393.
  12. 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.
  13. 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.
  14. Sascha Kraus & Christine Mitter & Felix Eggers & Philipp Stieg, 2017. "Drivers of internationalization success: a conjoint choice experiment on German SME managers," Review of Managerial Science, Springer, vol. 11(3), pages 691-716, July.
  15. repec:bla:ausecp:v:41:y:2002:i:1:p:115-28 is not listed on IDEAS
  16. International Monetary Fund, 2005. "Iceland: Selected Issues," IMF Staff Country Reports 2005/366, International Monetary Fund.
  17. 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.
  18. Anwar, Sajid & Sun, Sizhong, 2015. "Can the presence of foreign investment affect the capital structure of domestic firms?," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 32-43.
  19. 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).
  20. Ruize Cai & Kyung Hwan Yun & Minho Kim, 2022. "Financing Constraints and Corporate Value in China: The Moderating Role of Multinationality and Ownership Type," Sustainability, MDPI, vol. 14(19), pages 1-22, September.
  21. 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.
  22. 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).
  23. 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.
  24. Restrepo, Diana & Correia, Ricardo & Población, Javier, 2012. "Political risk and corporate investment decisions," DEE - Working Papers. Business Economics. WB 13114, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
  25. Müllner, Jakob, 2016. "From uncertainty to risk—A risk management framework for market entry," Journal of World Business, Elsevier, vol. 51(5), pages 800-814.
  26. 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.
  27. Bergin, Paul R. & Feng, Ling & Lin, Ching-Yi, 2021. "Trade and firm financing," Journal of International Economics, Elsevier, vol. 131(C).
  28. Briance Mascarenhas, 2012. "The International Specialist Strategy: Financial Funding and Deployment," Multinational Finance Journal, Multinational Finance Journal, vol. 16(1-2), pages 87-103, March - J.
  29. Lindner, Thomas & Muellner, Jakob & Puck, Jonas, 2016. "Cost of Capital in an International Context: Institutional Distance, Quality, and Dynamics," Journal of International Management, Elsevier, vol. 22(3), pages 234-248.
  30. 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.
  31. 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.
  32. 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.
  33. Olibe, Kingsley O. & Rezaee, Zabihollah & Flagg, James & Ott, Richard, 2019. "Corporate diversification, debt maturity structures and firm value: The role of geographic segment data," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 206-219.
  34. 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.
  35. Atanas Mihov & Andy Naranjo, 2019. "Corporate internationalization, subsidiary locations, and the cost of equity capital," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(9), pages 1544-1565, December.
  36. Agyei-Boapeah, Henry, 2019. "Foreign acquisitions and firm performance: The moderating role of prior foreign experience," Global Finance Journal, Elsevier, vol. 42(C).
  37. Thomas D. Shohfi & Roger M. White, 2020. "The dark side of individual blockholder philanthropy," Financial Management, Financial Management Association International, vol. 49(3), pages 741-767, September.
  38. Batten, Jonathan & Hogan, Warren, 2002. "A perspective on credit derivatives," International Review of Financial Analysis, Elsevier, vol. 11(3), pages 251-278.
  39. 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).
  40. 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.
  41. 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.
  42. Doris Madhi, 2017. "The Macroeconomic Factors Impact on Liquidity Risk: The Albanian Banking System Case," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 3, ejes_v3_i.
  43. Paredes-Gómez, Angélica & Flores-Ortega, Miguel, 2012. "Análisis del comportamiento de la estructura de capital de empresas mexicanas del sector 7 siderúrgico en el periodo 2001-2011," eseconomía, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(36), pages 45-72, cuarto tr.
  44. Jouida, Sameh & Hellara, Slaheddine, 2018. "Diversification and target leverage of financial institutions," Journal of Multinational Financial Management, Elsevier, vol. 46(C), pages 11-35.
  45. Rui Zhang & Xun Zhang, 2016. "Capital Structure Premium in Multinational SOEs: Evidence from China," Review of Development Economics, Wiley Blackwell, vol. 20(1), pages 283-293, February.
  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. 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.).
  49. Briance Mascarenhas, 2013. "The Industry-focused International Strategy," Management International Review, Springer, vol. 53(2), pages 251-267, April.
  50. 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.
  51. 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.
  52. 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.
  53. Akhtar, Shumi, 2016. "Privatization decisions of Australian firms: An empirical investigation," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 243-255.
  54. 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.
  55. Chung, Chris Changwha & Lee, Seung-Hyun & Beamish, Paul W. & Southam, Colette & Nam, Daeil (Dale), 2013. "Pitting real options theory against risk diversification theory: International diversification and joint ownership control in economic crisis," Journal of World Business, Elsevier, vol. 48(1), pages 122-136.
  56. 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.
  57. David K. Chalmers & Marco Della Porta & Luca Sensini, 2020. "Export Intensity and Leverage: An Empirical Analysis of Spanish SMEs," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 382-386.
  58. Kayo, Eduardo K. & Kimura, Herbert, 2011. "Hierarchical determinants of capital structure," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 358-371, February.
  59. Chkir, Imed E., 2002. "L’effet des acquisitions internationales sur la structure du capital," L'Actualité Economique, Société Canadienne de Science Economique, vol. 78(2), pages 153-178, Juin.
  60. 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.
  61. 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.
  62. Jonathan Batten & Warren Hogan & Francis In, 2002. "Valuing Credit Spreads on Quality Australian Dollar Eurobonds in a Multivariate EGARCH Framework," Australian Economic Papers, Wiley Blackwell, vol. 41(1), pages 115-128, March.
  63. 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.
  64. 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.
  65. 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.
  66. Shumi Akhtar & Barry Oliver, 2009. "Determinants of Capital Structure for Japanese Multinational and Domestic Corporations," International Review of Finance, International Review of Finance Ltd., vol. 9(1‐2), pages 1-26, March.
  67. 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.
  68. Singh, Manohar & Nejadmalayeri, Ali, 2004. "Internationalization, capital structure, and cost of capital: evidence from French corporations," Journal of Multinational Financial Management, Elsevier, vol. 14(2), pages 153-169, April.
  69. David K. Chalmers & Marco Della Porta & Luca Sensini, 2020. "Export Intensity and Leverage: An Empirical Analysis of Spanish SMEs," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 382-386.
  70. 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.
  71. 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.
  72. Shumi Akhtar, 2017. "Capital structure of multinational and domestic corporations – a cross-country comparison," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(2), pages 319-349, June.
  73. 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.
  74. Aabo, Tom & Pantzalis, Christos & Sørensen, Helle & Toustrup, Malene Teilmann, 2016. "Corporate risk and external sourcing: A study of Scandinavian multinational firms," International Business Review, Elsevier, vol. 25(6), pages 1297-1308.
  75. 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).
  76. Pinto, João M. & Silva, Cátia S., 2021. "Does export intensity affect corporate leverage? Evidence from Portuguese SMEs," Finance Research Letters, Elsevier, vol. 38(C).
  77. 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.
  78. 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).
  79. Chiung-Jung Chen & Chwo-Ming Joseph Yu, 2011. "FDI, Export, and Capital Structure," Management International Review, Springer, vol. 51(3), pages 295-320, June.
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