Download or read book Geographic Diversification and Agency Costs of Debt of Multinational Firms written by John A. Doukas and published by . This book was released on 2008 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the agency conflicts between shareholders and bondholders of multinational and nonmultinational firms and provides an explanation for the puzzle that multinational firms use less long-term debtbut more short-term debt than domestic firms. Using a sample of 6,951 firm-year observations for multinational and domestic firms over the 1988-1994 period, we find that alternative measures of agency costs havestatistically significant negative effects on firm long-term leverage. The results, however, also show that the negative effects of agency costs of debt on long-term leverage are significantly greater for multinational than non-multinational firms. It is documented that the effect of the agency costs of debt on leverage are increasedby the firm s degree of foreign involvement. The evidence shows that firm s increasing foreign involvement exacerbates agency costs of debt leading to lower (greater) use of long-term (short-term) debt financing. Thisresult is also confirmed using alternative measures of foreign involvement. The evidence is consistent with the view that multinational corporations are susceptible to higher agency costs of debt than domestic corporations because geographic diversity renders active monitoring more difficult and expensive in comparison to domestic firms. The results fail to support the view that MNCs lower long-term debt ratios are due to the advantages of the internal capital markets.
Download or read book Going Abroad in a Risky World written by Jongsub Lee and published by . This book was released on 2018 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using novel data on detailed country-level sales exposures of U.S. multinational companies (MNCs) and unique identification strategies, we show that international cash flow diversification enhances firm debt capacity, but the magnitude of this effect varies with the innate country institutional frictions to which the firm is exposed. We find that a one standard deviation increase in MNC across-country cash flow diversification results in a 5 percent increase in firm leverage from its sample average. However, across-country institutional quality and tax frictions reduce the MNC geographic diversification benefit by 27 to 55 percent from the debt capacity enhancement without such frictions.
Download or read book Research in International Business and Finance written by Larry R. Lang and published by JAI Press Incorporated. This book was released on 1996-01-08 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses a variety of topics in the field of research in international business and finance.
Download or read book International Finance written by H. Kent Baker and published by Oxford University Press. This book was released on 2013-01-17 with total page 701 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Download or read book Advances in Empirical Economic Research written by Nicholas Tsounis and published by Springer Nature. This book was released on 2023-07-19 with total page 996 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents new empirical methods and applications in economics with special interest in advances in empirical macroeconomics, microeconomics, financial economics, international economics, and agricultural economics. Featuring selected contributions from the 2022 International Conference of Applied Economics (ICOAE 2021), this book provides country specific studies with potential applications in economic policy. It is beneficial to researchers, scholars, academics and policy makers in quantitative economic research (in both methods and applications).
Download or read book Economic Organization written by Oliver E. Williamson and published by . This book was released on 1990 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Finance written by Stefan Cristian Gherghina and published by MDPI. This book was released on 2021-05-18 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book comprises 19 papers published in the Special Issue entitled “Corporate Finance”, focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă et al., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding et al., 2020), risk management (Chen et al., 2020; Nguyen Thanh, 2019; Štefko et al., 2020), financial reporting (Fossung et al., 2020), corporate brand and innovation (Barros et al., 2020; Błach et al., 2020), and corporate governance (Aluchna and Kuszewski, 2020; Dragotă et al.,2020; Gruszczyński, 2020; Kjærland et al., 2020; Koji et al., 2020; Lukason and Camacho-Miñano, 2020; Rashid Khan et al., 2020). It covers a broad range of companies worldwide (Cameroon, China, Estonia, India, Japan, Norway, Poland, Romania, Slovakia, Spain, United States, Vietnam), as well as various industries (heat supply, high-tech, manufacturing).
Download or read book Political Risk Assessment written by and published by Greenwood. This book was released on 1985-02-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product information not available.
Download or read book Corporate Capital Structures in the United States written by Benjamin M. Friedman and published by University of Chicago Press. This book was released on 2009-05-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Download or read book Case Theory in Business and Management written by Evert Gummesson and published by SAGE. This book was released on 2017-01-25 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: ′This meticulous book submits research and the research process to deep scrutiny. It debunks the unhelpful dichotomy between quantitative and qualitative research and highlights the great value of multi-method and interactive research, approaches that have greatly deepened our thinking.′ – Professor Adrian Payne, University of New South Wales, Australia / Professor Pennie Frow, University of Sydney Setting out to dispel the argument that case study research lacks the science, theory and therefore validity of other forms of research, Evert Gummesson combines many decades of experience as both a renowned scholar and a reflective practitioner to effectively bridge the divide between case theory and how it is applied in practice. Bringing the fundamental strengths of cases to the fore, Gummesson introduces the ′Case Theory′ concept as an expanded version of case study research which includes both methodology and the types of results that emerge by: Guiding the reader in the theoretical and philosophical underpinning Demonstrating how to translate theory to pertinent research practice that address the real and consequential issues in business and management today. This book will appeal to students, academics and researchers who are interested in the science and philosophy behind case study research as well as the methodology and a thought-provoking read for anyone who wants to be challenged about their belief of case study theory.
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Quest for Value written by G. Bennett Stewart and published by Harper Collins. This book was released on 1991-02-12 with total page 826 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this bestselling classic of financial management, G. Bennett Stewart, III, raises and answers these provocative questions: Do dividends matter? Are earnings per share really accurate measures of corporate performance? What is the engine that really drives share prices? More than that, Stewart lays the foundation for EVAr, the financial management and incentive system now in place at nearly 300 companies around the world, and which is rapidly becoming the global standard for corporate governance. Managers, confused about what investors really want, often find it difficult to reach informed decisions regarding business strategy, acquisitions and divestitures, financial structure, dividend policy, and executive compensation. But now an EVAr -based revolution is providing a practical framework that managers can use to build a premium-valued company. At the forefront of this revolution is the consulting firm of Stern Stewart & Co., of which G. Bennett Stewart, III, author of The Quest for Value, is senior partner and cofounder. The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value. The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the Stern Stewart EVAr approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Download or read book A New Generation in International Strategic Management written by Stephen B. Tallman and published by Edward Elgar Publishing. This book was released on 2007 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stephen Tallman has put together an excellent tome by high-quality emerging scholars that provides cutting edge knowledge on the field of international strategy. The coverage is thorough, including more traditional topics such as the outcomes of internationalization (e.g., performance, innovation, risk reduction) and market entry modes of cross-border M&As and alliances, while also exploring unique and important topics such as investment in global cities and the development of new organizational forms. It is a must read for graduate students and scholars interested in international strategy. Michael A. Hitt, Texas A&M University, US This book comprises eighteen cutting edge chapters by emerging scholars in international strategy, offering a variety of fresh perspectives on critical issues that the field will face in the near future. These young scholars have unique and innovative thoughts about international strategy, which are well ahead of the mainstream of international business academics. Various topics are addressed, including the rise of outsourcing and the global spread of research and development activities; structural innovations by multinational firms, with particular attention to organizing for the efficient transfer of knowledge resources within networks of alliances; and new ways of considering the effects of location, focusing on the relative importance of regional clusters and countries and the impact of geographical and cultural distance on international strategies. Stephen Tallman has geared the book to an academic audience, specifically faculty and graduate students in international business, international management, and global strategy. Sophisticated international business practitioners will also find it an interesting read.
Download or read book Emerging Issues in Finance written by Dr Saif Siddiqui and published by Dr Saif Siddiqui. This book was released on 2017-10-11 with total page 845 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited Conference Proceedings Volume I
Download or read book Developing China s Capital Market written by D. Cumming and published by Springer. This book was released on 2015-12-17 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: China is an increasingly influential emerging economy that is currently attracting the attention of academics, practitioners, and policy makers. This book is a collection of cutting edge research findings on issues relating to the experiences and challenges of China's capital market development.
Download or read book Strategic Deals in Emerging Capital Markets written by Irina Ivashkovskaya and published by Springer Nature. This book was released on 2019-12-09 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.
