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Jens Forssbaeck

Docent, Programchef - Masterprogram i finans

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Corporate financial determinants of foreign direct investment

Författare

  • Jens Forssbaeck
  • Lars Oxelheim

Summary, in English

Financial market incompleteness and (partial) segmentation of financial markets internationally may endow some firms with a financial advantage which can be exploited through foreign direct investment. We argue that this advantage appears as a distinct cost-of-capital effect on FDI, and identify possible channels for such an effect. Using a sample of European firms’ cross-border acquisitions, and controlling for traditional firm-level determinants of FDI, we find strong support for a cost-of-equity effect, whereas the effect of debt costs is indeterminate. Moreover, financial FDI determinants are more important for firms with high knowledge intensity and for firms resident in relatively less financially developed countries.

Avdelning/ar

  • Företagsekonomiska institutionen

Publiceringsår

2011

Språk

Engelska

Sidor

269-282

Publikation/Tidskrift/Serie

Quarterly Review of Economics and Finance

Volym

51

Issue

3

Dokumenttyp

Artikel i tidskrift

Förlag

Elsevier

Ämne

  • Business Administration

Nyckelord

  • FDI
  • Cross-border acquisitions
  • Investment-q
  • Cost of capital
  • Cross-listing
  • Segmentation

Aktiv

Published

ISBN/ISSN/Övrigt

  • ISSN: 1062-9769