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Jens Forssbaeck

Docent, Programchef - Masterprogram i finans

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Finance-specific factors as drivers of cross-border investment - An empirical investigation

Författare

  • Jens Forssbaeck
  • Lars Oxelheim

Summary, in English

In this paper we empirically test the role of firm-specific financial characteristics as drivers of international investment and production. We hypothesize that financial strength generates advantages that can be exploited through cross-border investment activity. The hypothesis is tested in a series of binary-response models, using a sample of 1379 European non-financial firms' international acquisitions. Controlling for traditional firm- and target-country-specific foreign direct investment (FDI) determinants, we find strong evidence that financial factors play a significant role in explaining cross-border investment. We conclude that without explicit consideration of the financial dimension, firms' FDI decisions cannot be properly understood. (C) 2008 Elsevier Ltd. All rights reserved.

Avdelning/ar

  • Institutet för Ekonomisk forskning

Publiceringsår

2008

Språk

Engelska

Sidor

630-641

Publikation/Tidskrift/Serie

International Business Review

Volym

17

Issue

6

Dokumenttyp

Artikel i tidskrift

Förlag

Elsevier

Ämne

  • Economics and Business

Nyckelord

  • OLI
  • Cost of capital
  • Financial variables
  • Cross-border acquisitions
  • FDI
  • Financial strategy
  • LISTINGS

Aktiv

Published

ISBN/ISSN/Övrigt

  • ISSN: 1873-6149