Risk and Capital Structure in Asian Project Finance
We develop and test a multi-level theoretical framework for understanding country-, industry-, syndicate-, firm- and project-specific factors shaping the capital structure and broader risk profile of a quintessentially Asian form of foreign direct investment ("FDI") called project finance. Empirical analyses of 238 projects announced for 13 Asian countries from 1995-2004 support hypotheses derived from our framework, and suggest that country-level institutional factors such as a Common Law legal system, syndicate-level factors such as the concentration of equity among syndicate sponsors, and project-level factors such as the US dollar cost of the project all substantially affect project capital structure and risk.
Year of publication: |
2006-12
|
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Authors: | Vaaler, Paul M. ; James, Barclay E. ; Aguilera, Ruth V. |
Institutions: | College of Business, University of Illinois at Urbana-Champaign |
Saved in:
freely available
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