Park, Soon Hong; Suh, Jungwon; Yeung, Bernard - In: Journal of Corporate Finance 20 (2013) C, pp. 115-139
This paper examines the leverage policies of multinational corporations (MNCs) in comparison to those of domestic corporations (DCs). Prior studies document that MNCs have lower leverage levels. However, our analysis of U.S. firms over the period 1981–2010 reveals that the leverage levels of...