This paper analyses the ownership structure of foreign affiliates of Spanish firms. In contrast to previous studies on the participation degree, the paper highlights the importance of the previous decision to invest abroad. To do so, an econometric model with a limited dependent variable helps...

This paper examines the relationships among foreign ownership, capital structure, and firm value in the case of listed firms in Vietnam. Using fixed effect model on data of all listed companies (exclude financial firms and banks) in Hochiminh Stock Exchange during the period of 2008-2011, the...

The study extends the corporate finance and taxation literature by analyzing the existence and convergence towards a regression based target capital structure of newly acquired subsidiaries, private and public ones, in an international context. The pre-merger deviation of the new subsidiary's...

This study investigated one of the issues in modern finance. It attempts to identify factors that affect a firm's capital structure under international or domestic context. However, this paper differed from past researches by using sample data in that the sample data from firms with headquarters...

Despite the increasing attention on the role of internationalization in firms' capital structure decisions, and the increasing adoption of zero leverage policies by multinationals, no study attempts to explain the effect of multi-nationality on the zero leverage decision. We explore the...

This paper examines how the capital structure of non-financial firms is affected by international variation in bank regulation. A concise model yields an estimating equation that relates a firm's capital structure to bank regulatory variables and their interactions with the tax rate reflecting...

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...

We propose a novel approach for studying optimal capital structure under the prevalent corporate income tax regime where full tax deductibility of interest is permitted. Then, following the OECD proposed BEPS (Base Erosion and Profit Shifting) framework, we impose an EBITDA-based limit on the...

We investigate the relationship among multinational operation, ownership and capital structure using data from China's A-share listed companies. We find that, in general, multinational enterprises (MNEs) have lower leverages than domestic enterprises (DEs). More importantly, we document a...

This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such...