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題名 FDI, Export, and Capital Structure: An Agency Theory Perspective
作者 Chen, Chiung-Jung; Yu, Chwo-Ming Joseph
陳瓊蓉;于卓民
貢獻者 企管系
關鍵詞 Foreign direct investment (FDI) ; Export ; Agency theory ; Internationalization ; Capital structure ; Emerging economies
日期 2010-08
上傳時間 26-Feb-2014 15:38:20 (UTC+8)
摘要 This study investigates the impact of foreign direct investment (FDI) and export on capital structure for firms in emerging economies. The hypotheses are developed based on an agency theory perspective and are tested using a sample of 566 Taiwanese firms. We find that the behavior of multinational corporations (MNCs) with a high debt ratio is in line with agency theory predictions. Our findings show that: (1) MNCs in emerging economies, defined as those firms with at least one foreign subsidiary or some extent of FDI, have a higher level of debt than non-MNCs, which contrasts with the findings for MNCs based in developed countries; and (2) export intensity leads to a lower debt ratio, which has not received much attention in previous studies. We propose several factors related to the context of emerging economies to explain these contradictory findings. We also explore the interaction effect of the extent of FDI and export intensity on the capital structure of MNCs, and find that the impact is negative, which implies that both monitoring costs and agency costs rise dramatically for creditors when firms` international operations become overly complicated.
關聯 Management International Review, 51(3), 295-320
資料類型 article
DOI http://dx.doi.org/10.1007/s11575-011-0077-0
dc.contributor 企管系en_US
dc.creator (作者) Chen, Chiung-Jung; Yu, Chwo-Ming Josephen_US
dc.creator (作者) 陳瓊蓉;于卓民zh_TW
dc.date (日期) 2010-08en_US
dc.date.accessioned 26-Feb-2014 15:38:20 (UTC+8)-
dc.date.available 26-Feb-2014 15:38:20 (UTC+8)-
dc.date.issued (上傳時間) 26-Feb-2014 15:38:20 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64242-
dc.description.abstract (摘要) This study investigates the impact of foreign direct investment (FDI) and export on capital structure for firms in emerging economies. The hypotheses are developed based on an agency theory perspective and are tested using a sample of 566 Taiwanese firms. We find that the behavior of multinational corporations (MNCs) with a high debt ratio is in line with agency theory predictions. Our findings show that: (1) MNCs in emerging economies, defined as those firms with at least one foreign subsidiary or some extent of FDI, have a higher level of debt than non-MNCs, which contrasts with the findings for MNCs based in developed countries; and (2) export intensity leads to a lower debt ratio, which has not received much attention in previous studies. We propose several factors related to the context of emerging economies to explain these contradictory findings. We also explore the interaction effect of the extent of FDI and export intensity on the capital structure of MNCs, and find that the impact is negative, which implies that both monitoring costs and agency costs rise dramatically for creditors when firms` international operations become overly complicated.en_US
dc.format.extent 818534 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Management International Review, 51(3), 295-320en_US
dc.subject (關鍵詞) Foreign direct investment (FDI) ; Export ; Agency theory ; Internationalization ; Capital structure ; Emerging economiesen_US
dc.title (題名) FDI, Export, and Capital Structure: An Agency Theory Perspectiveen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1007/s11575-011-0077-0-
dc.doi.uri (DOI) http://dx.doi.org/10.1007/s11575-011-0077-0-