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Corporate financial determinants of foreign direct investment
Authors:Jens Forssbæ  ck,Lars Oxelheim
Affiliation:aLund Institute of Economic Research, P.O. Box 7080, 220 07 Lund, Sweden;bResearch Institute of Industrial Economics, Stockholm, Sweden
Abstract:Financial market incompleteness and (partial) segmentation of financial markets internationally may endow some firms with a financial advantage which can be exploited through foreign direct investment. We argue that this advantage appears as a distinct cost-of-capital effect on FDI, and identify possible channels for such an effect. Using a sample of European firms’ cross-border acquisitions, and controlling for traditional firm-level determinants of FDI, we find strong support for a cost-of-equity effect, whereas the effect of debt costs is indeterminate. Moreover, financial FDI determinants are more important for firms with high knowledge intensity and for firms resident in relatively less financially developed countries.
Keywords:JEL classification: E22   F21   F23   G3   L23
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