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| Format: | Artículo científico |
| Langue: | es |
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Consejo Latinoamericano de Escuelas de Administración
2010
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| Accès en ligne: | https://www.redalyc.org/articulo.oa?id=71615503006 |
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- Foreign activity effects and capital structure: Brazilian evidence Richard Saito Eduardo Hiramoto Administración y Contabilidad MNC foreign debt capital structure International activity This paper analyzes whether Brazilian companies with foreign activities (MNC) have different capital structure from those with mainly local activities (DC). If so, is the upstream-downstream hypothesis prediction valid ¿ which states that internationalized companies use more debt than those with local activities? Our sample consists of 131 companies within the period from 2004-2008. We found that Brazilian MNCs use more debt due to international activities, with 9.6% more leverage of which 5.8% comes from long-term sources. Our results also show that international activity is positively related to foreign debt usage, and on average MNCs carry 12.7% more foreign debt in their capital structure. Although the access to international capital markets is frequently suggested as a motivation for companies to internationalize, this is the first study to test empirically whether international activity and debt financing are related. 2010 artículo científico 1012-8255 https://www.redalyc.org/articulo.oa?id=71615503006 es http://www.redalyc.org/revista.oa?id=716 Academia. Revista Latinoamericana de Administración application/pdf Consejo Latinoamericano de Escuelas de Administración Academia. Revista Latinoamericana de Administración (Perú) Num.45