2006–2010

Finance-specific Factors as Drivers of Cross-border Investment – An Empirical Investigation

Särtryck nr 2008:35

Författare: Jens Forssbæck och Lars OxelheimÅr: 2008 Publikation: International Business Review Årgång (nr): 17 (6) Sidor: 630–641


In this paper we empirically test the role of firm-specific financial characteristics as drivers of international investment and production. We hypothesize that financial strength generates advantages that can be exploited through cross-border investment activity. The hypothesis is tested in a series of binary-response models, using a sample of 1379 European non-financial firms’ international acquisitions. Controlling for traditional firm- and target-country-specific foreign direct investment (FDI) determinants, we find strong evidence that financial factors play a significant role in explaining cross-border investment. We conclude that without explicit consideration of the financial dimension, firms’ FDI decisions cannot be properly understood.


Referens:
Forssbæck, Jens och Lars Oxelheim (2008), "Finance-specific Factors as Drivers of Cross-border Investment – An Empirical Investigation". International Business Review 17(6), 630–641.

Lars Oxelheim

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Lars Calmfors

Forskningsområden: Arbetsmarknads- och makroekonomi.

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