The Impact of Internationalisation on the Capital Structure of Exporters in Empirical Research
DOI:
https://doi.org/10.15678/krem.764Keywords:
export, debt ratios, financial situation of exporters, capital structureAbstract
The purpose of the study was to verify whether exporters use more liabilities in their financing structure than non-exporters. The study was conducted for companies listed on the Warsaw Stock Exchange for the years 2000-2009. Capital structure was measured with a debt ratio calculated as a ratio of total liabilities divided by total assets. To test the statistical significance of differences between exporters and non-exporters I used the Cochrane-Cox test. Differences in the debt ratios were not always statistically significant but, apart from companies manufacturing and selling metal products, all remaining exporters had comparable or higher debt ratio values than non-exporters.
Downloads
References
AcaStat Handbook [2012] http://www.acastat.com/Handbook/15.html, dostęp: 1.02.2012.
Agmon T., Lessard D.R. [1977], Investor Recognition of Corporate International Diversification, „Journal of Finance", vol. 32, nr 4. DOI: https://doi.org/10.2307/2326511
Burgman T.A. [1996], An Empirical Examination of Multinational Corporate Capital Structure, „Journal of International Business Studies", vol. 27, nr 3. DOI: https://doi.org/10.1057/palgrave.jibs.8490143
Chen C.J.P. et al. [1997], An Investigation of the Relationship between International Activities and Capital Structure, „Journal of International Business Studies", vol. 28, nr 3. DOI: https://doi.org/10.1057/palgrave.jibs.8490111
Chkir I.E., Cosset J.C. [2001], Diversification Strategy and Capital Structure of Multinational Corporations, „Journal of Multinational Financial Management", vol. 11, nr 1. DOI: https://doi.org/10.1016/S1042-444X(00)00040-2
Doukas J., Pantzalis C. [2003], Geographic Diversification and Agency Costs of Debt of Multinational Firms, „Journal of Corporate Finance", vol. 9. DOI: https://doi.org/10.1016/S0929-1199(01)00056-6
Ethier W.J. [1986], The Multinational Firm, „The Quarterly Journal of Economics", vol. 101, nr 4. DOI: https://doi.org/10.2307/1884179
Fatemi A.M. [1988], The Effect of International Diversification on Corporate Financing Policy, „Journal of Business Research", vol. 16, nr 1. DOI: https://doi.org/10.1016/0148-2963(88)90078-1
Heston S.L., Rouwenhorst K.G. [1994], Does Industrial Structure Explain the Benefits of International Diversification?, „Journal of Financial Economics", vol. 36. DOI: https://doi.org/10.1016/0304-405X(94)90028-0
Kedia S., Mozumdar A. [2003], Foreign Currency Denominated Debt. An Empirical Examination, „Journal of Business", vol. 76, nr 4. DOI: https://doi.org/10.1086/377029
Kim W.S., Lyn E.O. [1986], Excess Market Value, the Multinational Corporation and Tobin's Qratio: A Note, „Journal of International Business Studies", vol. 17, nr 1. DOI: https://doi.org/10.1057/palgrave.jibs.8490420
Kwok C.C.Y., Reeb D.M. [2000], Internationalization and Firm Risk: An Upstream - Downstream Hypothesis, „Journal of International Business Studies", vol. 31, nr 4. DOI: https://doi.org/10.1057/palgrave.jibs.8490925
Lee K.C., Kwok C.C.Y. [1988], Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure, „Journal of International Business Studies", vol. 19, nr 2. DOI: https://doi.org/10.1057/palgrave.jibs.8490381
Lessard D. [1973], International Portfolio Diversification: A Multivariate Analysis for a Group of Latin American Countries, „Journal of Finance", vol. 28, nr 3. DOI: https://doi.org/10.2307/2978634
Levy H., Sarnat M. [1970], International Diversification of Investment Portfolios, „The American Economic Review", vol. 60, nr 4.
Low P.Y., Chen K.H. [2004], Diversification and Capital Structure: Some International Evidence, „Review of Quantitative Finance and Accounting", vol. 23, nr 1. DOI: https://doi.org/10.1023/B:REQU.0000037064.15144.04
Mansi S.A., Reeb D.M. [2002], Corporate Diversification: What Gets Discounted?, „Journal of Finance", vol. 57, nr 5. DOI: https://doi.org/10.1111/0022-1082.00492
Michel A., Shaked I. [1986], Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics, „Journal of International Business Studies", vol. 17, nr 3. DOI: https://doi.org/10.1057/palgrave.jibs.8490435
Myers S.C. [1977], Determinants of Corporate Borrowing, „Journal of Financial Economics", vol. 5. DOI: https://doi.org/10.1016/0304-405X(77)90015-0
Nesterak J., Kowalik M. [2004] Finanse firm: długoterminowe zarządzanie finansami, Wydawnictwo Anvix, Kraków.
Reeb D.M., Mansi S.A., Allee J.M. [2001], Firm Internationalization and the Cost of Debt Financing: Evidence from Non-provisional Publicly Traded Debt, „Journal of Financial and Quantitative Analysis", vol. 36, nr 3. DOI: https://doi.org/10.2307/2676289
Rugman A. [1976], Risk Reduction by International Diversification, „Journal of International Business Studies", vol. 7, nr 2. DOI: https://doi.org/10.1057/palgrave.jibs.8490702
Shapiro A.C. [1978], Financial Structure and Cost of Capital in the Multinational Corporation, „Journal of Financial and Quantitative Analysis", vol. 13, nr 2. DOI: https://doi.org/10.2307/2330383
Singh M., Davidson W.N., Suchard J. [2003], Corporate Diversification Strategies and Capital Structure, „Quarterly Review of Economics and Finance", vol. 43. DOI: https://doi.org/10.1016/S1062-9769(02)00124-2
Singh M., Nejadmalayeri A. [2004], Internationalization, Capital Structure, and Cost of Capital: Evidence from French Corporations, „Journal of Multinational Financial Management", vol. 14, nr 2. DOI: https://doi.org/10.1016/j.mulfin.2003.07.003
Strupczewski G. [2008], Proces zarządzania ryzykiem [w:] Ubezpieczenia wobec wyzwań XXI wieku, red. W. Ronka-Chmielowiec, Prace Naukowe Akademii Ekonomicznej we Wrocławiu, nr 1197, Wrocław.
Toy N. et al. [1974], A Comparative International Study of Growth, Profitability, and Risk as Determinants of Corporate Debt Ratios in the Manufacturing Sector, „Journal of Financial and Quantitative Analysis", vol. 9, nr 5. DOI: https://doi.org/10.2307/2329684