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| Tekijä: | Singh, K. Hodder, J. E. |
| Otsikko: | Multinational capital structure and financial flexibility |
| Lehti: | Journal of International Money and Finance
2000 : DEC, VOL. 19:6, p. 853-884 |
| Asiasana: | Capital structure of companies Corporate finance Multinational companies International business |
| Kieli: | eng |
| Tiivistelmä: | The authors address multinational capital structure decisions when firms have varying degrees of financial flexibility for shifting income and/or tax shields between subsidiaries. They find: (1) firms can use leverage to dramatically reduce negative valuation effects from operating in a high-tax country; (2) financial flexibility is a key determinant of optimal capital structure; (3) multinational firms derive a synergistic effect from financial flexibility , which can enhance their value beyond that for a single-country firm from a low-tax jurisdiction; and (4) optimal capital structure typically differs substantially across subsidiaries, with each having positions in multiple currencies. |
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