{"title":"外国投资与企业风险：德国的证据","authors":"Napaporn Likitwongkajon , Chaiporn Vithessonthi","doi":"10.1016/j.gfj.2024.100931","DOIUrl":null,"url":null,"abstract":"<div><p>Using a sample of publicly traded nonfinancial firms in Germany from 2000 to 2020, we empirically test whether the share of foreign investments positively affects firm risk and the cost of debt. Although the share of foreign investments is positively related to operating risk, it is not related to systematic risk, idiosyncratic risk, or industry-adjusted operating risk. Furthermore, the share of foreign investments is unrelated to the cost of debt or firm performance. If the realized firm risk adequately represents the expected firm risk, our results suggest no relationship between the degree of foreign investments and the expected firm risk. As expected, we find a positive relationship between firm risk and the cost of debt.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"59 ","pages":"Article 100931"},"PeriodicalIF":5.5000,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1044028324000036/pdfft?md5=e9eec339108dd6c1fbccd3d10b7f4415&pid=1-s2.0-S1044028324000036-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Foreign investments and firm risk: Evidence from Germany\",\"authors\":\"Napaporn Likitwongkajon , Chaiporn Vithessonthi\",\"doi\":\"10.1016/j.gfj.2024.100931\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Using a sample of publicly traded nonfinancial firms in Germany from 2000 to 2020, we empirically test whether the share of foreign investments positively affects firm risk and the cost of debt. Although the share of foreign investments is positively related to operating risk, it is not related to systematic risk, idiosyncratic risk, or industry-adjusted operating risk. Furthermore, the share of foreign investments is unrelated to the cost of debt or firm performance. If the realized firm risk adequately represents the expected firm risk, our results suggest no relationship between the degree of foreign investments and the expected firm risk. As expected, we find a positive relationship between firm risk and the cost of debt.</p></div>\",\"PeriodicalId\":46907,\"journal\":{\"name\":\"Global Finance Journal\",\"volume\":\"59 \",\"pages\":\"Article 100931\"},\"PeriodicalIF\":5.5000,\"publicationDate\":\"2024-01-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1044028324000036/pdfft?md5=e9eec339108dd6c1fbccd3d10b7f4415&pid=1-s2.0-S1044028324000036-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Global Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1044028324000036\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1044028324000036","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Foreign investments and firm risk: Evidence from Germany
Using a sample of publicly traded nonfinancial firms in Germany from 2000 to 2020, we empirically test whether the share of foreign investments positively affects firm risk and the cost of debt. Although the share of foreign investments is positively related to operating risk, it is not related to systematic risk, idiosyncratic risk, or industry-adjusted operating risk. Furthermore, the share of foreign investments is unrelated to the cost of debt or firm performance. If the realized firm risk adequately represents the expected firm risk, our results suggest no relationship between the degree of foreign investments and the expected firm risk. As expected, we find a positive relationship between firm risk and the cost of debt.
期刊介绍：
Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.
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