跨国公司经营的具体国家是否会影响其私人贷款合同?

IF 2.9 3区 经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI:10.1016/j.mulfin.2021.100709
Brandon Ater , Bowe Hansen
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引用次数: 0

摘要

先前的研究表明,企业全球化程度越高,私人债务成本越低。然而,本研究通常将全球化视为一种同质属性,而忽略了跨国公司(MNC)运营的具体国家。使用1999年至2017年的美国跨国公司样本,我们放宽了这一假设,并发现尽管先前的研究结果适用于跨国公司在区域或大陆范围内报告的细分市场的运营水平,但跨国公司在制度质量较低的国家的运营水平与较高的银行债务成本相关。利用自我选择模型和倾向得分匹配,我们的结果对于控制企业在制度质量较低的国家经营的选择具有稳健性。在进一步的测试中,我们发现,在制度质量较低的国家,跨国公司的运营水平与私人贷款协议中包含抵押品要求呈负相关,但与贷款期限或贷款协议中包含的契约数量无关。最后,我们发现公司在新贷款发行方面的部门披露选择各不相同,其方式与管理层意识到低机构质量的运营被贷款人认为表明更高的信用风险一致。
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Do the specific countries in which a multinational corporation operates affect its private loan contracts?

Previous research has shown that higher levels of firm globalization lead to a lower cost of private debt. However, this research generally treats globalization as a homogeneous attribute ignoring the specific countries in which a multinational corporation (MNC) operates. Using a sample of U.S. MNCs from 1999 through 2017, we relax this assumption and find that while the results from prior research hold with regards to the level of an MNC’s operations in segments reported at the regional or continent-wide level, the level of an MNC’s operations in countries with low institutional quality is associated with a higher cost of bank debt. Our results are robust to controlling for firms’ choice to operate in countries with low institutional quality using self-selection models and propensity score matching. In additional testing we find that the level of MNCs operations in countries with low institutional quality is negatively associated with the inclusion of collateral requirements in private lending agreements, but is not associated with the maturity of the loan or the number of covenants included in the lending agreement. Finally, we find that firms’ segment disclosure choices vary around new loan issuances in a manner consistent with management being aware that operations in low institutional quality are perceived by lenders to indicate higher credit risk.

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来源期刊
CiteScore
7.30
自引率
4.80%
发文量
25
审稿时长
30 days
期刊介绍: International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.
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