87
Views
0
CrossRef citations to date
0
Altmetric
Articles

The influence of crises on the financial position of multinationals in emerging markets

ORCID Icon, ORCID Icon & ORCID Icon
Pages 30-49 | Received 11 Jan 2023, Accepted 22 Jun 2023, Published online: 17 Jul 2023

References

  • Agustini, A. T. (2016). The effect of firm size and rate of inflation on cost of capital: The role of IFRS adoption in the world. Procedia: Social and Behavioral Sciences, 219(4), 47–54. https://doi.org/10.1016/j.sbspro.2016.04.031
  • Akhtar, S., & Oliver, B. (2009). Determinants of capital structure for Japanese multinational and domestic corporations. International Review of Finance, 9(1-2), 1–26. https://doi.org/10.1111/j.1468-2443.2009.01083.x
  • Allison, P. (2018, June 26). Instrumental variables in structural equation models. Statistical Horizons. Retrieved from https://statisticalhorizons.com/iv-in-sem/
  • Antonakis, J., Bendahan, S., Jacquart, P., & Lalive, R. (2014). Causality and endogeneity: Problems and solutions. In David V. Day (Ed.), Oxford handbook of leadership and organizations (pp. 93–117). Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199755615.013.007
  • Arena, M. P., & Roper, A. H. (2010). The effect of taxes on multinational debt location. Journal of Corporate Finance, 16(5), 637–654. https://doi.org/10.1016/j.jcorpfin.2010.07.006
  • Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
  • Beer, S., De Mooij, R., & Liu, L. (2020). International corporate tax avoidance: A review of the channels, magnitudes, and blind spots. Journal of Economic Surveys, 34(3), 660–688. https://doi.org/10.1111/joes.12305
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487. https://doi.org/10.1016/j.jfineco.2010.02.009
  • Chen, X., Lu, M., & Shan, Y. (2021). Changes in marginal tax rates over the past three decades in the United States. Accounting and Finance, 61(S1), 2601–2624. https://doi.org/10.1111/acfi.12636
  • Clark, B. J. (2015). The benefits of adjusting-estimating the speed of adjustment toward a target capital structure on a cost basis. Available at SSRN: https://doi.org/10.2139/ssrn.2235264
  • Daskalakis, N., Balios, D., & Dalla, V. (2017). The behaviour of SMEs’ capital structure determinants in different macroeconomic states. Journal of Corporate Finance, 46(5), 248–260. https://doi.org/10.1016/j.jcorpfin.2017.07.005
  • Desai, M. A., Foley, C. F., & Forbes, K. J. (2008). Financial constraints and growth: Multinational and local firm responses to currency depreciations. Review of Financial Studies, 21(6), 2857–2888. https://doi.org/10.1093/rfs/hhm017
  • Desai, M. A., Foley, C. F., & Hines, J. R., Jr. (2005). A multinational perspective on capital structure choice and internal capital markets. The Journal of Finance, 59(6), 2451–2487. https://doi.org/10.1111/j.1540-6261.2004.00706.x
  • Dharmapala, D., & Hines, J. R., Jr. (2009). Which countries become tax havens? Journal of Public Economics, 93(9-10), 1058–1068. https://doi.org/10.1016/j.jpubeco.2009.07.005
  • Duran, M. M., & Stephen, S. A. (2020). Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis. Research in International Business and Finance, 54(4), 101288. Advance online publication. https://doi.org/10.1016/j.ribaf.2020.101288
  • Erel, I., Jang, Y., & Weisbach, M. S. (2020). The corporate finance of multinational firms (Working Paper No. 26762). Cambridge, MA: National Bureau of Economic Research. https://www.nber.org/papers/w26762
  • Goldman Sachs. (2022, December 6). The path to 2075 — Slower global growth, but convergence remains intact. Economics Research. Retrieved from https://www.goldmansachs.com/insights/pages/gs-research/the-path-to-2075-slower-global-growth-but-convergence-remains-intact/report.pdf
  • Graham, J. R. (1996). Debt and the marginal tax rate. Journal of Financial Economics, 41(1), 41–73. https://doi.org/10.1016/0304-405X(95)00857-B
  • International Monetary Fund – IMF. (2015). Corporate leverage in emerging markets – A concern? Retrieved from https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c3_v2.pdf
  • Jadiyappa, N., Hickman, L. E., Jyothi, P., Vunyale, N., & Sireesha, B. (2020). Does debt diversification impact firm value? Evidence from India. International Review of Economics & Finance, 67(3), 362–377. https://doi.org/10.1016/j.iref.2020.02.002
  • Jones, C., & Temouri, Y. (2016). The determinants of tax haven FDI. Journal of World Business, 51(2), 237–250. https://doi.org/10.1016/j.jwb.2015.09.001
  • Jones, C., Temouri, Y., Kirollos, K., & Du, J. (2023). Tax havens and emerging market multinationals: The role of property rights protection and economic freedom. Journal of Business Research, 155(3), 113373. https://doi.org/10.1016/j.jbusres.2022.113373
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046
  • Kim, J., Yang, I., Yang, T., & Koveos, P. (2021). The impact of R&D intensity, financial constraints, and dividend payout policy on firm value. Finance Research Letters, 40(3), 101802. https://doi.org/10.1016/j.frl.2020.101802
  • Kline, R. B. (2015). Principles and practice of structural equation modeling (4th ed.). New York: The Guilford Press.
  • Korteweg, A. (2010). The net benefits to leverage. The Journal of Finance, 65(6), 2137–2170. https://doi.org/10.1111/j.1540-6261.2010.01612.x
  • Larcker, D. F., & Rusticus, T. O. (2010). On the use of instrumental variables in accounting research. Journal of Accounting and Economics, 49(3), 186–205. https://doi.org/10.1016/j.jacceco.2009.11.004
  • MacKinlay, A. (2015). (How) Do taxes affect capital structure? Available at SSRN: https://doi.org/10.2139/ssrn.2022518
  • Organisation for Economic Cooperation and Development (OECD). (2021). Long-term baseline projections, No. 109 (Edition 2021). Retrieved from https://doi.org/10.1787/cbdb49e6-en
  • PwC. (2017, February). The world in 2050. The long view: How will the global economic order change by 2050? Retrieved from https://www.pwc.com/gx/en/research-insights/economy/the-world-in-2050.html
  • Richardson, G., & Lanis, R. (2007). Determinants of the variability in corporate effective tax rates and tax reform: Evidence from Australia. Journal of Accounting and Public Policy, 26(6), 689–704. https://doi.org/10.1016/j.jaccpubpol.2007.10.003
  • Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance. In George M. Constantinides, Milton Harris, & Rene M. Stulz (Eds.), Handbook of the Economics of Finance (Vol. 2, Part A, pp. 493–572). Amsterdam: Elsevier. https://doi.org/10.1016/B978-0-44-453594-8.00007-0
  • Schultz, E. L., Tan, D. T., & Walsh, K. D. (2010). Endogeneity and the corporate governance-performance relation. Australian Journal of Management, 35(2), 145–163. https://doi.org/10.1177/0312896210370079
  • Van Binsbergen, J. H., Graham, J. R., & Yang, J. (2010). The cost of debt. The Journal of Finance, 65(6), 2089–2136. https://doi.org/10.1111/j.1540-6261.2010.01611.x
  • Vo, T. A., Mazur, M., & Thai, A. (2021). The impact of COVID-19 economic crisis on the speed of adjustment toward target leverage ratio: An international analysis. Finance Research Letters, 45, 102157. https://doi.org/10.1016/j.frl.2021.102157
  • World Bank. (2021a). World Development Indicators. Retrieved from https://databank.worldbank.org/source/wdi-database-archives-(beta)
  • World Bank. (2021b). Worldwide Governance Indicators. Retrieved from https://databank.worldbank.org/source/worldwide-governance-indicators
  • Yung, K., Li, D. D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32(4), 25–41. https://doi.org/10.1016/j.mulfin.2015.07.001
  • Zarai, M. A. (2013). Corporate tax planning and debt endogeneity: Case of American firms. International Journal of Business and Commerce, 3(3), 42–53. https://ijbcnet.com/3-3/IJBC-13-3305.pdf

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.