TY  - BOOK
AU  - Kesternich,Iris
AU  - Schnitzer,Monika
TI  - Who is afraid of politica risk?: multinational firms and their choice of caital structure 
T2  - Discussion paper. Series 1: economic studies
SN  - 9783865584854
U1  - 338.881 21
PY  - 2009///
CY  - Frankfurt am Main
PB  - Deutsche Bundesbank
KW  - EMPRESAS MULTINACIONALES
KW  - ESTRUCTURA DEL CAPITAL
KW  - CAPITAL RIESGO
KW  - ANALISIS ECONOMETRICO
KW  - VENTURE CAPITAL
N1  - Bibliografía: p. 33-36
N2  - This paper investigates how multinational firms choose their capital structure in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, like expropriation, corruption and confiscatory taxation, and In our theoretical analysis we find that as political risk increases the ownership share always decreases whereas leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of the Deutsche Bundesbank, we find supportive evidence for these different effects
UR  - https://epub.ub.uni-muenchen.de/13339/1/213.pdf
ER  -