Financial structure and bank relationships of Italian multinational firms

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI:10.1016/j.mulfin.2022.100762

Raffaello Bronzini , Alessio D’Ignazio , Davide Revelli

引用次数: 0

Abstract

This paper examines the financial structure and bank relationships of multinational firms in Italy, a large European country strongly reliant on bank debt. We show that multinationals are, on average, more leveraged than non-internationalized companies. Moreover, multinationals have larger shares of both financial debt and bank debt as a percentage of total debt, benefit from lower interest rates, maintain more bank relationships, and are less dependent on the primary bank for the firm. Overall, these findings suggest that globally diversified firms have better access to credit markets than domestic companies. These results are robust to estimation methods that address the potential endogeneity of the choice to go international, such as matching and instrumental variable estimation.

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意大利跨国公司的财务结构和银行关系

本文考察了意大利跨国公司的财务结构和银行关系，意大利是一个强烈依赖银行债务的欧洲大国。我们表明，平均而言，跨国公司的杠杆率高于非国际化公司。此外，跨国公司在金融债务和银行债务中所占的比例都较大，它们受益于较低的利率，保持更多的银行关系，并且对公司主要银行的依赖程度较低。总体而言，这些发现表明，全球多元化公司比国内公司更容易进入信贷市场。这些结果对于解决国际化选择的潜在内生性的估计方法是稳健的，例如匹配和工具变量估计。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

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.