International knowledge transfers and capital structure of multinational affiliates: Evidence from expatriate managers as the transfer agents

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI:10.1016/j.mulfin.2023.100801

Youngho Kang , Ryoonhee Kim , Unjung Whang

引用次数: 1

Abstract

This study investigates how knowledge transfers within multinational corporations affect the financing decisions of foreign affiliates using a unique dataset on Korean multinationals and their foreign affiliates’ employment structure. We document that affiliates with more expatriate managers tend to maintain lower financial leverage, suggesting that the greater number of expatriate managers facilitate knowledge transfer and increase risk of affiliates. We further show that the negative relation between expatriate managers on affiliate leverage is more pronounced when parents or affiliates own greater intangible assets and host countries have fewer knowledge assets in place. The instrumental variable estimation also confirms the negative relation.

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国际知识转移与跨国公司的资本结构：来自作为转移代理人的外籍经理的证据

本研究利用韩国跨国公司及其外国子公司就业结构的独特数据集，探讨了跨国公司内部的知识转移如何影响其外国子公司的融资决策。我们的研究表明，拥有更多外派管理人员的子公司往往保持较低的财务杠杆，这表明更多的外派管理人员促进了知识转移，增加了子公司的风险。我们进一步表明，当母公司或子公司拥有更多的无形资产，而东道国拥有较少的知识资产时，外派管理人员对子公司杠杆的负相关关系更为明显。工具变量估计也证实了负相关关系。

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.