کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093388 1478439 2016 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Offshore operations and bank loan contracting: Evidence from firms that set up subsidiaries in offshore financial centers
ترجمه فارسی عنوان
عملیات دریایی و قرارداد وام بانکی: شواهدی از شرکت هایی است که شرکت های تابعه را در مراکز مالی دریایی تاسیس می کنند
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
We examine the effects of a multinational firm's subsidiary operations in offshore financial centers (OFCs) on bank loan contracting terms. Using a propensity score matched cross-country sample of firms with and without OFC subsidiaries, we find that firms with OFC subsidiaries receive less favorable loan terms than firms without OFC subsidiaries. The results from a difference-in-differences analysis and an analysis of a firm's mutation from a non-OFC firm to an OFC firm support the causal effect of offshore operations on the unfavorable loan terms. Furthermore, focusing on firms with OFC subsidiaries, we find that the intensity of offshore operations affects loan terms unfavorably. We also find that the unfavorable effect is more pronounced for more opaque firms and for firms that are headquartered in countries or jurisdictions with weaker legal enforcement. Our findings indicate that banks view offshore operations of borrowers as a credit risk-increasing factor.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 37, April 2016, Pages 335-355
نویسندگان
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