The capital structure of European Multinational Corporations
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/20638 |
Resumo: | This paper investigates if there are differences in the capital structure of European Multinational Firms and European Domestic Corporations, and if so, which factors can explain the differences. Additionally, this paper also studies whether European Multinational Corporations which have bigger exposure to the European market have different capital structures than European Multinational Corporations which are more exposed to the Global market (market outside Europe). The result shows, as in the U.S., European Multinational Corporations have lower debt rations than European Domestic firms. This difference can be explained by several firm-related factors: non-debt tax shields, profitability, age, foreign exchange risk, size and collateral value. When industry effects are considered, the difference in the level of leverage is not statistically significant. This paper proves that European Multinational Corporations have different capital structures considering the markets which they are exposed. European Multinational Corporations which have higher exposure to the European market have higher leverage ratios due to factors such as profitability, free cash flows available and size. The difference remains even if the industry effects are considered. Finally, the determinants of leverage are also analysed and they vary over the sample period for all firms: Domestic Corporations, Multinational Corporations, Multinational Corporations which are more exposed to the European market and Multinational Corporations which are more exposed to the global market. |
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The capital structure of European Multinational CorporationsDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis paper investigates if there are differences in the capital structure of European Multinational Firms and European Domestic Corporations, and if so, which factors can explain the differences. Additionally, this paper also studies whether European Multinational Corporations which have bigger exposure to the European market have different capital structures than European Multinational Corporations which are more exposed to the Global market (market outside Europe). The result shows, as in the U.S., European Multinational Corporations have lower debt rations than European Domestic firms. This difference can be explained by several firm-related factors: non-debt tax shields, profitability, age, foreign exchange risk, size and collateral value. When industry effects are considered, the difference in the level of leverage is not statistically significant. This paper proves that European Multinational Corporations have different capital structures considering the markets which they are exposed. European Multinational Corporations which have higher exposure to the European market have higher leverage ratios due to factors such as profitability, free cash flows available and size. The difference remains even if the industry effects are considered. Finally, the determinants of leverage are also analysed and they vary over the sample period for all firms: Domestic Corporations, Multinational Corporations, Multinational Corporations which are more exposed to the European market and Multinational Corporations which are more exposed to the global market.Este trabalho investiga se existem diferenças na estrutura de capital nas empresas Multinacionais Europeias e nas empresas Domésticas Europeias, e, se essa diferença existe quais são os factores que a conseguem explicar. Este trabalho visa, também, estudar se as empresas Multinacionais Europeias que têm uma maior exposição ao mercado europeu têm uma estrutura de capital igual às empresas Multinacionais com uma forte exposição global (fora da Europa). O resultado mostra que, tal como nos Estados Unidos, as empresas Multinacionais têm um nível de dívida inferior às empresas Domésticas. Este trabalho apresenta quais são os factores específicos que podem explicar essa diferença. Quando são introduzidos os efeitos das indústrias, contudo, esta diferença passa a ser estatisticamente não significativa. Este trabalho prova, ainda, que as Multinacionais têm diferentes estruturas de capitais consoante os mercados em que têm maior exposição. As Multinacionais Europeias com maior expoisção à Europa têm um rácio de endividamento maior do que as Multinacionais Europeias com maior exposição aos mercados Globais. Esta diferença persiste mesmo quando são introduzidos os efeitos das indústrias. Finalmente, os factores determinantes na estrutura de capital são também analisados e, estes variam ao longo do período considerado e, também, variam para cada tipo de empresa considerada.Reis, Ricardo César Ribeiro Ventura FerreiraVeritati - Repositório Institucional da Universidade Católica PortuguesaGonçalves, Beatriz Carvalho Valente da Mota2017-06-06T00:30:20Z2016-07-2020162016-07-20T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/20638TID:201242591enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:26:31Zoai:repositorio.ucp.pt:10400.14/20638Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:17:02.888644Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The capital structure of European Multinational Corporations |
title |
The capital structure of European Multinational Corporations |
spellingShingle |
The capital structure of European Multinational Corporations Gonçalves, Beatriz Carvalho Valente da Mota Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
The capital structure of European Multinational Corporations |
title_full |
The capital structure of European Multinational Corporations |
title_fullStr |
The capital structure of European Multinational Corporations |
title_full_unstemmed |
The capital structure of European Multinational Corporations |
title_sort |
The capital structure of European Multinational Corporations |
author |
Gonçalves, Beatriz Carvalho Valente da Mota |
author_facet |
Gonçalves, Beatriz Carvalho Valente da Mota |
author_role |
author |
dc.contributor.none.fl_str_mv |
Reis, Ricardo César Ribeiro Ventura Ferreira Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Gonçalves, Beatriz Carvalho Valente da Mota |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
This paper investigates if there are differences in the capital structure of European Multinational Firms and European Domestic Corporations, and if so, which factors can explain the differences. Additionally, this paper also studies whether European Multinational Corporations which have bigger exposure to the European market have different capital structures than European Multinational Corporations which are more exposed to the Global market (market outside Europe). The result shows, as in the U.S., European Multinational Corporations have lower debt rations than European Domestic firms. This difference can be explained by several firm-related factors: non-debt tax shields, profitability, age, foreign exchange risk, size and collateral value. When industry effects are considered, the difference in the level of leverage is not statistically significant. This paper proves that European Multinational Corporations have different capital structures considering the markets which they are exposed. European Multinational Corporations which have higher exposure to the European market have higher leverage ratios due to factors such as profitability, free cash flows available and size. The difference remains even if the industry effects are considered. Finally, the determinants of leverage are also analysed and they vary over the sample period for all firms: Domestic Corporations, Multinational Corporations, Multinational Corporations which are more exposed to the European market and Multinational Corporations which are more exposed to the global market. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-07-20 2016 2016-07-20T00:00:00Z 2017-06-06T00:30:20Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/20638 TID:201242591 |
url |
http://hdl.handle.net/10400.14/20638 |
identifier_str_mv |
TID:201242591 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131856716693504 |