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학술저널

Relative Access to Credit, Relative Wealth and FDI

Relative Access to Credit, Relative Wealth and FDI: Firm-Level Evidence from Japanese FDI into the United States

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We use data on 317 Japanese firms to examine the effect of relative access to credit and relative wealth on the Japanese firm`s rate of foreign direct investment (FDI) in the United States. Using the zero-inflated negative binomial model, we find that multiple rating downgrades of a firm`s main bank significantly affected the Japanese firm`s rate of FDI in the United States. This result holds for firms with the highest 20% of bonds-to-liabilities ratio indicating that banking problems in Japan affected even firms who could have financed their FDI with bonds. We also find that the firm`s rate of FDI is affected by the firm`s relative wealth.

Ⅰ. Introduction

Ⅱ. Data on Japanese Firms and Model Specification

Ⅲ. Determinants of FDI

Ⅳ. Empirical Results

Ⅴ. Conclusions

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