In this study, we examine the leverage policy of MNEs in comparison to comparable non-MNEs. Prior studies document that MNEs have relatively low leverages. However, we find that the leverage of MNEs is not significantly lower than that of non-MNEs, once we control for key firm characteristics. In addition, there is little evidence that MNEs and non-MNEs are significantly different in terms of the speed of leverage adjustments and in the likelihood of issuing debt vs. equity (or vs. not issuing debt) in order to revert to the target leverage. Overall, our findings suggest that, at the corporate level, there is little difference in the leverage policy between MNEs and non-MNEs.
Key words: Multinationals; Capital structure; Speed of leverage adjustment; Security issuance
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학회소식
[2010년 제 3차] Does the Leverage Policy of Multinationals Differ f
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2010-08-17
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