International activities and corporate financing: an empirical analysis of German firms
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Oestrich-Winkel
2008
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 197 S. graph. Darst. |
Internformat
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| 245 | 1 | 0 | |a International activities and corporate financing |b an empirical analysis of German firms |c Malte Brockmann |
| 264 | 1 | |a Oestrich-Winkel |c 2008 | |
| 300 | |a XII, 197 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 502 | |a Oestrich-Winkel, Europ. Business School, Diss., 2008 | ||
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| 650 | 0 | 7 | |a Finanzmanagement |0 (DE-588)4139075-1 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
| _version_ | 1807503890098159616 |
|---|---|
| adam_text |
SUMMARY
OF
CONTENTS
LIST
OF
FIGURES
VII
LIST
OF
TABLES
VIII
LIST
OF
ABBREVIATIONS
XI
1
INTRODUCTION
1
1.1
MOTIVATION
AND
GOAL
.
1
1.2
OUTLINE
.
3
2
DESCRIPTION
OF
THE
DATASET
7
2.1
DATA
COLLECTION
.
7
2.2
REPRESENTATIVENESS
OF
THE
DATASET
.
12
2.3
SUMMARY
OF
THE
DATASET
.
14
3
METHODOLOGY
23
3.1
INTRODUCTION
.
23
3.2
CENSORED
REGRESSION
MODELS
.
23
3.3
BINOMIAL
REGRESSION
MODELS
.
29
3.4
DATA
REDUCTION
METHODS
.
31
4
LEVERAGE
AND
DEBT
MATURITY-EVIDENCE
FROM
GERMANY
35
4.1
INTRODUCTION
.
36
4.2
RELATED
LITERATURE
.
37
4.3
THEORY
.
39
4.4
VARIABLE
DEFINITIONS
.
47
4.5
EMPIRICAL
RESULTS
.
54
4.6
PRELIMINARY
CONCLUSIONS
.
69
5
CAPITAL
STRUCTURE
AND
ENDOGENOUS
RISKS
OF
INTERNATIONAL
AC
TIVITIES
73
5.1
INTRODUCTION
.
74
5.2
RELATED
LITERATURE
.
75
5.3
THEORY
.
77
5.4
VARIABLE
MEASUREMENT
.
83
5.5
RESULTS
.
92
5.6
PRELIMINARY
CONCLUSION
.
110
6
CAPITAL
STRUCTURE
AND
EXOGENOUS
RISKS
OF
INTERNATIONAL
ACTIV
ITIES
113
6.1
INTRODUCTION
.
113
6.2
RELATED
LITERATURE
.
115
6.3
THEORY
.
116
6.4
VARIABLE
MEASUREMENT
.
123
6.5
RESULTS
.
130
6.6
PRELIMINARY
CONCLUSION
.
151
7
CONCLUSION
157
7.1
SUMMARY
OF
THE
RESULTS
.
157
7.2
IMPLICATIONS
OF
THE
RESULTS
.
159
APPENDICES
161
REFERENCES
183
II
TABLE
OF
CONTENTS
LIST
OF
FIGURES
VII
LIST
OF
TABLES
VIII
LIST
OF
ABBREVIATIONS
XI
1
INTRODUCTION
1
1.1
MOTIVATION
AND
GOAL
.
1
1.2
OUTLINE
.
3
2
DESCRIPTION
OF
THE
DATASET
7
2.1
DATA
COLLECTION
.
7
2.1.1
DEFINITION
OF
THE
TARGET
POPULATION
.
7
2.1.2
METHOD
OF
DATA
COLLECTION
.
8
2.1.3
CONSTRUCTION
OF
THE
DATASET
.
9
2.2
REPRESENTATIVENESS
OF
THE
DATASET
.
12
2.3
SUMMARY
OF
THE
DATASET
.
14
2.3.1
STATISTICS
ON
THE
FIRM-LEVEL
.
14
2.3.2
STATISTICS
ON
INTERNATIONALIZATION
.
18
3
METHODOLOGY
23
3.1
INTRODUCTION
.
23
3.2
CENSORED
REGRESSION
MODELS
.
23
3.2.1
INTRODUCTION
TO
CENSORED
REGRESSION
.
23
3.2.2
SPECIFICATION
TESTS
FOR
TOBIT
MODELS
.
25
3.2.3
TESTS
FOR
ENDOGENEITY
.
26
3.2.4
INDICATORS
OF
MODEL
QUALITY
.
27
3.2.5
ANALYSES
OF
NONLINEARITY
IN
DEPENDENT
VARIABLES
.
28
3.3
BINOMIAL
REGRESSION
MODELS
.
29
3.3.1
INTRODUCTION
TO
BINOMIAL
REGRESSION
.
29
3.3.2
INDICATORS
OF
MODEL
QUALITY
.
30
III
3.4
DATA
REDUCTION
METHODS
.
31
3.4.1
INTRODUCTION
TO
FACTOR
ANALYSIS
.
31
3.4.2
TEST
FOR
FEASIBILITY
OF
DATA
REDUCTION
.
31
3.4.3
DETERMINING
THE
NUMBER
OF
FACTORS
.
32
3.4.4
ROTATIONAL
INDETERMINACY
AND
EXTRACTION
OF
FACTOR
SCORES
32
4
LEVERAGE
AND
DEBT
MATURITY-EVIDENCE
FROM
GERMANY
35
4.1
INTRODUCTION
.
36
4.2
RELATED
LITERATURE
.
37
4.3
THEORY
.
39
4.3.1
HYPOTHESES
ON
THE
CHOICE
OF
LEVERAGE
.
39
4.3.1.1
INTRODUCTION
.
39
4.3.1.2
TAXES
AND
COSTS
OF
FINANCIAL
DISTRESS
.
40
4.3.1.3
AGENCY
COSTS
.
41
4.3.1.4
ASYMMETRIC
INFORMATION
.
43
4.3.1.5
TYPE
OF
BUSINESS
AND
LIABILITY
.
44
4.3.2
HYPOTHESES
ON
THE
CHOICE
OF
DEBT
MATURITY
.
45
4.3.2.1
INTRODUCTION
.
45
4.3.2.2
AGENCY
COSTS
.
45
4.3.2.3
ASYMMETRIC
INFORMATION
.
46
4.4
VARIABLE
DEFINITIONS
.
47
4.4.1
DEPENDENT
VARIABLES
.
47
4.4.2
INDEPENDENT
VARIABLES
.
49
4.4.2.1
TAXES
AND
COSTS
OF
FINANCIAL
DISTRESS
.
49
4.4.2.2
AGENCY
COSTS
.
50
4.4.2.3
ASYMMETRIC
INFORMATION
AND
SIGNALING
.
52
4.4.2.4
DATASET-SPECIFIC
VARIABLES
AND
INDUSTRY
CLASSIFI
CATION
.
53
4.5
EMPIRICAL
RESULTS
.
54
4.5.1
DESCRIPTIVE
STATISTICS
.
54
4.5.2
CHOICE
OF
LEVERAGE
.
55
4.5.3
CHOICE
OF
DEBT
MATURITY
.
63
4.5.4
ECONOMIC
RELEVANCE
.
67
4.6
PRELIMINARY
CONCLUSIONS
.
69
5
CAPITAL
STRUCTURE
AND
ENDOGENOUS
RISKS
OF
INTERNATIONAL
AC
TIVITIES
73
5.1
INTRODUCTION
.
74
5.2
RELATED
LITERATURE
.
75
5.3
THEORY
.
77
IV
5.3.1
AGENCY
PROBLEMS
IN
INTERNATIONAL
FIRMS
.
77
5.3.2
CAPITAL
STRUCTURE
IN
A
TWO-TIER
AGENCY
FRAMEWORK
.
80
5.3.2.1
INTRODUCTION
AND
ASSUMPTIONS
.
80
5.3.2.2
DEBT
RATIOS
.
81
5.3.2.3
DEBT
MATURITY
.
82
5.4
VARIABLE
MEASUREMENT
.
83
5.4.1
FIRM-LEVEL
AGENCY
PROBLEMS
.
84
5.4.2
INTRA-FIRM
LEVEL
AGENCY
PROBLEMS
.
87
5.4.3
CONTROL
VARIABLES
.
90
5.5
RESULTS
.
92
5.5.1
DESCRIPTIVE
STATISTICS
AND
UNIVARIATE
ANALYSES
.
92
5.5.2
MULTIVARIATE
ANALYSES
.
95
5.5.3
SUMMARY
OF
THE
RESULTS
AND
PARTIAL
EFFECTS
.
101
5.6
PRELIMINARY
CONCLUSION
.
110
6
CAPITAL
STRUCTURE
AND
EXOGENOUS
RISKS
OF
INTERNATIONAL
ACTIV
ITIES
113
6.1
INTRODUCTION
.
113
6.2
RELATED
LITERATURE
.
115
6.3
THEORY
.
116
6.3.1
ENDOGENEITY
BETWEEN
POLITICAL
RISK
EXPOSURE
AND
CORPO
RATE
FINANCING
.
116
6.3.2
DEFINITION
OF
POLITICAL
RISKS
.
116
6.3.3
POLITICAL
RISK
AND
FINANCIAL
STRUCTURE
.
117
6.3.4
DETERMINANTS
OF
INTERNATIONAL
INVESTMENTS
.
119
6.3.4.1
POLITICAL
RISKS
.
120
6.3.4.2
FINANCIAL
STRUCTURE
.
121
6.4
VARIABLE
MEASUREMENT
.
123
6.4.1
INTRODUCTION
.
123
6.4.2
POLITICAL
RISK
.
123
6.4.2.1
QUANTIFYING
POLITICAL
RISKS
.
123
6.4.2.2
DEFINITION
OF
POLITICAL
RISK
VARIABLES
.
125
6.4.3
CAPITAL
STRUCTURE
AND
INTERNATIONAL
FINANCING
.
126
6.4.4
CONTROL
VARIABLES
FOR
INTERNATIONAL
MARKET
ENTRIES
.
127
6.4.4.1
CONTROL
VARIABLES
ON
THE
FIRM
LEVEL
.
127
6.4.4.2
CONTROL
VARIABLES
ON
THE
COUNTRY
LEVEL
.
129
6.5
RESULTS
.
130
6.5.1
POLITICAL
RISK
EXPOSURE
AND
FINANCIAL
LEVERAGE
.
130
6.5.1.1
DESCRIPTIVE
STATISTICS
AND
UNIVARIATE
ANALYSES
.
130
6.5.1.2
MULTIVARIATE
ANALYSES
.
133
6.5.2
DETERMINANTS
OF
INTERNATIONAL
INVESTMENT
.
141
6.5.2.1
COUNTRY
AND
FIRM-LEVEL
FACTORS
.
141
6.5.2.2
POLITICAL
RISKS
.
143
6.5.2.3
FINANCIAL
STRUCTURE
AND
INTERNATIONAL
INVESTMENTS
146
6.6
PRELIMINARY
CONCLUSION
.
151
7
CONCLUSION
157
7.1
SUMMARY
OF
THE
RESULTS
.
157
7.2
IMPLICATIONS
OF
THE
RESULTS
.
159
APPENDICES
161
REFERENCES
183
VI |
| any_adam_object | 1 |
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| author_facet | Brockmann, Malte |
| author_role | aut |
| author_sort | Brockmann, Malte |
| author_variant | m b mb |
| building | Verbundindex |
| bvnumber | BV026751094 |
| ctrlnum | (OCoLC)918304005 (DE-599)DNB999080105 |
| dewey-full | 658.150943 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.150943 |
| dewey-search | 658.150943 |
| dewey-sort | 3658.150943 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| genre_facet | Hochschulschrift |
| geographic | Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV026751094 |
| illustrated | Illustrated |
| indexdate | 2024-08-16T01:00:35Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-022288479 |
| oclc_num | 918304005 |
| open_access_boolean | |
| owner | DE-188 |
| owner_facet | DE-188 |
| physical | XII, 197 S. graph. Darst. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| record_format | marc |
| spelling | Brockmann, Malte Verfasser aut International activities and corporate financing an empirical analysis of German firms Malte Brockmann Oestrich-Winkel 2008 XII, 197 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Oestrich-Winkel, Europ. Business School, Diss., 2008 Unternehmen (DE-588)4061963-1 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Internationalisierung (DE-588)4162106-2 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Unternehmen (DE-588)4061963-1 s Internationalisierung (DE-588)4162106-2 s Finanzmanagement (DE-588)4139075-1 s Kapitalstruktur (DE-588)4125993-2 s DE-188 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022288479&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brockmann, Malte International activities and corporate financing an empirical analysis of German firms Unternehmen (DE-588)4061963-1 gnd Finanzmanagement (DE-588)4139075-1 gnd Kapitalstruktur (DE-588)4125993-2 gnd Internationalisierung (DE-588)4162106-2 gnd |
| subject_GND | (DE-588)4061963-1 (DE-588)4139075-1 (DE-588)4125993-2 (DE-588)4162106-2 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | International activities and corporate financing an empirical analysis of German firms |
| title_auth | International activities and corporate financing an empirical analysis of German firms |
| title_exact_search | International activities and corporate financing an empirical analysis of German firms |
| title_full | International activities and corporate financing an empirical analysis of German firms Malte Brockmann |
| title_fullStr | International activities and corporate financing an empirical analysis of German firms Malte Brockmann |
| title_full_unstemmed | International activities and corporate financing an empirical analysis of German firms Malte Brockmann |
| title_short | International activities and corporate financing |
| title_sort | international activities and corporate financing an empirical analysis of german firms |
| title_sub | an empirical analysis of German firms |
| topic | Unternehmen (DE-588)4061963-1 gnd Finanzmanagement (DE-588)4139075-1 gnd Kapitalstruktur (DE-588)4125993-2 gnd Internationalisierung (DE-588)4162106-2 gnd |
| topic_facet | Unternehmen Finanzmanagement Kapitalstruktur Internationalisierung Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022288479&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT brockmannmalte internationalactivitiesandcorporatefinancinganempiricalanalysisofgermanfirms |