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The determinants of capital structure for Japanese multinational and domestic corporations

Akhtar, Shumi; Oliver, Barry


Theoretically, it is often argued that the international diversification of earnings should enable multinational corporations to sustain higher levels of debt than domestic corporations. Studies using US multinationals often report lower leverage for multinationals relative to domestic corporations, while studies on samples of French and Canadian multinationals find the theoretical relation. This paper extends the research to Japanese multinationals. We find that being a multinational...[Show more]

CollectionsANU Research Publications
Date published: 2006
Type: Working/Technical Paper
Source: International Review of Finance
DOI: 10.1111/j.1468-2443.2009.01083.x


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