Arbeitspapier
Creditor Rights and Debt Allocation within Multinationals
We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that partially centralized borrowing structures are optimal with either weak or strong creditor rights. For intermediate levels of creditor rights fully decentralized (centralized) borrowing structures are optimal if managers have strong (weak) empire building dencies. Decentralized borrowing is more attractive for companies focussing on short-term profitability. Credits are rather taken in countries with better creditor rights and more efficient insolvency systems.
- Sprache
-
Englisch
- Erschienen in
-
Series: SFB/TR 15 Discussion Paper ; No. 304
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Multinational Firms; International Business
- Thema
-
Multinational corporations
capital structure
creditor rights
coinsurance
internal capital markets
Multinationales Unternehmen
Kapitalstruktur
Schulden
Gläubigerschutz
Kapitalmarktrecht
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Akbel, Basak
Schnitzer, Monika
- Ereignis
-
Veröffentlichung
- (wer)
-
Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY)
- (wo)
-
München
- (wann)
-
2009
- DOI
-
doi:10.5282/ubm/epub.13250
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-13250-8
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Akbel, Basak
- Schnitzer, Monika
- Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY)
Entstanden
- 2009
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