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dc.contributor.authorHebous, Shafiken
dc.contributor.authorWeichenrieder, Alfons J.en
dc.date.accessioned2010-01-27-
dc.date.accessioned2010-05-14T08:23:41Z-
dc.date.available2010-05-14T08:23:41Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/30654-
dc.description.abstractThis paper provides empirical evidence on two potential costs of shared ownership of German affiliates abroad. First, in periods of currency crises, wholly-owned affiliates, in contrast to partially-owned affiliates, seem to circumvent financial constraints by accessing capital from their parent companies. In terms of differences in performance regarding sales of both types of firms, wholly-owned affiliates have a significantly better sales performance than partially-owned affiliates in periods of crises. This finding contributes to the evidence that FDI helps in mitigating the negative consequences of sharp currency depreciation, and stresses that this effect works especially through capital inflows to wholly-owned affiliates. Second, the debt financing of partially-owned affiliates is less sensitive to the tax rate suggesting that partially-owned affiliates rely less on international debt shifting than wholly-owned affiliates. This indicates that partially-owned affiliates are less flexible to exploit tax efficient strategies.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2892en
dc.subject.jelF23en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordforeign direct investmenten
dc.subject.keywordcapital structureen
dc.subject.keywordownership structureen
dc.subject.keywordcurrency crisesen
dc.subject.keywordcorporate taxationen
dc.titleDebt financing and sharp currency depreciations: wholly vs. partially owned multinational affiliates-
dc.typeWorking Paperen
dc.identifier.ppn617262292en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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