Conference paper
Presence of Foreign Firms and the Firm Capital Structure: Evidence from China’s Manufacturing Sector
Proceedings of the 42nd Australian Conference of Economists, pp.1-23
Australian Conference of Economists (ACE): Beyond the Frontiers: New Directions in Economics, 42nd (Perth, Australia, 07-Jul-2013–10-Jul-2013)
Murdoch University
2013
Abstract
This paper argues that there is a link between foreign presence and the leverage of domestic firms. This link is empirically evaluated by using firm level panel data from China. The empirical estimation based on (i) the Tobit and (ii) the Instrumental Variable Tobit regression reveals that, in overall terms, the impact of foreign presence on the leverage of domestic firms in China's manufacturing sector is negative. We find that the negative impact on the leverage of privately owned firms is relatively large. We expect the impact of foreign presence on the leverage of domestic firms to vary from industry to industry.
Details
- Title
- Presence of Foreign Firms and the Firm Capital Structure: Evidence from China’s Manufacturing Sector
- Authors
- Sajid Anwar (Author) - University of the Sunshine Coast - Faculty of Arts and BusinessS Sun (Author) - James Cook University
- Contributors
- D Butler (Editor)M Mangano (Editor)
- Publication details
- Proceedings of the 42nd Australian Conference of Economists, pp.1-23
- Conference details
- Australian Conference of Economists (ACE): Beyond the Frontiers: New Directions in Economics, 42nd (Perth, Australia, 07-Jul-2013–10-Jul-2013)
- Publisher
- Murdoch University
- Date published
- 2013
- ISBN
- 9781921877124
- Copyright note
- Copyright © 2013 The Authors. The Author's Accepted Version is reproduced here with kind permission of the author.
- Organisation Unit
- School of Business and Creative Industries; Indigenous and Transcultural Research Centre; University of the Sunshine Coast, Queensland; USC Business School - Legacy
- Language
- English
- Record Identifier
- 99448873402621
- Output Type
- Conference paper
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