Affiliates’ Bank Debt Policy: Does Parent Firm Nationality Matter?
研究发现，外国集团附属企业使用的银行债务仅为国内集团附属企业的一半左右，且母国与东道国之间的地理、文化距离以及法律体系差异会进一步减少银行债务使用。
Abstract This paper examines whether and how bank debt is affected by foreign group affiliation. Ceteris paribus , affiliates of foreign business groups only use about half as much bank debt compared to affiliates of domestic groups. Further, the results indicate that geographical and cultural distance between parent and affiliate countries raise barriers when accessing bank financing. The bank debt usage decreases even further if affiliates and parent firms depend on different legal systems or the degree of legal enforcement in the parent firm's country is low.