Do banks matter for the risk of a firm's investment portfolio? Evidence from foreign direct investment programs

• 成果类型: Article
• 署名作者: Betschinger, Marie-Ann
• 署名单位: HSE University (National Research University Higher School of Economics)
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2302
• 发表日期: 2015
• 页码: 1264-1276
• 关键词: investment risk; banks; Ownership structure; debt structure; Foreign direct investment

摘要

The study explores the role of banks as debt and equity holders for the riskiness of a firm's investment strategy using a panel of Japanese firms in the electronics industry in the period 1992-2004 for the empirical analysis. Based on a conceptual framework grounded in agency and financial intermediation theories, we find that a larger involvement of banks as debt holders in a firm is associated with lower foreign direct investment portfolio risk, while the shareholdings of universal banks increase it, supporting the theoretical predictions. Copyright (c) 2014 John Wiley & Sons, Ltd.