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dc.contributor.advisorMcMillan, David
dc.contributor.authorCamara, Omar
dc.coverage.spatial260en_US
dc.date.accessioned2012-09-22T20:32:59Z
dc.date.available2012-09-22T20:32:59Z
dc.date.issued2012
dc.identifier.urihttps://hdl.handle.net/10023/3147
dc.description.abstractThis thesis is an empirical investigation of three related capital structure dynamics of US-based multinationals and their domestic counterparts. Specifically, the thesis examined whether there are differences in capital structure adjustment speed between US-based Multinationals (hereafter, MNCs) and Domestic Corporations (hereafter, DCs), and if so, what theoretical factors contribute to the differences. At an industry level, the thesis examine whether or not industries of US-based Multinationals (MNCs) and their domestic counterparts (DCs) have different speed of capital structure adjustment toward the target level, particularly the manufacturing industry. And at the macro level, the thesis estimates the effect of macroeconomic factors (commercial paper spread, growth in aggregate capital expenditure of nonfinancial firms, and consumer price index (CPI)), and macroeconomic conditions defined by GDP, default spread, unemployment and price-output ratio on capital structure dynamics of US-based MNCs relative to DCs. Various econometric techniques were employed in the thesis to test the hypothesis that capital structure dynamics of US-based MNCs differ from DCs. Using fixed effect instrumental variables (FEIV), the empirical results shows that on average, DCs adjust to target leverage faster than MNCs. Similarly, the results support existences of capital structure differences among industries for MNCs and DCs.en_US
dc.language.isoenen_US
dc.publisherUniversity of St Andrews
dc.subject.lccHG4011.C2
dc.subject.lcshCorporations--Finance--Econometric modelsen_US
dc.subject.lcshCorporations--United States--Financeen_US
dc.subject.lcshCapital--United States--Econometric modelsen_US
dc.subject.lcshInternational business enterprises--United Statesen_US
dc.titleCapital structure dynamics of US-based multinationals (MNCs) and domestic (DCs) firmsen_US
dc.typeThesisen_US
dc.type.qualificationlevelDoctoralen_US
dc.type.qualificationnamePhD Doctor of Philosophyen_US
dc.publisher.institutionThe University of St Andrewsen_US


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