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Influence the capital structure on the cost of capital and enterprise value in multinationals

  • NICOLETA BARBUTA-MISU

    ()

    (Business Administration Department, “Dunarea de Jos” University of Galati)

The main problems identified in determination of capital structure are referred to identifying the source of relevant funds, evaluation of risks generated by using some funds and their costs in order to ensure the autonomy of the enterprise. The objective of any company is to achieve optimal capital structure, which is approached by minimizing average cost of capital and maximizing the market value of the company. Thus, this paper aims to study the influence of capital structure on the cost of capital and enterprise value, in the case of two multinational companies, in order to identify optimal financial structures, and the differences between them.

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File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/1612/1410
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Article provided by Danubius University of Galati in its journal Euroeconomica.

Volume (Year): (2012)
Issue (Month): 4(31) (November)
Pages: 7-20

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Handle: RePEc:dug:journl:y:2012:i:4:p:7-20
Contact details of provider: Web page: http://www.euroeconomica-danubius.ro/

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  1. Singh, Kuljot & Hodder, James E., 2000. "Multinational capital structure and financial flexibility," Journal of International Money and Finance, Elsevier, vol. 19(6), pages 853-884, December.
  2. Andreas Hoffjan & Michael Rösmann, 2002. "Capital structure design of foreign subsidiaries in multinational corporate groups with a German parent company," Working Papers hal-00593870, HAL.
  3. Shapiro, Alan C., 1978. "Financial Structure and Cost of Capital in the Multinational Corporation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(02), pages 211-226, June.
  4. Chkir, Imed Eddine & Cosset, Jean-Claude, 2001. "Diversification strategy and capital structure of multinational corporations," Journal of Multinational Financial Management, Elsevier, vol. 11(1), pages 17-37, February.
  5. Hoffjan, Andreas & Rosmann, Michael, 2002. "Capital structure design of foreign subsidiaries in multinational corporate groups with a German parent company," Arbeitspapiere des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Controlling 4-1, University of Münster, Chair of Management Accounting.
  6. Mari Avarmaa & Aaro Hazak & Kadri Männasoo, 2011. "Capital structure formation in multinational and local companies in the Baltic States," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 11(1), pages 125-146, July.
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