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What Can International Finance Add to International Strategy?

  • Oxelheim, Lars

    ()

    (Research Institute of Industrial Economics (IFN))

  • Randoy, Trond

    ()

    (University of Agder)

  • Stonehill, Arthur

    (Oregon State University)

This chapter focuses on the role of corporate financial strategies to improve firms’ market valuations, and thus lower their cost of capital. The identification of successful strategies is accomplished within an overall strategic framework and related to how the firm perceives the degree of international financial integration. Five strategies for how to break out of a segmented, thin domestic capital market are highlighted together with historical success cases. The chapter illustrates the linkages between business strategy, firm motivation, and various financial strategies.

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Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 888.

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Length: 28 pages
Date of creation: 22 Nov 2011
Date of revision:
Handle: RePEc:hhs:iuiwop:0888
Contact details of provider: Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
Phone: +46 8 665 4500
Fax: +46 8 665 4599
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  1. Susmel, Raul & Engle, Robert F., 1994. "Hourly volatility spillovers between international equity markets," Journal of International Money and Finance, Elsevier, vol. 13(1), pages 3-25, February.
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  3. Mittoo, Usha R. & Zhang, Zhou, 2008. "The capital structure of multinational corporations: Canadian versus U.S. evidence," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 706-720, December.
  4. Glen, Jack & Jorion, Philippe, 1993. " Currency Hedging for International Portfolios," Journal of Finance, American Finance Association, vol. 48(5), pages 1865-86, December.
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  6. Lin, Wen-Ling & Engle, Robert F & Ito, Takatoshi, 1994. "Do Bulls and Bears Move across Borders? International Transmission of Stock Returns and Volatility," Review of Financial Studies, Society for Financial Studies, vol. 7(3), pages 507-38.
  7. Dahlquist, Magnus & Robertsson, Goran, 2001. "Direct foreign ownership, institutional investors, and firm characteristics," Journal of Financial Economics, Elsevier, vol. 59(3), pages 413-440, March.
  8. Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002. "The Geography of Equity Listing: Why Do Companies List Abroad?," Journal of Finance, American Finance Association, vol. 57(6), pages 2651-2694, December.
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  11. Oxelheim, Lars & Randøy, Trond & Stonehill, Arthur, 2001. "On the treatment of finance-specific factors within the OLI paradigm," International Business Review, Elsevier, vol. 10(4), pages 381-398, August.
  12. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June.
  13. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
  14. Thomas O’Connor, 2011. "Financial Development, Internationalisation and Firm Value," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 10(1), pages 21-71, April.
  15. Forssbæck, Jens & Oxelheim, Lars, 2011. "Corporate financial determinants of foreign direct investment," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(3), pages 269-282, June.
  16. Anant K Sundaram & Dennis E Logue, 1996. "Valuation Effects of foreign Company Listings on U.S. Exchanges," Journal of International Business Studies, Palgrave Macmillan, vol. 27(1), pages 67-88, March.
  17. Hietala, Pekka T, 1989. " Asset Pricing in Partially Segmented Markets: Evidence from the Finnish Market," Journal of Finance, American Finance Association, vol. 44(3), pages 697-718, July.
  18. Cooper, Ian & Kaplanis, Evi, 1994. "Home Bias in Equity Portfolios, Inflation Hedging, and International Capital Market Equilibrium," Review of Financial Studies, Society for Financial Studies, vol. 7(1), pages 45-60.
  19. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
  20. Lars Oxelheim & Trond Rand�y, 2005. "The Anglo-American financial influence on CEO compensation in non-Anglo-American firms," Journal of International Business Studies, Palgrave Macmillan, vol. 36(4), pages 470-483, July.
  21. Tesar, Linda L. & Werner, Ingrid M., 1995. "Home bias and high turnover," Journal of International Money and Finance, Elsevier, vol. 14(4), pages 467-492, August.
  22. Harvey, Campbell R, 1991. " The World Price of Covariance Risk," Journal of Finance, American Finance Association, vol. 46(1), pages 111-57, March.
  23. Lau, Sie Ting & Diltz, J. David, 1994. "Stock returns and the transfer of information between the New York and Tokyo stock exchanges," Journal of International Money and Finance, Elsevier, vol. 13(2), pages 211-222, April.
  24. Forssbæck, Jens & Oxelheim, Lars, 2008. "Finance-specific factors as drivers of cross-border investment--An empirical investigation," International Business Review, Elsevier, vol. 17(6), pages 630-641, December.
  25. Randøy, Trond & Oxelheim, Lars & Stonehill, Arthur, 2001. "Corporate Financial Strategies for Global Competitiveness," European Management Journal, Elsevier, vol. 19(6), pages 659-669, December.
  26. Blass, Asher & Yafeh, Yishay, 2001. "Vagabond shoes longing to stray: Why foreign firms list in the United States," Journal of Banking & Finance, Elsevier, vol. 25(3), pages 555-572, March.
  27. Reese, William Jr. & Weisbach, Michael S., 2002. "Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings," Journal of Financial Economics, Elsevier, vol. 66(1), pages 65-104, October.
  28. Levy Yeyati, Eduardo & Schmukler, Sergio L. & Van Horen, Neeltje, 2009. "International financial integration through the law of one price: The role of liquidity and capital controls," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 432-463, July.
  29. Oxelheim, Lars, 2001. "Routes to equity market integration -- the interplay between politicians, investors and managers," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 183-211, April.
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