Corporate governance in the multinational enterprise: A financial contracting perspective

International Business Review

Volumn 19, Issue 5, 2010, Pages 446-456

  Dietrich, Diemo ^a,b   Jindra, Björn ^a,c  

^a HALLE INSTITUTE FOR ECONOMIC RESEARCH   (Germany)

^b MARTIN LUTHER UNIVERSITY HALLE WITTENBERG   (Germany)

^c UNIVERSITY OF SUSSEX   (United Kingdom)

Author keywords

Corporate governance; Financial contracting; Internationalisation theory and foreign market entry; Ownership control structures

Indexed keywords

EID: 77954815256     PISSN: 09695931     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ibusrev.2009.06.003     Document Type: Article

References (58)

1. Aghion P., Bolton P. An 'Incomplete contracts' approach to financial contracting. Review of Economic Studies 1992, 59:473-494.
2. Aghion P., Tirole J. On the management of innovation. Quarterly Journal of Economics 1994, 109:1185-1209.
3. Aghion P., Tirole J. Formal and real authority in organizations. Journal of Political Economy 1997, 105:1-29.
4. Agmon T. Bringing financial economics into international business research: Taking advantage of a paradigm change. Journal of International Business Studies 2006, 37:575-577.
5. Alchian A., Demsetz H. Production, information costs and economic organization. American Economic Review 1972, 62:777-795.
6. Bolton P., Dewatripont M. Contract theory 2005, MIT Press, Cambridge, MA.
7. Bolton P., Scharfstein D. Corporate finance, the theory of the firm, and organizations. Journal of Economic Perspectives 1998, 12(4):95-114.
8. Borga, M., & Zeile, W. J. (2004). International fragmentation of production and the intrafirm trade of U.S. Multinational Companies, Bureau of Economic Analysis. Working Paper, 2004-02.
9. Buckley P.J., Casson M.C. A long run theory of the multinational enterprise. The future of the multinational enterprise 1976, Macmillan, London, pp. 32-65.
10. Campa J., Goldberg L.S. The evolving external orientation of manufacturing: A profile of four countries. FRBNY Economic Policy Review 1997, (July):53-81.
11. Cantwell J. Technological innovations in multinational corporations 1989, Blackwell, Oxford.
12. Caves R.E. Multinational enterprise and economic analysis 1996, CUP, Cambridge. 2nd ed.
13. Coase R.H. The nature of the firm. Economica 1937, 4:386-405.
14. Coase R.H. The problem of social cost. Journal of Law and Economics 1960, 16(3):331-351.
15. Dietrich D. Financing FDI into developing economies and the international transmission of business cycle fluctuations. Swiss Journal of Economics and Statistics 2004, 140(4):449-481.
16. Dietrich D. Asset tangibility and capital allocation. Journal of Corporate Finance 2007, 13(5):995-1007.
17. Dunning J.H. Trade location of economic activity and the MNE: A search for an eclectic approach. The international allocation of economic activity 1977, 395-418. Macmillan, London. B. Ohlin, P.O. Hesselborn, P.M. Wijkman (Eds.).
18. Dunning J.H. Multinational enterprises in the global economy 1993, Addison-Wesley, Wokingham, UK.
19. Dunning J.H. Towards a new paradigm of development: Implications for the determinants of international business. Transnational Corporations 2006, 15(1):1173-1227.
20. Feenstra R.C. Integration of trade and disintegration of production in the global economy. Journal of Economic Perspectives 1998, 12(4):31-50.
21. Feinberg S.E., Keane M.P. Accounting for the growth of MNC-based trade using a structural model of U.S. MNCs. American Economic Review 2005, 96(5):1115-1158.
22. Gertner R.H., Scharfstein D.S., Stein J.C. Internal versus external capital markets. The Quarterly Journal of Economics 1994, 109:1211-1230.
23. Grossman S., Hart O. Takeover bids, the free rider problem, and the theory of the corporation. Bell Journal of Economics 1980, 11:42-64.
24. Grossman S., Hart O. The cost and benefits of ownership: A theory of vertical and lateral Integration. Journal of Political Economy 1986, 94:691-719.
25. Grossman G.M., Helpman E. Integration versus outsourcing in industry equilibrium. Quarterly Journal of Economics 2002, 117(1):85-120.
26. Grossman G.M., Helpman E. Outsourcing versus FDI in industry equilibrium. Journal of the European Economic Association 2003, 1(2-3):317-327.
27. Grossman G.M., Helpman E. Outsourcing in a global economy. Review of Economic Studies 2005, 72(1):135-159.
28. Hart O. An economist's perspective on the theory of the firm. Columbia Law Review 1989, 89(7):1757-1774.
29. Hart O. Corporate governance: Some theory and implications. The Economic Journal 1995, 105:678-689.
30. Hart O. Firms contracts and financial structure 1995, Clarendon Press, Oxford, UK.
31. Hart O., Moore J. A property rights approach and the nature of the firm. Journal of Political Economy 1990, 98(6):1119-1158.
32. Hart O., Moore J. Default and renegotiation: A dynamic model of debt. Quarterly Journal of Economics 1998, 113(1):1-41.
33. Hanson G.H., Mataloni R.J., Slaughter M.J. Vertical production networks in multinational firms. Review of Economics and Statistics 2005, 87(4):664-678.
34. Hausmann, R., Fernandez-Arias, E. (2001). Foreign direct investment: Good cholesterol? In OECD, Foreign direct investment versus other flows to Latin America. Paris (pp. 19-49).
35. Helpman E. Trade, FDI, and the organization of firms. Journal of Economic Literature 2006, 64:589-630.
36. Helpman E., Melitz M.J., Yeaple S.R. Export versus FDI with heterogeneous firms. American Economic Review 2004, 94(1):300-316.
37. Hennart J. Explaining the 'swollen middle': Why most transactions are a mix of market and hierarchy. Organization Science 1993, 4:529-547.
38. Hummels D., Jun I., Yi K.M. The nature and growth of vertical specialization in world trade. Journal of International Economics 2001, 54(1):75-96.
39. Jensen M.C., Meckling W. Theory of the firm: Managerial behavior, agency costs and capital structure. Journal of Financial Economics 1976, 3:305-360.
40. Kim J., Mahoney J.T. Property rights theory, transaction costs theory, and agency theory: An organizational economics approach to strategic management. Managerial and Decision Economics 2006, 26:223-242.
41. Klein B., Crawford R.G., Alchian A. Vertical integration, appropriable rents and the competitive contracting process. Journal of Law and Economics 1978, 21:297-326.
42. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Investor protection and corporate governance. Journal of Financial Economics 2000, 58:3-27.
43. Levchenko, A.A. (2004). Institutional quality and international trade. IMF Working Paper 2004/231.
44. Melitz M.J. The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica 2003, 71(6):1695-1725.
45. Nunn N. Relationship-specificity, incomplete contracts, and the pattern of trade. Quarterly Journal of Economics 2007, 122(2):569-600.
46. Rugman A.M. Inside the multinationals: The economics of internal markets 1981, Columbia Press, New York.
47. Shleifer A., Vishny R.W. A survey of corporate governance. The Journal of Finance 1997, 52:737-783.
48. Spencer B.J. International outsourcing and incomplete contract. Canadian Journal of Economics 2005, 38(4):1107-1135.
49. Stein J.C. Internal capital markets and the competition for corporate resources. The Journal of Finance 1997, 52:111-133.
50. Stein J.C. Information production and capital allocation: Decentralized versus hierarchical firms. The Journal of Finance 2002, 57:1891-1921.
51. Strauss-Kahn V. The role of globalization in the within-industry shift away from unskilled workers in France. NBER Working Papers 2003, 9716.
52. Teece D. The multinational enterprise: Market failure and market power considerations. Sloan Management Review 1981, 22(3):3-17.
53. Tirole J. The theory of corporate finance 2006, Princeton University Press, Princeton.
54. UNCTAD-United Nations Conference on Trade and Development World investment report: Trends and determinants 1998, United Nations Publications, New York/Geneva.
55. Whinston M.D. On the transaction cost determinants of vertical integration. Journal of Law Economics & Organization 2003, 19(1):1-23.
56. Williamson O.E. Transaction cost economics: The governance of contractual relations. Journal of Law and Economics 1979, 22:231-261.
57. Williamson O.E. The new institutional economics: Taking stock and looking ahead. Journal of Economic Literature 2000, 38(3):595-613.
58. Zingales L. In search of new foundations. The Journal of Finance 2000, 55(4):1623-1653.