Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations

By Mihir A. Desai, C. Fritz Foley, Kristin J. Forbes. 2008

332 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/a3dda3b376f6a919f2983935d9f7beb37b5a6a77

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Pablo D'Este
2. Jaider Vega-Jurado
3. Francesco Rentocchini

In Economics and Econometrics

1. Pablo D'Este
2. Jaider Vega-Jurado
3. Francesco Rentocchini
4. Markus Perkmann

In Strategy and Management

1. Pablo D'Este
2. Jaider Vega-Jurado
3. Markus Perkmann

Citations in the corpus

• The Role of Human Capital in Lowering the Barriers to Engaging in Innovation: Evidence from the Spanish Innovation Survey (2014, background): “407(14)*** Firm-year observations 11271 24559 11271 24559 11271 24559 Firm observations 5049 8181 5049 8181 5049 8181 Legend: * p<0.”
• Economic Nationalism in Mergers and Acquisitions (2013, unknown): “Usually, 30 Perez-Gonzales (2005), Desai, Foley, and Forbes (2008), and Chari, Chen, and Dominguez (2009) provide empirical evidence on the benefits of unimpeded foreign ownership in non-European contexts.”
• Endogeneity in CEO power: A survey and experiment (2016, unknown): “For example, fixed effects play an important role in Bebchuk, Cohen, and Ferrell (2009), Claessens, Feijen, and Laeven (2008), Bottazzi et al. (2008), Khwaja and Mian (2008), and Desai, Foley, and Forbes (2008).”
• The Costs of Sovereign Default: Evidence from Argentina (2017, unknown): “A similar effect is documented for multinational and local firms following an exchange rate depreciation in Desai et al. (2008), with multinational firms cutting investment less than domestic firms, presumably because external financing helps multinational mitigate the balance sheet effect.”
• Firm Exports and Multinational Activity Under Credit Constraints (2011, unknown): “After large real exchange rate devaluations, the affiliates of US multinationals abroad expand sales and investment more than domestic companies (Desai et al. 2008).”
• International Trade, Multinational Activity, and Corporate Finance (2015, unknown): “Desai et al. (2008) document that these differential responses reflect the ability of multinational affiliates to access capital provided by their corporate parents.”
• Corporate Dollar Debt and Depreciations: Much Ado About Nothing? (2005, unknown): “Desai, Foley, and Forbes (2007) find that subsidiaries of U.S. multinationals outperform their locally owned couterparts in periods following large depreciations.”