English, Article edition: Diversification, Exchange Risks and Corporate International Investment Jongmooo Jay Choi

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Diversification, Exchange Risks and Corporate International Investment
Author
  • Jongmooo Jay Choi
Physical Description
  • article
Notes
  • All international investments inevitably have some diversification consequences. Yet the literature on foreign direct investment accords only a limited role to diversification or financial variables. This paper develops a theory of corporate international investment from the standpoint of finance in an environment where the segmentation of international capital markets for individuals or the presence of agency costs provide some independence to corporate decisions separate from shareholders. The model does not depend on any particular advantage of multinational firms, and is specifies the stochastic properties of domestic and foreign output and input prices. It is found that real exchange risk and diversification gains affect corporate international investment in a significant way. It is also shown that the model embodies several existing explanations based on behavioral and economic variables.© 1989 JIBS. Journal of International Business Studies (1989) 20, 145–155
  • RePEc:pal:jintbs:v:20:y:1989:i:1:p:145-155
Language
  • English
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