{"id":"https://openalex.org/W115181794","doi":null,"title":"Debt heterogeneity, agency costs and business risk of multinational corporations","display_name":"Debt heterogeneity, agency costs and business risk of multinational corporations","publication_year":2014,"publication_date":"2014-06-04","ids":{"openalex":"https://openalex.org/W115181794","mag":"115181794"},"language":"en","primary_location":{"id":"pmh:oai:repo.uum.edu.my:11579","doi":null,"is_oa":true,"landing_page_url":"https://repo.uum.edu.my/id/eprint/11579/1/D.pdf","pdf_url":"http://repo.uum.edu.my/11579/1/D.pdf","source":{"id":"https://openalex.org/S4306400886","display_name":"Universiti Utara Malaysia Institutional Repository (Universiti Utara Malaysia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I65079550","host_organization_name":"Universiti Malaysia Perlis","host_organization_lineage":["https://openalex.org/I65079550"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Conference or Workshop Item"},"volume":null,"type":"conference-paper","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://repo.uum.edu.my/11579/1/D.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5029692056","display_name":"Lee Hwei Khaw","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Lee-Hwei Khaw","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5056369725","display_name":"Jonathan A. Batten","orcid":"https://orcid.org/0000-0002-3871-7360","observed_orcids":["https://orcid.org/0000-0002-3871-7360"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jonathan A. Batten","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-3871-7360","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5062371304","display_name":"Martin R. Young","orcid":"https://orcid.org/0000-0002-3121-9633","observed_orcids":["https://orcid.org/0000-0002-3121-9633"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Martin R. Young","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-3121-9633","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.00632547,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9926999807357788,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9926999807357788,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0010000000474974513,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.0010000000474974513,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/multinational-corporations","display_name":"multinational corporations","score":0.8500000238418579},{"id":"https://openalex.org/keywords/agency-costs-of-debt","display_name":"agency costs of debt","score":0.953000009059906},{"id":"https://openalex.org/keywords/business-risk","display_name":"business risk","score":0.9980000257492065},{"id":"https://openalex.org/keywords/convertible-debt","display_name":"convertible debt","score":0.8960000276565552},{"id":"https://openalex.org/keywords/long-term-debt","display_name":"long-term debt","score":0.8050000071525574},{"id":"https://openalex.org/keywords/international-diversification","display_name":"international diversification","score":0.8650000095367432},{"id":"https://openalex.org/keywords/internationalization","display_name":"internationalization","score":0.7739999890327454},{"id":"https://openalex.org/keywords/debt-structure","display_name":"debt structure","score":0.5879999995231628},{"id":"https://openalex.org/keywords/domestic-firms","display_name":"domestic firms","score":0.5180000066757202}],"concepts":[{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.678949236869812},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6245395541191101},{"id":"https://openalex.org/C202189257","wikidata":"https://www.wikidata.org/wiki/Q2915683","display_name":"Internal debt","level":3,"score":0.6219910383224487},{"id":"https://openalex.org/C22270272","wikidata":"https://www.wikidata.org/wiki/Q5248601","display_name":"Debt levels and flows","level":4,"score":0.6163530349731445},{"id":"https://openalex.org/C158016649","wikidata":"https://www.wikidata.org/wiki/Q161726","display_name":"Multinational corporation","level":2,"score":0.6125367283821106},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.5881267786026001},{"id":"https://openalex.org/C201316295","wikidata":"https://www.wikidata.org/wiki/Q7302965","display_name":"Recourse debt","level":5,"score":0.5675382614135742},{"id":"https://openalex.org/C106210156","wikidata":"https://www.wikidata.org/wiki/Q1559695","display_name":"Debt-to-GDP ratio","level":4,"score":0.5500664710998535},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.5360608100891113},{"id":"https://openalex.org/C40566830","wikidata":"https://www.wikidata.org/wiki/Q7450734","display_name":"Senior debt","level":5,"score":0.5225222110748291},{"id":"https://openalex.org/C175647561","wikidata":"https://www.wikidata.org/wiki/Q1347876","display_name":"Equity value","level":5,"score":0.46031472086906433},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4396120309829712},{"id":"https://openalex.org/C180916674","wikidata":"https://www.wikidata.org/wiki/Q3711935","display_name":"Diversification (marketing strategy)","level":2,"score":0.4228702485561371},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4204569160938263},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3866664171218872},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2768403887748718},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.06626877188682556},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.0},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:repo.uum.edu.my:11579","doi":null,"is_oa":true,"landing_page_url":"https://repo.uum.edu.my/id/eprint/11579/1/D.pdf","pdf_url":"http://repo.uum.edu.my/11579/1/D.pdf","source":{"id":"https://openalex.org/S4306400886","display_name":"Universiti Utara Malaysia Institutional Repository (Universiti Utara Malaysia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I65079550","host_organization_name":"Universiti Malaysia Perlis","host_organization_lineage":["https://openalex.org/I65079550"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Conference or Workshop Item"},{"id":"mag:115181794","doi":null,"is_oa":false,"landing_page_url":"http://repo.uum.edu.my/11579/","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:repo.uum.edu.my:11579","doi":null,"is_oa":true,"landing_page_url":"https://repo.uum.edu.my/id/eprint/11579/1/D.pdf","pdf_url":"http://repo.uum.edu.my/11579/1/D.pdf","source":{"id":"https://openalex.org/S4306400886","display_name":"Universiti Utara Malaysia Institutional Repository (Universiti Utara Malaysia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I65079550","host_organization_name":"Universiti Malaysia Perlis","host_organization_lineage":["https://openalex.org/I65079550"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Conference or Workshop Item"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320320816","display_name":"Massey University","ror":"https://ror.org/052czxv31"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W115181794.pdf","grobid_xml":"https://content.openalex.org/works/W115181794.grobid-xml"},"referenced_works_count":30,"referenced_works":["https://openalex.org/W1971552873","https://openalex.org/W1981944838","https://openalex.org/W1982481900","https://openalex.org/W1985801767","https://openalex.org/W1989652734","https://openalex.org/W1991384670","https://openalex.org/W1992196522","https://openalex.org/W1992277450","https://openalex.org/W2000578291","https://openalex.org/W2008782829","https://openalex.org/W2018142623","https://openalex.org/W2020960836","https://openalex.org/W2024601112","https://openalex.org/W2031677017","https://openalex.org/W2035646459","https://openalex.org/W2043219156","https://openalex.org/W2045167455","https://openalex.org/W2051981673","https://openalex.org/W2054006061","https://openalex.org/W2084310832","https://openalex.org/W2095059811","https://openalex.org/W2143480227","https://openalex.org/W2150221055","https://openalex.org/W2160416208","https://openalex.org/W2170790204","https://openalex.org/W2739916346","https://openalex.org/W2752617332","https://openalex.org/W3121157334","https://openalex.org/W3125414352","https://openalex.org/W3125761640"],"related_works":["https://openalex.org/W2900627453","https://openalex.org/W3111380428","https://openalex.org/W3125414352","https://openalex.org/W7100833558","https://openalex.org/W4410117696","https://openalex.org/W2035646459","https://openalex.org/W2807784188","https://openalex.org/W1992196522","https://openalex.org/W2268992015","https://openalex.org/W2390741763"],"abstract_inverted_index":{"Internationalization":[0],"enables":[1],"multinational":[2],"corporations":[3,45],"(MNCs)":[4],"to":[5,56,90,108,114,121,136,172],"diversify":[6],"their":[7,54,103,148],"source":[8],"and":[9,25,84,165],"type":[10],"of":[11,23,40,50,60,79,82,118,131,141,150,157],"debt":[12,24,42,69,83,97,101,104,120,159],"as":[13,15,106,144],"well":[14],"earnings,":[16],"although":[17],"doing":[18],"so":[19],"incurs":[20],"agency":[21,80,142],"costs":[22,81,143],"business":[26,85,132],"risk.To":[27],"mitigate":[28,91],"these":[29,51],"costs,":[30],"existing":[31],"studies":[32,52],"find":[33],"that":[34,75,154],"MNCs":[35,87,111,145],"typically":[36],"have":[37],"lower":[38],"levels":[39,117],"long-term":[41,96,119],"than":[43],"domestic":[44],"(DCs).":[46],"One":[47],"key":[48],"limitation":[49],"is":[53,134,170],"failure":[55],"recognize":[57],"the":[58,63,68,77,92,123,129,139,155],"heterogeneity":[59],"debt,":[61],"specifically":[62],"equity":[64],"options":[65],"embedded":[66],"in":[67,76,102],"issued":[70],"by":[71,98,163],"MNCs.":[72],"We":[73],"show":[74],"presence":[78],"risk,":[86],"are":[88,112,160],"able":[89,113],"negative":[93],"effects":[94],"on":[95],"utilizing":[99],"convertible":[100,158],"structure,":[105],"compared":[107],"DCs.":[109],"Therefore,":[110],"sustain":[115],"higher":[116],"make":[122],"most":[124],"from":[125],"international":[126],"diversification.":[127],"Relatively,":[128],"significance":[130,140],"risk":[133],"found":[135],"out":[137],"weigh":[138],"further":[146],"increase":[147],"degree":[149],"internationalization.Evidence":[151],"also":[152],"shows":[153],"issuers":[156],"not":[161],"dominated":[162],"smaller":[164],"riskier":[166],"growth":[167],"firms,":[168],"but":[169],"linked":[171],"internationalization.":[173]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}