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首页> 外文期刊>Journal of International Financial Management & Accounting >Exploring nonlinear linkage between profitability and leverage: US multinational versus domestic corporations
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Exploring nonlinear linkage between profitability and leverage: US multinational versus domestic corporations

机译：探索盈利能力与杠杆之间的非线性联系：美国跨国与国内公司

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摘要

This study examines the impact of profitability on the capital structure decision of US multinational and domestic corporations. The findings reveal that the relationship between multinational corporations' (MNCs') profitability and their leverage ratios is U-shaped and nonlinear, while this nonlinear relation does not exist for domestic firms (DCs). This nonlinear relationship indicates that the effect of profitability on multinational corporations' leverage depends on the levels of their profitability. Consistent with the dominance of the pecking order theory, lower-profitability MNCs have a tax shield advantage that does not outweigh the information asymmetry costs of debt financing. Conversely, higher-profitability MNCs have a tax shield advantage that outweighs the information asymmetry costs of debt financing. The findings are robust after using two different classifications for multinational firms, including foreign tax and foreign sales; after applying an alternative methodology and during different time horizons.
机译：本研究探讨了盈利能力对美国跨国和国内公司的资本结构决定的影响。调查结果表明，跨国公司（MNCS）盈利能力与其杠杆比率之间的关系是U形和非线性，而国内公司（DCS）不存在这种非线性关系。这种非线性关系表明盈利能力对跨国公司的杠杆作用取决于其盈利能力的水平。与啄食订单理论的主导地位一致，低盈利能力跨国公司具有税收屏蔽优势，不会超过债务融资的信息不对称性成本。相反，高盈利能力MNC具有税收优势，超过债务融资的信息不对称性成本。使用外国税和外国销售的两家不同分类后，该研究结果非常强大;在申请替代方法和不同时间视野之后。

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