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Corporate Finance in Africa: The Interactive Impact of Firm Nationality and Characteristics

机译：非洲公司融资：公司国籍和特征的互动影响

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摘要

Using a balance panel data of 351 publicly quoted firms in eleven major African stock exchanges, I investigated the impact of the differences in the internal structures of domestic and foreign firms on corporate financial decisions in Africa. I also analyzed the sensitivity of the impact of the internal firm characteristic on changes in the level of exogenous factors such as marginal tax structure and financial system development. The arising results showed that among the selected key internal characteristics of firms, only the impact of profitability and tangibility on financial structure was significantly sensitive to the proportion of domestic/foreign shareholding and that, consistent with capital structure theories, corporate financing decisions in Africa were significantly sensitive to marginal tax policies and the degree of financial system development prevailing in a country. The results suggest that by investing in assets that are acceptable to lenders and investors as collaterals and maintaining reasonable stability in their cash flow positions, domestic firms can in practice enhance their access to strategic investment capital.
机译：使用11个非洲主要证券交易所中351家上市公司的资产平衡面板数据，我研究了国内外公司内部结构差异对非洲公司财务决策的影响。我还分析了内部公司特征对诸如边际税收结构和金融体系发展之类的外在因素水平变化的敏感性。结果表明，在选定的公司内部关键特征中，只有获利能力和有形性对财务结构的影响才对国内/外资持股比例显着敏感，并且根据资本结构理论，非洲的公司融资决策为对边际税收政策和一国盛行的金融体系发展程度非常敏感。结果表明，通过投资于贷方和投资者可接受的资产作为抵押，并保持其现金流量头寸的合理稳定性，国内公司实际上可以增加其获得战略投资资本的途径。

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  • 来源
    《Review of development economics》 |2017年第3期|849-873|共25页
  • 作者

    Ezeoha Abel Ebeh;

  • 作者单位

    Ebonyi State Univ, Dept Econ, Abakaliki 053, Nigeria|Ebonyi State Univ, Dept Accountancy & Banking & Finance, Abakaliki 053, Nigeria;

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  • 正文语种 eng
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