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عنوان فارسی مقاله:
جهانی سازی بازارهای سرمایه: پیامدها برای استراتژی شرکت
عنوان انگلیسی مقاله:
Globalization of Capital Markets: Implications for Firm Strategies
سال انتشار : 2016
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مقدمه انگلیسی مقاله:
1. Introduction
The increasing integration of global capital markets now makes it easier for firms to access capital outside of their home countries. Firms access international capital markets through a variety of means such as initial public offerings (IPO), seasoned equity offerings (SEO), cross-listings, depository receipts, special purpose acquisition companies (SPACS), shelf offerings, private equity and other informal equity capital channels. Firms can also access debt resources outside their market through bank loans, and foreign bond issues. For example, foreign firms raise significantly more debt than equity in the U.S. Indeed, the largest component of the international capital market is the bond market (Lau and Yu, 2009). Finally, cross border flows of venture capital (VC) continue to increase rapidly (Tykvová and Schertler, 2014). Venture capital and private equity have truly become global phenomena and take many forms such as cross-border investment, foreign acquisitions, VC firms opening offices overseas, and influencing their portfolio firms to enter and exit international stock exchanges. Further, other global investors such as Sovereign Wealth Funds (SWFs) manage large portfolios that are diversified not only with regard to different asset classes but also across many nations and geographies. Research on the motivation, the processes, the supporting mechanisms, and the diverse range of outcomes that firms experience as a result of entering international capital markets is extremely limited so far. We believe that such research can draw from a variety of theoretical perspectives and research traditions in international business. The choice of whether to access financial resources outside of the firm's home market, how to select the appropriate foreign market, and the manner in which to raise resources, are all relevant questions that parallel prior international business (IB) research on market and entry mode choice (Datta et al., 2002; Kogut and Singh, 1988; Anderson and Gatignon, 1986). While IB research continues to evaluate the challenges facing firms in foreign product markets, scholars have yet to adequately address the underlying reasons why firms face challenges in foreign equity markets. These include share underpricing, higher underwriting and professional fees, higher listing fees, audit fees (Bronson et al., 2009), greater risk of lawsuits (Bhattacharya et al., 2007), and home bias on the part of investors (French and Poterba, 1991). Further, research suggests the existence of a “foreign firm discount” relative to host market firms (Frésard and Salva, 2010). IB scholars consider liability of foreignness (LOF) as the “fundamental assumption driving theories of the multinational enterprise” (Zaheer, 1995: 341). Yet, the conceptualization and research on LOF solely based upon product market may be inadequate today given the increasing integration of capital markets (Bell et al., 2012). Although IB scholars have developed a rich tradition of research on how globalization of product markets may affect a firm's organizational form and business strategy, there is a paucity of studies that explore the challenges firms face in capital markets beyond their domestic boundaries, be it equity, debt, or VC markets. The objective of this Special Issue is to address these theoretical and empirical gaps in prior IB studies. In this Introduction article, we first outline the main differences between product and capital markets, and then explore the theoretical and empirical challenges these differences present for international management scholars. We also provide a brief summary of papers in the Special Issue and discuss promising avenues for future research.
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کلمات کلیدی:
GLOBALIZATION OF CAPITAL MARKETS AND THE ASIAN ... onlinelibrary.wiley.com/doi/10.1111/j.1745-6622.1998.tb00500.x/abstract by EH Kim - 1998 - Cited by 46 - Related articles Abstract. This article has three basic aims: (1) to analyze the impact of the opening of their capital markets on the economies of host countries; (2) to investigate ... [PDF]Globalization of Capital Markets - Fordham ir.lawnet.fordham.edu/cgi/viewcontent.cgi?article=2242&context=ilj by RA Grasso - 1997 Globalization of Capital Markets. Richard A. Grasso. Abstract. Speech given at Session 1: The Global Capital Market: What's Next. Richard Grasso spoke. [PPT]Globalization and Capital Markets www.iadb.org/res/publications/pubfiles/pubP-601.ppt Massive 2-way diversification differentiates the current from the earlier period of globalized capital markets. In the 19th century, most flows were “development” ... Globalization and Capital Markets - IDEAS/RePEc https://ideas.repec.org/p/nbr/nberwo/8846.html by M Obstfeld - 2002 - Cited by 743 - Related articles Downloadable! The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from ... Capital Markets - Investopedia www.investopedia.com/terms/c/capitalmarkets.asp Capital markets are markets for buying and selling equity and debt instruments. May be classified as either primary markets or secondary markets. Searches related to Globalization of Capital Markets impact of globalization on capital markets globalization of capital definition global capital markets: integration, crisis and growth what are capital markets securitization
