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姓名 黃柏翔(Po-Hsiang Huang)  查詢紙本館藏   畢業系所 財務金融學系
論文名稱
(The Impact of Country-Specific Geopolitical and Country Risk on Firms’ Financial Flexibility: International Evidence)
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摘要(中) 本研究通過使用跨國數據樣本(包括 41 個國家、35,317 家公司和 493,752 家公司年觀察數據)檢驗國家地緣政治和國家風險對公司財務靈活性影響的國際證據。我們的研究使用閒置債務能力來判斷企業是否屬於財務靈活性公司並運行羅吉斯回歸。我們的實證結果表明,國家的地緣政治風險不利於公司的財務靈活性,而國家的金融風險可以激發公司的財務靈活性。此外,一個國家政治的穩定有利於企業的財務靈活性。我們使用滯後自變量運行二階段回歸分析,並研究國家風險的增量效應來處理可能的內生性問題。本論文一方面對企業進行決策有所幫助,也可以在政府制定相關政策或法律時能提供啟示意義。
摘要(英) This study examines the international evidence of the impact of country-specific geopolitical and country risk on firms’ financial flexibility by using a multinational data sample, which includes 41 countries, 35,317 firms, and 493,752 firm-year observations. Our study uses spare debt capacity to classify the financial flexibility firm and run logistic regression. Our empirical result documented that country-specific geopolitical risk is detrimental to a firm’s financial flexibility. In addition, the country′s financial risk can spur a firm’s financial flexibility. Moreover, the stability of the politics of a country is beneficial to a firm’s financial flexibility. To handle possible endogeneity issues, we run a 2SLS regression analysis, using lagged independent variables, and investigate the incremental effect of country risks. This paper is helpful to companies when making corporate decisions and provides implications for governments while making related policies or enacting the law.
關鍵字(中) ★ 國家地緣政治風險
★ 財務靈活性
★ 財務風險
★ 經濟風險
★ 政治風險
★ 國家風險
關鍵字(英) ★ Country-specific geopolitical risk
★ Financial flexibility
★ Financial risk
★ Economic risk
★ Political risk
★ Country risk
論文目次 摘 要 i
Abstract ii
Table of Contents iii
List of Tables iv
Chapter I Introduction 1
Chapter II Literature Review and Hypotheses 3
2.1. Literature related to financial flexibility 3
2.2. The Channel between country-specific geopolitical risk and FF, 5
2.3. The Channel between country risk and FF, 7
Chapter III Data and variable constructions 9
3.1. Data source 9
3.2. Variable construction 9
3.2.1. Measures of country-specific geopolitical risk and ICRG 10
3.2.2. Control variables 11
Chapter IV Methodology 12
4.1. Methodology 12
4.2. Endogenous concern 13
Chapter V Empirical Results 15
5.1. Baseline results 15
5.2. ICRG components results 17
5.3. High and Low GPRC countries 18
5.4. Continents 20
5.5 Developed and developing countries 21
5.6. Impact of Risk on FF Before and After the Financial Crisis 22
Chapter VI Robustness Test 23
Chapter VII Conclusion 24
Reference 26
Appendix A.1 Classification of high and low GPRC country 32
Appendix A.2 List of developing and developed countries, countries in four different continents. 33
Appendix A.3 ISO3 Country Code and Country Name Conversion Table 34


List of Tables
Table 1. Variable description 35
Table 2. Descriptive statistics 37
Table 3. The effect of firm’s characteristics, country-specific geopolitical risk and ICRG rating on firm’s financial flexibility with the logistic regression and 2SLS regression 38
Table 4. The effect of firm’s characteristics, country-specific geopolitical risk and ICRG rating components on firm’s financial flexibility with the logistic regression. 40
Table 5. The effect of firm’s characteristics, country-specific geopolitical risk and ICRG rating on firm’s financial flexibility with the logistic regression in high and low GPRC countries. 42
Table 6. The effect of firm’s characteristics, country-specific geopolitical risk and ICRG rating on firm’s financial flexibility with the logistic regression in four continents. 43
Table 7. The effect of firm’s characteristics, country-specific geopolitical risk and ICRG rating on firm’s financial flexibility with the logistic regression in developing and developed countries. 45
Table 8. The effect of firm’s characteristics, country-specific geopolitical risk and ICRG rating on firm’s financial flexibility with the logistic regression from 1987-2006, 2007-2008, and 2009-2018 period. 46
Table 9. The robustness check of the effect of ICRG rating on firm’s financial flexibility with the logistic regression 48
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指導教授 張傳章 審核日期 2023-6-21
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