Financial Structure, Acquisition Opportunities, and Firm Locations

被引：125

作者：

Almazan, Andres

De Motta, Adolfo ^{[1
]}

Titman, Sheridan ^{[2
]}

Uysal, Vahap ^{[3
]}

机构：

[1] McGill Univ, Montreal, PQ H3A 2T5, Canada

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Univ Oklahoma, Norman, OK 73019 USA

来源：

JOURNAL OF FINANCE | 2010年 / 65卷 / 02期

关键词：

CAPITAL STRUCTURE; CORPORATE-FINANCE; CASH; DETERMINANTS; DEBT; LOCALIZATION; INVESTMENT; SPILLOVERS; LEVERAGE; RETURNS;

D O I：

10.1111/j.1540-6261.2009.01543.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the relation between firms' locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms located within industry clusters make more acquisitions, and have lower debt ratios and larger cash balances than their industry peers located outside clusters. We also document that firms in high-tech cities and growing cities maintain more financial slack. Overall, the evidence suggests that growth opportunities influence firms' financial decisions.

引用

页码：529 / 563

页数：35