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    Multinationals do it better: Evidence on the efficiency of corporations' capital budgeting

    Access Status
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    Authors
    Greene, William
    Hornstein, A.
    White, L.
    Date
    2009
    Type
    Journal Article
    
    Metadata
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    Citation
    Greene, W. and Hornstein, A. and White, L. 2009. Multinationals do it better: Evidence on the efficiency of corporations' capital budgeting. Journal of Empirical Finance. 16 (5): pp. 703-720.
    Source Title
    Journal of Empirical Finance
    DOI
    10.1016/j.jempfin.2009.07.004
    ISSN
    0927-5398
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/34830
    Collection
    • Curtin Research Publications
    Abstract

    With U.S. multinational enterprises playing increasingly important roles in the global economy, it is important to understand the efficiency of their capital budgeting decisions. We examine an unbalanced panel of 332 U.S. firms from 1992-2000. Using the deviation of a firm's estimated marginal Tobin's q from a benchmark as an indicator of effective resource allocation, we find that widespread multinationals make more efficient capital budgeting decisions. We also test whether this reflects the MNEs' investment locations, but do not obtain support for the hypotheses that they might be monitored by more agents or more successfully resist pressures from interest groups and governments. © 2009 Elsevier B.V. All rights reserved.

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