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Subsidiary uncertainty shocks and their effect on parent companies

Rankov, Minja; Escobar, Francisco Jose Barbosa
Master thesis,
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2287665.pdf (1.875Mb)
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http://hdl.handle.net/11250/2621970
Utgivelsesdato
2019
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  • Master of Science [1117]
Sammendrag
We investigate the impact of subsidiary cross-sectional uncertainty shocks

on the future investment decisions of multinational European Global

Ultimate Owners during the period 2007 to 2017. We expand on the

academic literature by utilizing a novel data set with global coverage

and annual ownership links and analyzing publicly-listed, as well as

private and smaller companies. We nd that Global Ultimate Owners

decrease their future investment decisions in response to uncertainty shocks

from their subsidiaries. We nd that two standard deviations generate

a 0.41% reduction in the investment rate of parent companies. More

importantly, we explore the multiplying e ect of nancial constraints in

parent companies investment decisions and nd that parent-level nancial

constraints multiply the e ect of lagged uncertainty shocks on investment

rate by 4.82 times on average. Furthermore, we document that lagged

uncertainty shocks also generate a decrease in intangible xed assets and

cash flows.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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