Essays on Foreign Capital, Extenal Finance and Trade of European Firms

Tóth, Peter

This dissertation is composed of three chapters studying empirical questions of corporate finance, European integration and international trade using firm-level data. The first chapter is focused on the macroeconomic and firm-specific determinants of attracting foreign investors to Czech firms before Czech EU membership. The second chapter tests the effect of introducing the European single currency on the likelihood of equity and corporate debt issues by firms in the eurozone. The third chapter asks to what extent cheaper imported inputs may offset the loss in export sales due to domestic currency appreciation in Czech manufacturing firms around the EU accession period. In the first chapter we study what factors attracted foreign capital to Czech firms during the mid-transition, pre-EU-accession period 1997-2002. While the foreign own- ers' influence on firm performance has been widely studied, the same is not true for the opposite direction of causality. We consider macroeconomic, industry- and firm-level indicators of a firm's attractiveness to foreign capital. Using panel data techniques, we es- timate linear models, limited dependent variable models and a hazard model with foreign ownership as the response variable. We find that foreign investors are likely to come from countries with higher corporate taxes...

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