Foreign Financing and the International Sources of Property Rights
Bibliographic Data
| ID | 6410784 |
|---|---|
| Authors | Timm Betz (0000-0001-5632-2832, Texas A&M University), Amy Pond (0000-0002-6908-2791, Texas A&M University) |
| Year | 2019 |
| Volume | 71 |
| Issue | 3 |
| Pages | 503-541 |
| Publication date | 2019-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | World Politics (JOURNAL) |
| Journal identifiers | ISSN: 0043-8871 • E-ISSN: 1086-3338 |
| Publisher | Project MUSE (PUBLISHER • US) |
| DOI | 10.1017/s0043887119000017 |
| OpenAlex | W2951326825 |
| Language | EN |
| Citations received | 13 |
| References cited | 84 |
How do firms protect themselves against infringements of their property rights by their own government? The authors develop a theory based on international law and joint asset ownership with foreign firms. Investment agreements protect the assets of foreign firms but are not available to domestic firms. This segmentation of the property rights environment creates a rationale for international financial relationships between firms. By forming financial relationships with foreign firms, domestic firms gain indirect coverage from the property rights available to foreign firms under investment agreements. If a government is less likely to violate the property rights of covered foreign firms, it is also less likely to violate property rights for assets held jointly by domestic and foreign firms. This article presents systematic evidence from data on the activities of firms in countries that have investment agreements with the United States. International financial relationships between firms, through mergers and acquisitions as well as through bond and equity issues, are more common where property rights are weak. The theory suggests a political logic to the fragmentation of firm-ownership stakes across jurisdictions, offers an institutional explanation of international financial flows, and identifies new distributional consequences of international law
Business · Economics · Equity (law · Foreign direct investment · Foreign ownership · Government (linguistics · Intellectual property · Property rights · Corporate Finance and Governance · Finance · International Arbitration and Investment Law · Law · State Capitalism and Financial Governance
The Oligarch Vanishes
Asset Mobility and Property Rights
All Things Work Together for Good
Asymmetric diffusion
Covert Confiscation
Foreign Financing and the International Sources of Property Rights
US Patronage, State Capacity, and Civil Conflict
Political Risk Insurance
Spillover Effects in International Law
Global Value Chains as a Constraint on Sovereignty
Politically Connected Owners
Political Risk and International Investment Law
The Political Importance of Financial Performance
International Production and the Multinational Enterprise (RLE International Business)
The Empire Trap
How International Law Works
Bounded Rationality and Economic Diplomacy
The institutional environment for multinational investment
Relationship-Specificity, Incomplete Contracts, and the Pattern of Trade
When BITs have some bite
Estimating the Value of Political Connections
Does Competition for Capital Discipline Governments? Decentralization, Globalization, and Public Policy
Robust Tests for the Equality of Variances
Property Rights and Finance
The Quality of Institutions and Foreign Direct Investment
Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages
Financial markets and the allocation of capital
The Colonial Origins of Comparative Development
The Next Generation of the Penn World Table
Dependent Development
The Political Economy of the Rent-Seeking Society
Property, Predation, and Protection
Democracy and Redistribution
Mobilizing for Human Rights
Growth, distance to frontier and composition of human capital
The Political Economy of Inward FDI
Do bilateral investment treaties increase foreign direct investment to developing countries
Worker Influence on Capital Account Policy
Opposition to FDI and financial shocks
Institutions and Bribery in an Authoritarian State
Constitutions and Commitment
Secure Property as a Bottom-Up Process
Introduction
Bargaining over BITs, Arbitrating Awards
Foreign Financing and the International Sources of Property Rights
Foreign Direct Investment and Institutional Diversity in Trade Agreements
Bureaucratic Discretion, Business Investment, and Uncertainty
How Contestation Moderates the Effects of International Institutions
Trading Interests
Measuring Transparency
On the Use and Abuse of Spatial Instruments
The Politics of International Regime Complexity
Even Constrained Governments Take
Tariff Evasion and Trade Policies
Why Should I Believe You? The Costs and Consequences of Bilateral Investment Treaties
Delegating Differences
Transnational Strategies of Protection and Defense by Multinational Corporations
Overlapping Institutions, Forum Shopping, and Dispute Settlement in International Trade
What Explains the Low Success Rate of Investor-State Disputes
Mobilizing Market Power
The Unintended Consequences of Bilateralism
Contingent Credibility
The Influence of Firm Global Supply Chains and Foreign Currency Undervaluations on US Trade Disputes
Democratic Governance and Multinational Corporations
Reversal of Fortunes
International Investment Law and Foreign Direct Reinvestment
If You’re Against Them You’re With Us
Political Economy of Foreign Direct Investment
What's the Risk? Bilateral Investment Treaties, Political Risk and Fixed Capital Accumulation
The worldwide governance indicators
The Boundaries of Multinational Enterprises and the Theory of International Trade
History Lessons
Under One Roof
Remodeling the Competition for Capital
The Correlates of Change in International Financial Regulation
The Economic Origins of Democracy Reconsidered
Structural Dependence of the State on Capital
| Unique citing works | 13 |
|---|---|
| Citations per year | 1,86 |
| Citation span | 2019 - 2026 (8) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 13 |