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Foreign Financing and the International Sources of Property Rights

Published online by Cambridge University Press:  07 June 2019

Timm Betz  and
Amy Pond Open the ORCID record for Amy Pond [Opens in a new window]
Timm Betz
Affiliation:
Texas A&M University email: timm.betz@tamu.edu.
Amy Pond
Affiliation:
Texas A&M University email: apond@tamu.edu.
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Abstract

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.

Keywords

foreign direct investmentglobalizationinternational financeinternational investment agreementsinternational political economyinvestor-state dispute settlementmergers and acquisitionspolitical riskproperty rightsstock and bond issues
Type
Research Article
Information
World Politics , Volume 71 , Issue 3 , July 2019 , pp. 503 - 541
Copyright
Copyright © Trustees of Princeton University 2019 

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