Departmental Bulletin Paper 日本企業の多国籍度と株主資本コスト

上村, 昌司  ,  Shoji, Kamimura

In this paper, we investigate the relationship between the degree of multinationality, which is measured by the ratio of foreign sales to total sales, and the cost of equity of Japanese firms. We calculate the cost of equity with CAPM. We show that on average the degree of multinationality is positively related with the cost of equity. We also show the nonlinear relationship between them.

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