became an increasingly important so

became an increasingly important source for developing countries’ capital flows compared to other sources such as commercial and concessional loans (Bergsman and Shen, 1995). It is therefore not surprising that developing countries that once discouraged the foreign investments have sought through reforms to improve business environment in order to attract foreign capital. International joint ventures (JVs) have been used as popular organisational forms through which foreign direct investments are channelled into many developing countries (Beamish and Delios, 1997; Boateng and Glaister, 1999). Yet, relatively few studies have systematically examined how JVs are financed, particularly, the factors influencing the choice of capital structure of JVs in
developing countries. An analysis of inward foreign direct investment projects in Ghana indicates that foreign investors finance projects predominantly by debt capital. Table I shows capital structure of the approved projects of FDI for the 1994 – 2000 period. Out of the overall FDI capitalisation of $1,608.53 million, approximately two-thirds are in the form of debt/loans compared with equity. It is also important to note that, for each year, the approved FDI projects were financed well over one-half by debt capital for the periods 1994/1995, 1996
and 2000. For the rest of the three-year period between 1997 – 1999, debt proportion formed more than two-thirds of the total capitalisation. The purpose of this paper is to provide new data and empirical evidence on how firm characteristics influence capital structure. The reminder of the paper proceeds as follows: The next section sets out the hypotheses of the study. The research method of the study and the characteristics of the sample reported are then set out. After that the results and discussion are presented. A summary and conclusion are in the final section.

Results (Indonesian) 1:

became an increasingly important source for developing countries’ capital flows compared to other sources such as commercial and concessional loans (Bergsman and Shen, 1995). It is therefore not surprising that developing countries that once discouraged the foreign investments have sought through reforms to improve business environment in order to attract foreign capital. International joint ventures (JVs) have been used as popular organisational forms through which foreign direct investments are channelled into many developing countries (Beamish and Delios, 1997; Boateng and Glaister, 1999). Yet, relatively few studies have systematically examined how JVs are financed, particularly, the factors influencing the choice of capital structure of JVs indeveloping countries. An analysis of inward foreign direct investment projects in Ghana indicates that foreign investors finance projects predominantly by debt capital. Table I shows capital structure of the approved projects of FDI for the 1994 – 2000 period. Out of the overall FDI capitalisation of $1,608.53 million, approximately two-thirds are in the form of debt/loans compared with equity. It is also important to note that, for each year, the approved FDI projects were financed well over one-half by debt capital for the periods 1994/1995, 1996dan 2000. Selama sisa masa tiga tahun antara tahun 1997-1999, utang proporsi membentuk lebih dari dua pertiga total kapitalisasi. Tujuan dari makalah ini adalah untuk memberikan data baru dan bukti empiris tentang bagaimana berlandaskan karakteristik influence struktur permodalan. Pengingat kertas hasil sebagai berikut: bagian berikutnya menetapkan hipotesis studi. Metode penelitian studi dan karakteristik sampel dilaporkan yang kemudian ditetapkan. Setelah itu hasil dan diskusi yang disajikan. Ringkasan dan kesimpulan yang di bagian final.

Results (Indonesian) 2:

menjadi semakin penting sumber untuk mengembangkan arus modal negara dibandingkan dengan sumber lain seperti pinjaman komersial dan lunak (Bergsman dan Shen, 1995). Oleh karena itu tidak mengherankan bahwa negara-negara berkembang yang pernah berkecil investasi asing telah berusaha melalui reformasi untuk meningkatkan lingkungan bisnis untuk menarik modal asing. International usaha patungan (JV) telah digunakan sebagai bentuk organisasi populer melalui investasi asing langsung disalurkan ke banyak negara berkembang (Beamish dan Delios, 1997; Boateng dan Glaister, 1999). Namun, relatif sedikit penelitian secara sistematis meneliti bagaimana JV yang dibiayai, khususnya, faktor-faktor di fl uencing pilihan struktur modal dari JV di
negara-negara berkembang. Analisis proyek investasi langsung asing di Ghana menunjukkan bahwa investor asing fi nance proyek didominasi oleh modal utang. Tabel I menunjukkan struktur modal dari proyek yang disetujui dari FDI untuk 1994 - periode 2000. Dari kapitalisasi FDI keseluruhan $ 1,608.53 juta, sekitar dua-pertiga adalah dalam bentuk utang / pinjaman dibandingkan dengan ekuitas. Hal ini juga penting untuk dicatat bahwa, untuk setiap tahun, proyek FDI yang disetujui yang dibiayai lebih dari satu-setengah oleh modal utang untuk periode 1994/1995, 1996
dan 2000. Untuk sisa periode tiga tahun antara 1997-1999 , proporsi utang membentuk lebih dari dua-pertiga dari total kapitalisasi. Tujuan dari makalah ini adalah untuk memberikan data baru dan bukti empiris tentang bagaimana karakteristik fi rm struktur modal pengaruh. Pengingat kertas hasil sebagai berikut: Bagian selanjutnya menetapkan hipotesis penelitian. Metode penelitian studi dan karakteristik sampel dilaporkan kemudian ditetapkan. Setelah itu hasil dan pembahasan disajikan. Ringkasan dan kesimpulan yang di bagian fi nal.