Vol. 14 No. 1 (2026)
March 2026

Articles

The impact of internationalisation through export growth on debt financing in construction firms: Evidence from the Americas

Published 2026-03-23

  • Justyna Bogołębska
    • ,
  • Magdalena Gostkowska-Drzewicka
    • ,
  • Julia Koralun-Bereźnicka
    • ,
  • Ewa Majerowska
    • ,
  • Anna Wojewnik-Filipkowska

Justyna Bogołębska
University of Lodz

Magdalena Gostkowska-Drzewicka
University of Gdańsk

Julia Koralun-Bereźnicka
University of Gdańsk

Ewa Majerowska
University of Gdańsk

Anna Wojewnik-Filipkowska
University of Gdańsk

Abstract

Objective: This study investigates the impact of internationalisation on the indebtedness of construction companies in the Americas. We measured internationalisation as the share of exports in total revenues, reflecting a firm’s engagement in cross-border sales.

Research Design & Methods: The analysis utilised panel data from 132 construction firms across 13 American countries. We employed fixed and random effects models.

Findings: International firms show distinct debt financing patterns, with firm size positively influencing debt levels, especially in long-term debt. Internationalisation moderates the impact of firm-specific factors on capital structure. For international firms, asset tangibility positively affects long-term debt, contrasting with domestic firms, where this relationship is negative. Country-specific factors have a stronger impact on the capital structure of international firms than on domestic firms.

Implications & Recommendations: As both the country context and the degree of internationalisation influence financing decisions, firms pursuing international expansion must adapt their financing strategies accordingly.

Contribution & Value Added: This research uniquely investigates how internationalisation moderates the relationship between firm- and country-specific factors and the indebtedness of construction companies in the Americas – a sector and regional context that previous studies largely overlooked.

Keywords

corporate finance, construction companies, financial leverage, international companies, financing decisions, panel data analysis

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Author Biography

Justyna Bogołębska

PhD in Management and quality sciences (2025, University of Lodz, Poland); Assistant Professor at the University of Lodz. Her research interests include finance, management, and internationalisation in companies.

Magdalena Gostkowska-Drzewicka

PhD in Economics (2010, University of Gdańsk, Poland); Lecturer at the University of Gdańsk. Her research interests include corporate finance, especially capital structure analysis.

Julia Koralun-Bereźnicka

Associate Professor at the University of Gdańsk (Poland). Post-doctoral degree (dr hab.) in Economics and Finance (2017, Wroclaw University of Economics and Business, Poland). Her research interests include corporate finance, corporate performance, and industry analyses.

Ewa Majerowska

Associate Professor at the University of Gdańsk (Poland). Post-doctoral degree (dr hab.) in Economics and Finance (2020, Wrocław University of Economics and Business, Poland). Her research interests include portfolio analysis, capital market investment risk analysis, and corporate finance with advanced econometric methods.

Anna Wojewnik-Filipkowska

Associate Professor in Management at the University of Gdańsk (Poland). Her research interests include finance, management, and sustainable development.

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