Effect of Foreign Ownership on Firm Performance and Shareholder Value PDF Download
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Author: Pruthvi Bhat
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 72
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Book Description
Author: Pruthvi Bhat
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 72
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Book Description
Author: Selahattin Selsah Pasali
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Book Description
Foreign direct investment (FDI) flows are frequently credited with a wide range of benefits for recipient economies. This research investigates the impact mechanics of FDI by mapping the extent to which firms are owned by foreigners against their performance. Firms in both developed and developing countries are included in the study and the performance indicators used are growth in sales, employment and labour productivity. Based on data from more than 80,000 firms during the period 2010 to 2019, this research is unique because it compares the performance of foreign-owned and domestic firms of different sizes. While the preliminary results show foreign ownership overall does give firms an edge on performance, there is no consistent evidence that this is so by firm size. However, across all developing regions, the study consistently finds that foreign ownership has a positive impact on the sales and productivity growth of micro-size firms. This calls for more research on and policy experimentation with outward-oriented and innovative start-ups.
Author: Hoang N. Pham
Publisher: Routledge
ISBN: 1000540278
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Author: John P. Weche Gelübcke
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
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Book Description
Author: Keith W. Berkley
Publisher:
ISBN:
Category :
Languages : en
Pages : 84
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Book Description
Author: Delane Deborah Naidu
Publisher:
ISBN:
Category : Investments, Foreign
Languages : en
Pages : 141
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Book Description
Author: Nguyen Thi Dieu Hien
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: derek c. jones, panu kalmi and niels mygind
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Author: Anusha Chari
Publisher:
ISBN:
Category : Corporations, Foreign
Languages : en
Pages : 38
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Book Description
This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are capital-scarce. Yet increasingly emerging market firms are acquiring assets in developed countries. Using transaction-specific acquisition data and firm-level accounting data we evaluate the post-acquisition performance of publicly traded U.S. firms that have been acquired by firms from emerging markets over the period 1980-2007. Our empirical methodology uses a difference-in-differences approach combined with propensity score matching to create an appropriate control group of non-acquired firms. The results suggest that emerging country acquirers tend to choose U.S. targets that are larger in size (measured as sales, total assets and employment), relative to matched non-acquired U.S. firms before the acquisition year. In the years following the acquisition, sales and employment decline while profitability rises, suggesting significant restructuring of the target firms.
Author: Duc Nam Phung
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Using data of firms listed on Ho Chi Minh Stock Exchange during the period 2008-2011, the paper finds empirical evidence of foreign ownership having a negative impact on firm performance and positive impact on capital structure, while previous literature indicates the opposite. The results reveal that in an emerging market like Vietnam, foreign ownership cannot play a monitoring role in corporate governance mechanism because it is not concentrated. The outcome also shows that foreign investors suffer from asymmetric information, and then tend to increase debt for mitigating agency problem. For controlling simultaneity and endogenous issues, fixed effect method and simultaneous equation model are employed.
