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Foreign Ownership And Financial Performance
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Book Synopsis Foreign Ownership and Financial Performance by : Belen Gill-de-Albornoz
Download or read book Foreign Ownership and Financial Performance written by Belen Gill-de-Albornoz and published by . This book was released on 2018 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how foreign ownership relates to financial performance in a sample of large privately held Spanish subsidiaries. We find that, although foreign group subsidiaries report higher sales turnover than subsidiaries of local groups, they lose their sales advantage at the operating income level. Additionally, the empirical evidence reveals that the cause for this loss has to do with the higher wages that foreign group subsidiaries allegedly pay to their employees, since, when the wages expense is excluded from the profit-related measures and CFOs, firms under foreign control have higher financial performance than those controlled by local groups. We also test whether the productivity level in the parent company's home country, compared to that in Spain, has an effect on the relation investigated. Results suggest that when FDI comes from a country with productivity levels higher than Spain the negative association between foreign shareholding and firm performance is mitigated.
Book Synopsis The Effect of Foreign Ownership on the Financial Performance of Listed Companies by :
Download or read book The Effect of Foreign Ownership on the Financial Performance of Listed Companies written by and published by . This book was released on 2012 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign-Owned Versus Domestically-Owned Firms by : Aysa Erdogan
Download or read book Foreign-Owned Versus Domestically-Owned Firms written by Aysa Erdogan and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The internalization theory, which provides an economic rationale for the existence of foreign owned firms, suggests that foreign-owned firms should benefit from the transfer of the firm specific assets owned by the parent firms and display better corporate performance than domestic firms. In this study, we examine whether foreign ownership has any affect on the financial performance of firms in Turkey and whether different levels of foreign ownership have differing impacts on corporate performance. Using a panel of 292 firms over the period 2004-2008, we find that although majority foreign-owned and wholly foreign-owned firms have higher capital productivity than domestically-owned firms, there is no effect of foreign ownership on pretax profit margin and return on equity. Hence, we can say that majority foreign ownership and being a wholly foreign-owned enterprise have a positive effect on value added creation rather than profitability. We additionally find that the duration of foreign ownership does not have a moderator effect on the relationship between foreign ownership and capital productivity. Eventually, we suggest that the transfer of the firm specific assets to majority foreign-owned firms and wholly foreign-owned enterprises is realized in a certain period of time after the establishment of the foreign-owned firms or the acquisition of shares of the domestic firms by foreign owners.
Book Synopsis Corporate Governance, Ownership Structure and Firm Performance by : Hoang N. Pham
Download or read book Corporate Governance, Ownership Structure and Firm Performance written by Hoang N. Pham and published by Routledge. This book was released on 2022-01-25 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Foreign Ownership of Canadian Industry by : A. E. Safarian
Download or read book Foreign Ownership of Canadian Industry written by A. E. Safarian and published by Psychology Press. This book was released on 2001 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis Foreign Ownership and Performance of Listed Firms by : Phan Viet
Download or read book Foreign Ownership and Performance of Listed Firms written by Phan Viet and published by . This book was released on 2014 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by the relationship between foreign ownership and firm-level performances in emerging countries, we select Vietnam's listed market as the context for this empirical setting. We find that there is a significant inverted U shaped relationship between foreign ownership and firm performances. The non-monotonic relationship is consistent with corporate governance theory on the gains from monitoring effects by shareholders or the losses from expropriations when their ownership exceeds a certain large level. Furthermore, we find that foreign investors disfavor firms with high concentration of ownership that relates to image of weak corporate governance. Lastly, there are also evidences that foreign investors are likely to invest in firms with good financial performances, large size, low level of debts, in pharmaceutical industry, and listed in higher liquid stock exchange.
Book Synopsis Foreign ownership and profitability:Property rights,strategic control and corporate performance in Indian industry.Working paper Number 64.April 1997 by : Pradeep K. Chhibber and Sumit K. Majumdar
Download or read book Foreign ownership and profitability:Property rights,strategic control and corporate performance in Indian industry.Working paper Number 64.April 1997 written by Pradeep K. Chhibber and Sumit K. Majumdar and published by . This book was released on 1997 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Ownership of U.S. Financial Assets: Implications of a Withdrawal by :
Download or read book Foreign Ownership of U.S. Financial Assets: Implications of a Withdrawal written by and published by . This book was released on 2008 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an overview of the role foreign investment plays in the U.S. economy and an assessment of possible actions a foreign investor or a group of foreign investors might choose to take to liquidate their investments in the United States. Concerns over the potential impact of disinvestment have grown as national governments have become more active investors and as uncertainty over the risks associated with securities backed by sub-prime mortgages has increased volatility in financial markets. Actions taken by foreign investors to liquidate their holdings could affect the U.S. economy in a number of ways due to the role foreign investment plays in the United States and due to the current mix of economic policies the United States has chosen. The impact of any such action on the economy would also depend on the overall condition and performance of the economy and the financial markets. If the economy were experiencing a strong rate of economic growth, the impact of a foreign withdrawal likely would be minimal, especially given the dynamic nature of credit markets. If a withdrawal occurred when the economy were not experiencing robust rate of growth or if credit financial markets were under duress, the withdrawal could have a stronger effect on the economy. The particular course of action foreign investors might choose to take and the overall strength and performance of the economy at the time of their actions could affect the economy in different ways. Congress likely would become involved as a result of its direct role in making economic policy and its oversight role over the Federal Reserve. In addition, the actions of foreign investors could complicate domestic economic policymaking.
Book Synopsis The Impact of Corporate Governance and Ownership Structure on Performance and Financial Decisions of Firms by : Khaldoun Abd Allh Mahmoud Alwshah
Download or read book The Impact of Corporate Governance and Ownership Structure on Performance and Financial Decisions of Firms written by Khaldoun Abd Allh Mahmoud Alwshah and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Market Concentration, Foreign Ownership and Determinants of Bank Financial Performance by : Hatem Elfeituri
Download or read book Market Concentration, Foreign Ownership and Determinants of Bank Financial Performance written by Hatem Elfeituri and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the market concentration, foreign ownership and determinants of profitability for commercial banks operating in the MENA economies over the period 1999-2012. This paper uses panel analysis via GMM estimation to examine a large sample of banks for a period that includes the recent global crisis and Arab uprising, marked by political changes, liberalisation and market transformation. Findings indicate that the SCP hypothesis is not rejected; highlighting that increased market power yields monopoly profits. The fact that the impact of market concentration is positive in MENA economies is vital evidence, at least to a certain extent that bank performance is explained by market concentration. Findings also confirm that there is a positive and significant relationship between profitability and capital adequacy, confirming that regulators and policy makers should ensure banks are well capitalised to guarantee survival and stability for MENA banks. Cost efficiency and bank size have decreased profitability of banks, and banks with foreign ownership are more profitable and perform better than state banks. Overall, the paper finds evidence of structural reforms and uncovers measures that have led to the improvement of regulation, and the implementation of frameworks which should continue to improve competitiveness within MENA banking sectors. In addition, future policy on the banking sector should take account of intervention to change the market structure and to stimulate competition.
Book Synopsis Foreign and Domestic Ownership, Business Groups and Firm Performance by : Sytse Douma
Download or read book Foreign and Domestic Ownership, Business Groups and Firm Performance written by Sytse Douma and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We adopt a multi-theoretic approach to investigate a previously unexplored phenomenon in extant literature, namely the differential impact of foreign institutional and foreign corporate shareholders on the performance of emerging market firms. We show that the previously documented positive effect of foreign ownership on firm performance is substantially attributable to foreign corporations that have, on average, larger shareholding, higher commitment and longer-term involvement. We document the positive influence of corporations vis a vis financial institutions with respect to domestic shareholdings as well. We also find an interesting dichotomy in the impact of these shareholders depending on the business group affiliation of firms.
Book Synopsis Implications of Ownership Identity and Insider's Supremacy on the Economic Performance of the Listed Companies by : Qaiser Rafique Yasser
Download or read book Implications of Ownership Identity and Insider's Supremacy on the Economic Performance of the Listed Companies written by Qaiser Rafique Yasser and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: We adopt a multi-theoretic approach to investigate a previously unexplored phenomenon in extant literature, namely the differential impact of ownership identity and director dominate shareholding on the performance of emerging market firms. The main research question addressed is, whether the impact of this relationship is conditional on the identity of the block investor. First, the relationship between overall block ownership and firm performance is tested by employing multiple regressions on 500 firm-year observations for the period from 2007 to 2011. Then, the block ownership is classified as the state, individuals, insiders, financial institutions, corporate and foreign investors and the influence of these identities on firm performance is examined. It was found that only the ownership categories such as the government, institutions and foreign ownership have positive influence on the firm performance. The results also indicate that high level of insider ownership also negatively associated with the firm performance. The main contribution of this paper is the examination of the relationship between block ownership and firm performance from the perspective of the identity of investors.
Book Synopsis Does Ownership Structure Affect Firm's Performance? Empirical Evidence from Pakistan by : Farman Khan
Download or read book Does Ownership Structure Affect Firm's Performance? Empirical Evidence from Pakistan written by Farman Khan and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Pakistan, the ownership of majority of the firms is characterized by the concentration of different groups including family members, associated firms, institutional investors and insiders. The present study aims to investigate whether different ownership structure including family ownership, associated ownership, institutional ownership, concentrated ownership, managerial ownership, block holding, and foreign ownership contribute to the financial performance of non- financial firms listed at the Pakistan Stock Exchange (PSX). Findings suggest that a firm's performance increases significantly in the presence of associated ownership, concentrated ownership, institutional ownership and block holding. This indicates that these ownership structures add value and help in reducing agency problems. On the other hand, family and managerial ownership have a negative relationship with firm performance. These findings are consistent with the hypothesis of minority shareholder expropriation which states that when family ownership and managers' involvement is higher in a firm, they exploit the funds of minor shareholders. Similarly, foreign ownership also does not add value.
Book Synopsis Inherited or Earned? Performance of Foreign Banks in Central and Eastern Europe by : Ms.Emilia Magdalena Jurzyk
Download or read book Inherited or Earned? Performance of Foreign Banks in Central and Eastern Europe written by Ms.Emilia Magdalena Jurzyk and published by International Monetary Fund. This book was released on 2010-01-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a combination of propensity score matching and difference-in-difference techniques we investigate the impact of foreign bank ownership on the performance and market power of acquired banks operating in Central and Eastern Europe. This approach allows us to control for selection bias as larger but less profitable banks were more likely to be acquired by foreign investors. We show that during three years after the takeover, banks have become more profitable due to cost minimization and better risk management. They have additionally gained market share, because they passed their lower cost of funds to borrowers in terms of lower lending rates. Previous studies failed to pick up the improvements in performance of takeover banks, because they did not account for the performance of financial institutions before acquisitions.
Book Synopsis The Impact of Board Independence and Foreign Ownership on Financial and Social Performance of Firms by : Bakr Al-Gamrh
Download or read book The Impact of Board Independence and Foreign Ownership on Financial and Social Performance of Firms written by Bakr Al-Gamrh and published by . This book was released on 2020 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - This study examines the impact of two different types of foreign ownership - by Arab and non-Arab investors on firms' financial and social performance. It then goes on to investigate how the degree of board independence affects the aforementioned relationship between these two types of foreign investors on firm performance. Design - The sample for the study is a panel of all listed firms in the Dubai Financial Market and the Abu Dhabi Stock exchange from 2008 to 2012. Findings - Results indicate that while Arab foreign ownership affects firms' financial and social performance negatively, non-Arab foreign ownership does so, positively. Further tests indicate that board independence weakens the negative relationship between firm financial and social performance with foreign Arab ownership and deteriorate the relationship between firm financial and social performance and non-Arab foreign ownership. Research limitations - Future studies may extend the coverage of the study by including other countries in the region and other identities of the foreign investors.Practical implications - This study may help policy makers in the UAE to improve the implementation and enforcement of existing regulations concerning CSR and board independence. It also highlights the need to look into the monitoring role of independent board members.Originality/value - This is the first study to examine the role of board independence on the relationship between foreign ownership and firm's financial and social performance. To the best of our knowledge, this is the first paper that attempts to enrich the understanding of foreign ownership by classifying it into Arab versus non-Arab.
Book Synopsis Foreign Ownership of U.S. Financial Assets by : James K. Jackson
Download or read book Foreign Ownership of U.S. Financial Assets written by James K. Jackson and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an overview of the role foreign investment plays in the U.S. economy and an assessment of possible actions a foreign investor or a group of foreign investors might choose to take to liquidate their investments in the United States.
Book Synopsis Financial Performance of Foreign and Domestic Owned Companies in India by : Kuntluru Sudershan
Download or read book Financial Performance of Foreign and Domestic Owned Companies in India written by Kuntluru Sudershan and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign direct investment (FDI) is attracted into transitional economies like India for reasons like capital, technology, international markets, and managerial skills. Extant literature has focused on studying the impact of FDI inflows on financial performance at an aggregate level ignoring the differences in state regulations in industries. Further, in the case of India, the literature is confined to analysis in specific years. In this study, we examined whether foreign ownership has any impact on financial performance of firms in India over a period of time. We have conducted a pooled cross section time series analysis of 102 Indian pharmaceutical firms for the period 1998-2005. For the analysis, we used a novel, robust method of handling missing data thus making available twenty % more information than is otherwise possible. Foreign ownership is found to have a positive and statistically significant impact on the financial performance of pharmaceutical companies in India.
