Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market

• 成果类型: Article
• 署名作者: Douma, Sytse; George, Reje; Kabir, Rezaul
• 署名单位: Eindhoven University of Technology; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; University of Stirling
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.535
• 发表日期: 2006
• 页码: 637-657
• 关键词: ownership structure; firm performance; corporate governance; business groups; emerging market

摘要

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. Copyright (c) 2006 John Wiley & Sons, Ltd.