The impact of foreign investors on the risk-taking of Japanese firms

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dc.contributor.author Nguyen, Pascal en_US
dc.contributor.editor en_US
dc.date.accessioned 2012-10-12T03:34:53Z
dc.date.available 2012-10-12T03:34:53Z
dc.date.issued 2012 en_US
dc.identifier 2011004682 en_US
dc.identifier.citation Nguyen Pascal 2012, 'The impact of foreign investors on the risk-taking of Japanese firms', Elsevier, vol. 26, no. 2, pp. 233-248. en_US
dc.identifier.issn 0889-1583 en_US
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/18802
dc.description.abstract Consistent with a bank-centered governance system, Japanese firms exhibit an exceptionally low level of performance variability. The increased involvement of foreign investors motivated by shareholder value is thus likely to have triggered a major shift in their risk-taking behavior. My results confirm this assumption as all standard measures of performance volatility appear to have significantly increased with the level of foreign ownership. Controlling for endogeneity provides higher point estimates supporting anecdotal evidence that foreign investors have targeted firms taking unusually low risk. Overall, the evidence highlights the considerable impact that this category of investors can have on a firm's decisions and, by consequence, on its performance. en_US
dc.language en_US
dc.publisher Elsevier en_US
dc.relation.isbasedon http://dx.doi.org/10.1016/j.jjie.2012.03.001 en_US
dc.title The impact of foreign investors on the risk-taking of Japanese firms en_US
dc.parent Journal of the Japanese and International Economies en_US
dc.journal.volume 26 en_US
dc.journal.number 2 en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 233 en_US
dc.identifier.endpage 248 en_US
dc.cauo.name BUS.Finance en_US
dc.conference Verified OK en_US
dc.for 140200 en_US
dc.personcode 103857 en_US
dc.percentage 100 en_US
dc.classification.name Applied Economics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Foreign ownership; Monitoring; Performance volatility; Risk taking en_US
dc.staffid en_US
dc.staffid 103857 en_US


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