Foreign ownership and firm performance: Evidence from Japan's electronics industry

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dc.contributor.author Nakano, Makoto en_US
dc.contributor.author Nguyen, Pascal en_US
dc.contributor.editor en_US
dc.date.accessioned 2014-04-03T01:53:33Z
dc.date.available 2014-04-03T01:53:33Z
dc.date.issued 2013 en_US
dc.identifier 2011007432 en_US
dc.identifier.citation Nakano, Makoto and Nguyen, Pascal 2013, 'Foreign ownership and firm performance: Evidence from Japan's electronics industry', Applied Financial Economics, vol. 23, no. 1, pp. 41-50. en_US
dc.identifier.issn 0960-3107 en_US
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/23444
dc.description.abstract Foreign investors have in recent years increased their ownership of Japanese firms. Has this greater involvement contributed to improve firm performance? We show that the answer depends on the assumptions regarding the unobservable firm effects. If the latter are assumed to be time invariant, as in most existing studies, the influence of foreign investors appears to be positive. However, unobserved firm characteristics are unlikely to be constant in the case of electronics firms. Using dynamic panel data estimation, we show that the effect of foreign ownership on operating profits has been initially insignificant, but is starting to show up strongly in the more recent period. On the other hand, the immediate impact has been to raise expectations about future firm performance. en_US
dc.language en_US
dc.publisher Routledge en_US
dc.relation.isbasedon en_US
dc.relation.isbasedon http://dx.doi.org/10.1080/09603107.2012.705425 en_US
dc.title Foreign ownership and firm performance: Evidence from Japan's electronics industry en_US
dc.parent Applied Financial Economics en_US
dc.journal.volume 23 en_US
dc.journal.number 1 en_US
dc.publocation London, UK en_US
dc.identifier.startpage 41 en_US
dc.identifier.endpage 50 en_US
dc.cauo.name BUS.Finance en_US
dc.conference Verified OK en_US
dc.for 140200 en_US
dc.personcode 0000081555 en_US
dc.personcode 103857 en_US
dc.percentage 50 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 investors, performance, unobserved heterogeneity, dynamic panel, GMM en_US
dc.staffid 103857 en_US


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