The Effect Of Foreign Institutional Investors On Corporate Governance
DOWNLOAD
Download The Effect Of Foreign Institutional Investors On Corporate Governance PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get The Effect Of Foreign Institutional Investors On Corporate Governance book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
The Effect Of Foreign Institutional Investors On Corporate Governance
DOWNLOAD
Author : Matteo Cecchi
language : en
Publisher:
Release Date : 2019
The Effect Of Foreign Institutional Investors On Corporate Governance written by Matteo Cecchi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Compared to the astonishing growth of the Chinese economy in the last 40 years, the development of its capital markets has been lagging behind. Now that the economic system is transforming from an export-based and investment-driven model to a consumption-based and innovation-driven one, an efficient stock market has never been more relevant. To promote the development of the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), the China Securities Regulatory Commission (CSRC) has implemented a range of new policies in the last decade. One of these policies aims at increasing the presence of foreign institutional investors. The objective of this thesis is therefore to analyse if the new influx of foreign investors have performed a monitoring role and improved firm-level corporate governance structures. More specifically, we hypothesise that larger and long-term foreign institutional investments drive corporate governance improvements. We have collected an extensive foreign ownership database and used multiple metrics to measure firm-level corporate governance. Namely, we use a corporate governance index, a transparency disclosure rating, and individual corporate governance attributes. In order to alleviate endogeneity concerns, we performed a variety of empirical tests, such as analysing the effect of lagged, significant changes in foreign ownership on the level of corporate governance. We indeed found that foreign institutional investors have enhanced the development of corporate governance mechanisms in Chinese publicly listed firms. Therefore, our results indicate that further relaxations in foreign ownership restrictions will hasten the development of the Chinese capital markets.
Institutional Investors Corporate Ownership And Corporate Governance
DOWNLOAD
Author : Stuart L. Gillan
language : en
Publisher:
Release Date : 2002
Institutional Investors Corporate Ownership And Corporate Governance written by Stuart L. Gillan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate governance categories.
Institutional Investors And Corporate Governance
DOWNLOAD
Author : Theodor Baums
language : en
Publisher: Walter de Gruyter
Release Date : 2011-05-02
Institutional Investors And Corporate Governance written by Theodor Baums and has been published by Walter de Gruyter this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-02 with Law categories.
The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
Institutional Investors In Global Capital Markets
DOWNLOAD
Author : Narjess Boubakri
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-09-27
Institutional Investors In Global Capital Markets written by Narjess Boubakri and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-27 with Business & Economics categories.
Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Foreign Institutional Investors And Corporate Governance In Emerging Markets
DOWNLOAD
Author : Wei Huang
language : en
Publisher:
Release Date : 2015
Foreign Institutional Investors And Corporate Governance In Emerging Markets written by Wei Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Using data on China's split-share structure reform that floats non-tradable shares, we find that Qualified Foreign Institutional Investors (QFIIs) have greater influence over the controlling state shareholders than local mutual funds. QFIIs are less prone to political pressure and are more likely to participate in arm's-length negotiation and monitoring in state-controlled companies. The presence of QFII ownership shortens the duration of the reform and increases the compensation to minority tradable shareholders. Unlike local mutual funds, the positive relationship between state ownership and the compensation to tradable shareholders increases with the presence of QFII ownership. Furthermore, QFIIs increase the likelihood of revision in reform proposals among state-controlled companies. Domestic mutual funds seem to make earnest negotiations in non-state-controlled companies in the absence of political pressure. Evidence suggests that involving foreign institutional investors in corporate governance practices can significantly reduce expropriation by controlling shareholders in emerging markets.
Institutional Activism In Corporate Governance
DOWNLOAD
Author : Wenge Wang
language : en
Publisher: Springer Nature
Release Date : 2019-11-22
Institutional Activism In Corporate Governance written by Wenge Wang and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-22 with Business & Economics categories.
Using both qualitative and quantitative methods, this book examines whether qualified foreign institutional investors (QFIIs), through their shareholder activism, have a meaningful positive impact on the corporate governance of firms listed on the mainland Chinese stock market. Capital flows into and out of China are still subject to tight controls, and the QFII scheme is one important avenue through which QFIIs can become invested in the Chinese stock market. This book is an invaluable resource for anyone interested in learning about ways to invest in one of the world’s largest economies. Wang discusses in depth what specific opportunities, challenges and restrictions to expect in the process, and how investing in China differs from investing in countries with a more open capital account.
The Effect Of Foreign Institutional Ownership On Corporate Tax Avoidance
DOWNLOAD
Author : Iftekhar Hasan
language : en
Publisher:
Release Date : 2019
The Effect Of Foreign Institutional Ownership On Corporate Tax Avoidance written by Iftekhar Hasan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This study examines whether foreign institutional investors (FIIs) help explain variation in corporate tax avoidance and whether mechanisms such as tax morality, investment horizon, and corporate governance underlie the relation between FIIs and tax avoidance. We find robust evidence that FIIs are negatively associated with corporate tax avoidance. Moreover, this negative association is dominated by FIIs from countries with high tax morality, FIIs with long-term investment horizons, and FIIs from countries with high corporate governance quality. We conclude that FIIs play an active role in shaping corporate tax avoidance policy.
Portfolio Preferences Of Foreign Institutional Investors
DOWNLOAD
Author : Reena Aggarwal
language : en
Publisher: World Bank Publications
Release Date : 2003
Portfolio Preferences Of Foreign Institutional Investors written by Reena Aggarwal and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Foreign exchange categories.
The Role Of Institutional Investors In Corporate Governance
DOWNLOAD
Author : P. Nix
language : en
Publisher: Springer
Release Date : 2013-07-12
The Role Of Institutional Investors In Corporate Governance written by P. Nix and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-12 with Business & Economics categories.
What role do independent institutional investors play in the corporate governance of listed German companies? The authors provide insight into an empirical and qualitative research study, exploring the importance of communication and the role, independence and expertise, responsibilities, influence and monitoring of institutional investors.
Three Essays On Institutional Investment
DOWNLOAD
Author : Nida Abdioglu
language : en
Publisher:
Release Date : 2012
Three Essays On Institutional Investment written by Nida Abdioglu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This thesis investigates the investment preferences of institutional investors in the United States (US). In the second chapter, I analyse the impact of both firm and country-level determinants of foreign institutional investment. I find that the governance quality in a foreign institutional investor's (FII) home country is a determinant of their decision to invest in the US market. My findings indicate that investors who come from countries with governance setups similar to that of the US invest more in the United States. The investment levels though, are more pronounced for countries with governance setups just below that of the US. My results are consistent with both the 'flight to quality' and 'familiarity' arguments, and help reconcile prior contradictory empirical evidence. At the firm level, I present unequivocal evidence in favour of the familiarity argument. FII domiciled in countries with high governance quality prefer to invest in US firms with high corporate governance quality. In the third chapter, I investigate the impact of the Sarbanes-Oxley Act (SOX) on foreign institutional investment in the United States. I find that, post-SOX, FII increase their equity holdings in US listed firms. This result is mainly driven by passive, non-monitoring FII, who have the most to gain from the SOX-led reduction in firm information asymmetry, and the consequent reduction in the value of private information. The enactment of SOX appears to have changed the firm-level investment preferences of FII towards firms that would not be their traditional investment targets based on prudent man rules, e.g., smaller and riskier firms. In contrast to the extant literature, which mostly documents a negative SOX effect for the US markets, my chapter provides evidence of a positive SOX effect, namely the increase in foreign investment. In the fourth chapter, I examine the effect of SOX on the relation between firm innovation and institutional ownership. I find that US firms investing in innovation attract more institutional capital post-SOX. Prior literature highlights two SOX effects that could cause this result: a decreased level of information asymmetry (direct effect) and increased market liquidity (indirect effect). My findings support the direct effect, as I find that the positive relation between innovation and institutional ownership is driven by passive and dedicated institutional investors. A reduction in firms' information asymmetry is beneficial for these investors while they gain less from increased market liquidity. Overall, my results indicate that SOX is an important policy that has strengthened the institutional investor's support for firm innovation.