메뉴 건너뛰기




Volumn 23, Issue 1, 2013, Pages 41-50

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

Author keywords

dynamic panel; foreign investors; GMM; performance; unobserved heterogeneity

Indexed keywords

ELECTRONICS INDUSTRY; ESTIMATION METHOD; FOREIGN DIRECT INVESTMENT; OWNERSHIP; PANEL DATA; PERFORMANCE ASSESSMENT;

EID: 84866443062     PISSN: 09603107     EISSN: 14664305     Source Type: Journal    
DOI: 10.1080/09603107.2012.705425     Document Type: Article
Times cited : (43)

References (42)
  • 2
    • 23944482741 scopus 로고    scopus 로고
    • A clash of capitalisms: foreign shareholders and corporate restructuring in 1990s Japan
    • Ahmadjian, C and Robbins, G. 2005. A clash of capitalisms: foreign shareholders and corporate restructuring in 1990s Japan. American Sociological Review, 70: 451-71.
    • (2005) American Sociological Review , vol.70 , pp. 451-471
    • Ahmadjian, C.1    Robbins, G.2
  • 3
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano, M and Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58: 277-97.
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 4
    • 58149364940 scopus 로고
    • Another look at instrumental-variable estimation of error-components models
    • Arellano, M and Bover, O. 1995. Another look at instrumental-variable estimation of error-components models. Journal of Econometrics, 68: 29-52.
    • (1995) Journal of Econometrics , vol.68 , pp. 29-52
    • Arellano, M.1    Bover, O.2
  • 5
    • 59649110672 scopus 로고    scopus 로고
    • Increased presence of foreign investors and dividend policy of Japanese firms
    • Baba, N. 2009. Increased presence of foreign investors and dividend policy of Japanese firms. Pacific Basin Finance Journal, 17: 163-74.
    • (2009) Pacific Basin Finance Journal , vol.17 , pp. 163-174
    • Baba, N.1
  • 6
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker, M and Wurgler, J. 2002. Market timing and capital structure. Journal of Finance, 57: 1-32.
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 7
    • 0000909526 scopus 로고
    • Evidence that stock prices do not fully reflect the implications of current earnings for future earnings
    • Bernard, V and Thomas, J. 1990. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting and Economics, 13: 305-40.
    • (1990) Journal of Accounting and Economics , vol.13 , pp. 305-340
    • Bernard, V.1    Thomas, J.2
  • 8
    • 44649187068 scopus 로고    scopus 로고
    • Corporate governance and firm performance
    • Bhagat, S and Bolton, B. 2008. Corporate governance and firm performance. Journal of Corporate Finance, 14: 257-73.
    • (2008) Journal of Corporate Finance , vol.14 , pp. 257-273
    • Bhagat, S.1    Bolton, B.2
  • 9
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell, R and Bond, S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87: 115-43.
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 10
    • 0010019475 scopus 로고    scopus 로고
    • The stock market valuation of research and development expenditures
    • Chan, L, Lakonishok, J and Sougiannis, T. 2001. The stock market valuation of research and development expenditures. Journal of Finance, 56: 2431-56.
    • (2001) Journal of Finance , vol.56 , pp. 2431-2456
    • Chan, L.1    Lakonishok, J.2    Sougiannis, T.3
  • 11
    • 79953066010 scopus 로고    scopus 로고
    • Shareholder heterogeneity and conflicting goals: strategic investments in the Japanese electronics industry
    • Colpan, A, Yoshikawa, T, Hikino, T and Del Brio, E. 2011. Shareholder heterogeneity and conflicting goals: strategic investments in the Japanese electronics industry. Journal of Management Studies, 48: 591-618.
    • (2011) Journal of Management Studies , vol.48 , pp. 591-618
    • Colpan, A.1    Yoshikawa, T.2    Hikino, T.3    Del Brio, E.4
  • 12
    • 47749103670 scopus 로고    scopus 로고
    • Asset growth and the cross-section of stock returns
    • Cooper, M, Gulen, H and Schill, M. 2008. Asset growth and the cross-section of stock returns. Journal of Finance, 63: 1609-51.
    • (2008) Journal of Finance , vol.63 , pp. 1609-1651
    • Cooper, M.1    Gulen, H.2    Schill, M.3
  • 13
    • 33746838431 scopus 로고    scopus 로고
    • Market reactions to tangible and intangible information
    • Daniel, K and Titman, S. 2006. Market reactions to tangible and intangible information. Journal of Finance, 61: 1605-43.
    • (2006) Journal of Finance , vol.61 , pp. 1605-1643
    • Daniel, K.1    Titman, S.2
  • 14
    • 33749006861 scopus 로고    scopus 로고
    • What determines the speed of adjustment to the target capital structure?
    • Drobetz, W and Wanzenried, G. 2006. What determines the speed of adjustment to the target capital structure?. Applied Financial Economics, 16: 941-58.
    • (2006) Applied Financial Economics , vol.16 , pp. 941-958
    • Drobetz, W.1    Wanzenried, G.2
  • 16
    • 46049088884 scopus 로고    scopus 로고
    • The colours of investors' money: the role of institutional investors around the world
    • Ferreira, M and Matos, P. 2008. The colours of investors' money: the role of institutional investors around the world. Journal of Financial Economics, 88: 499-533.
    • (2008) Journal of Financial Economics , vol.88 , pp. 499-533
    • Ferreira, M.1    Matos, P.2
  • 17
    • 34548300034 scopus 로고    scopus 로고
    • Corporate diversification, performance, and restructuring in the largest Japanese manufacturers
    • Fukui, Y and Ushijima, T. 2007. Corporate diversification, performance, and restructuring in the largest Japanese manufacturers. Journal of the Japanese and International Economies, 21: 303-23.
    • (2007) Journal of the Japanese and International Economies , vol.21 , pp. 303-323
    • Fukui, Y.1    Ushijima, T.2
  • 18
    • 12844286141 scopus 로고    scopus 로고
    • Sources of shareholders' wealth gains from asset sales
    • Gadad, AM and Thomas, HM. 2005. Sources of shareholders' wealth gains from asset sales. Applied Financial Economics, 15: 137-41.
    • (2005) Applied Financial Economics , vol.15 , pp. 137-141
    • Gadad, A.M.1    Thomas, H.M.2
  • 19
    • 75149149776 scopus 로고    scopus 로고
    • Does corporate governance matter in competitive industries?
    • Giroux, X and Mueller, H. 2010. Does corporate governance matter in competitive industries?. Journal of Financial Economics, 95: 312-31.
    • (2010) Journal of Financial Economics , vol.95 , pp. 312-331
    • Giroux, X.1    Mueller, H.2
  • 20
    • 31144465082 scopus 로고    scopus 로고
    • Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model
    • Goddard, J, Tavakoli, M and Wilson, J. 2005. Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model. Applied Financial Economics, 15: 1269-82.
    • (2005) Applied Financial Economics , vol.15 , pp. 1269-1282
    • Goddard, J.1    Tavakoli, M.2    Wilson, J.3
  • 21
    • 84861763794 scopus 로고    scopus 로고
    • ECGI - Finance Working Paper No. 290, University of Southern California, Kutsuna, K. and Matos, P
    • Hamao, Y. 2010. Kutsuna, K. and Matos, P., US-style investor activism in Japan: the first ten years, ECGI-Finance Working Paper No. 290, University of Southern California
    • (2010) US-style investor activism in Japan: The first ten years
    • Hamao, Y.1
  • 22
    • 0000414660 scopus 로고
    • Large sample properties of the generalized methods of moments
    • Hansen, L. 1982. Large sample properties of the generalized methods of moments. Econometrica, 50: 1029-54.
    • (1982) Econometrica , vol.50 , pp. 1029-1054
    • Hansen, L.1
  • 23
    • 0347674299 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and performance
    • Himmelberg, C, Hubbard, R and Palia, D. 1999. Understanding the determinants of managerial ownership and performance. Journal of Financial Economics, 53: 333-84.
    • (1999) Journal of Financial Economics , vol.53 , pp. 333-384
    • Himmelberg, C.1    Hubbard, R.2    Palia, D.3
  • 24
    • 53149122105 scopus 로고    scopus 로고
    • Ownership concentration and corporate performance: a causal analysis with Japanese panel data
    • Hu, Y and Izumida, I. 2008. Ownership concentration and corporate performance: a causal analysis with Japanese panel data. Corporate Governance: An International Review, 16: 342-58.
    • (2008) Corporate Governance: An International Review , vol.16 , pp. 342-358
    • Hu, Y.1    Izumida, I.2
  • 25
    • 84993907227 scopus 로고
    • Returns to buying winners and selling losers: implications for stock market efficiency
    • Jegadeesh, N and Titman, S. 1993. Returns to buying winners and selling losers: implications for stock market efficiency. Journal of Finance, 48: 65-91.
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 26
    • 0031256734 scopus 로고    scopus 로고
    • Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    • Kang, JK and Stulz, R. 1997. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics, 46: 3-28.
    • (1997) Journal of Financial Economics , vol.46 , pp. 3-28
    • Kang, J.K.1    Stulz, R.2
  • 27
    • 58849146609 scopus 로고    scopus 로고
    • Entrepreneurial shareholder activism: hedge funds and other private investors
    • Klein, A and Zur, E. 2009. Entrepreneurial shareholder activism: hedge funds and other private investors. Journal of Finance, 64: 187-229.
    • (2009) Journal of Finance , vol.64 , pp. 187-229
    • Klein, A.1    Zur, E.2
  • 28
    • 34247597365 scopus 로고    scopus 로고
    • Characteristics and performance of institutional and foreign investors in Japanese and Korean stock markets
    • Ko, K, Kim, K and Cho, S. 2007. Characteristics and performance of institutional and foreign investors in Japanese and Korean stock markets. Journal of the Japanese and International Economies, 21: 195-213.
    • (2007) Journal of the Japanese and International Economies , vol.21 , pp. 195-213
    • Ko, K.1    Kim, K.2    Cho, S.3
  • 29
    • 76849107687 scopus 로고    scopus 로고
    • On the use of instrumental variables in accounting research
    • Larcker, D and Rusticus, T. 2010. On the use of instrumental variables in accounting research. Journal of Accounting and Economics, 49: 186-205.
    • (2010) Journal of Accounting and Economics , vol.49 , pp. 186-205
    • Larcker, D.1    Rusticus, T.2
  • 30
    • 1642320428 scopus 로고    scopus 로고
    • Corporate earnings: facts and fiction
    • Lev, B. 2003. Corporate earnings: facts and fiction. Journal of Economic Perspectives, 17: 27-51.
    • (2003) Journal of Economic Perspectives , vol.17 , pp. 27-51
    • Lev, B.1
  • 31
    • 78649517802 scopus 로고    scopus 로고
    • Institutional investors, corporate governance and firm performance in Japan
    • Mizuno, M. 2011. Institutional investors, corporate governance and firm performance in Japan. Pacific Economic Review, 15: 653-65.
    • (2011) Pacific Economic Review , vol.15 , pp. 653-665
    • Mizuno, M.1
  • 32
    • 77249176702 scopus 로고    scopus 로고
    • Corporate governance in Japan and the UK: codes, theory and practice
    • Mizuno, M and Tabner, I. 2009. Corporate governance in Japan and the UK: codes, theory and practice. Pacific Economic Review, 14: 622-38.
    • (2009) Pacific Economic Review , vol.14 , pp. 622-638
    • Mizuno, M.1    Tabner, I.2
  • 33
    • 84861771579 scopus 로고    scopus 로고
    • The impact of foreign investors on the risk-taking of Japanese firms
    • Nguyen, P. 2012. The impact of foreign investors on the risk-taking of Japanese firms. Journal of the Japanese and International Economies, 26: 233-48.
    • (2012) Journal of the Japanese and International Economies , vol.26 , pp. 233-248
    • Nguyen, P.1
  • 34
    • 78149279459 scopus 로고    scopus 로고
    • The valuation of R&D expenditures in Japan
    • Nguyen, P, Nivoix, S and Noma, M. 2010. The valuation of R&D expenditures in Japan. Accounting and Finance, 50: 899-920.
    • (2010) Accounting and Finance , vol.50 , pp. 899-920
    • Nguyen, P.1    Nivoix, S.2    Noma, M.3
  • 35
    • 3242885273 scopus 로고    scopus 로고
    • Corporate cash holdings: an empirical investigation of UK companies
    • Ozkan, A and Ozkan, N. 2004. Corporate cash holdings: an empirical investigation of UK companies. Journal of Banking and Finance, 28: 2103-34.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 2103-2134
    • Ozkan, A.1    Ozkan, N.2
  • 36
    • 84987480065 scopus 로고
    • Further insight into the standardized unexpected earnings anomaly: size and serial correlation effects
    • Rendleman, R, Jones, C and Latané, H. 1987. Further insight into the standardized unexpected earnings anomaly: size and serial correlation effects. Financial Review, 22: 131-44.
    • (1987) Financial Review , vol.22 , pp. 131-144
    • Rendleman, R.1    Jones, C.2    Latané, H.3
  • 37
    • 68149179207 scopus 로고    scopus 로고
    • How to do Xtabond2: an introduction to 'difference' and 'system' GMM in Stata
    • Roodman, D. 2009. How to do Xtabond2: an introduction to 'difference' and 'system' GMM in Stata. Stata Journal, 9: 86-136.
    • (2009) Stata Journal , vol.9 , pp. 86-136
    • Roodman, D.1
  • 38
    • 77956046513 scopus 로고    scopus 로고
    • Does foreign investment matter? Effects of foreign investment on the institutionalisation of corporate social responsibility by Japanese firms
    • Suzuki, K, Tanimoto, K and Kokko, A. 2010. Does foreign investment matter? Effects of foreign investment on the institutionalisation of corporate social responsibility by Japanese firms. Asian Business and Management, 9: 379-400.
    • (2010) Asian Business and Management , vol.9 , pp. 379-400
    • Suzuki, K.1    Tanimoto, K.2    Kokko, A.3
  • 39
    • 10444289824 scopus 로고    scopus 로고
    • A finite sample correction for the variance of linear efficient two-step GMM estimators
    • Windmeijer, F. 2005. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126: 25-51.
    • (2005) Journal of Econometrics , vol.126 , pp. 25-51
    • Windmeijer, F.1
  • 40
    • 84862759222 scopus 로고    scopus 로고
    • Endogeneity and the dynamics of internal corporate governance
    • Linck, J. and Netter, J
    • Wintoki, M. 2012. Linck, J. and Netter, J., Endogeneity and the dynamics of internal corporate governance, Journal of Financial Economics, 105, 581-606
    • (2012) Journal of Financial Economics , vol.105 , pp. 581-606
    • Wintoki, M.1
  • 41
    • 78149468409 scopus 로고    scopus 로고
    • Asset growth and stock returns: evidence from Asian financial markets
    • Yao, T, Yu, T, Zhang, T and Chen, S. 2011. Asset growth and stock returns: evidence from Asian financial markets. Pacific-Basin Finance Journal, 19: 115-39.
    • (2011) Pacific-Basin Finance Journal , vol.19 , pp. 115-139
    • Yao, T.1    Yu, T.2    Zhang, T.3    Chen, S.4
  • 42
    • 0003300715 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and its relationship to firm performance
    • Zhou, X. 2001. Understanding the determinants of managerial ownership and its relationship to firm performance. Journal of Financial Economics, 62: 559-71.
    • (2001) Journal of Financial Economics , vol.62 , pp. 559-571
    • Zhou, X.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.