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We use a panel data set of Japanese firms from 2005 to 2019 to examine how a firm's employee age structure affects its productivity and wages. The pooled ordinary-least-squares (OLS) results indicate a negative relationship between the proportion of older employees and labor productivity. However, the effects disappear after applying a fixed effects (FE) model and the generalized method of moments to consider the unobserved heterogeneity among firms. Moreover, the proportion of older employees does not significantly affect firms' wages. We further examine firm heterogeneity as a factor that contributes to the difference between the pooled OLS and FE estimates. The results suggest that differences in corporate stakeholder characteristics and corporate governance, such as the presence of labor unions and proportion of foreign ownership, may be related to the ratio of older workers and corporate performance. [ABSTRACT FROM AUTHOR]

This study examines the impact of firms' earnings quality on stock price synchronicity, considering the foreign equity ownership to moderate such a relationship. This study argues that firms' earnings quality is firm-specific information that can enhance the stock price synchronicity in the market. The sample used is ASX200 firms in 2017–2019 period, excluding firms in Finance and Utility sectors. The data are collected from the databases FactSet and Morningstar. Using pooled regression analysis, this study shows that out of three market-based earnings quality attributes, timeliness significantly reduces information asymmetry, enhances transparency by impounding more firm-specific information in prices, and ultimately mitigates pricing errors in trading, hence lower stock price synchronicity. It supports prior studies showing that market impound the loss quicky. Meanwhile, conservatism and relevance show insignificant results, emphasizing the superiority of timeliness over other market-based earnings quality in the developed capital market. We discover that foreign equity ownership is not regarded as firm-specific information that reduce the stock price synchronicity. As a moderating variable, the foreign ownership level decreases the impact of timeliness on stock price synchronicity. [ABSTRACT FROM AUTHOR]

This paper seeks to investigate how earnings quality is affected by related party transactions (RPTs). The research also examines the impact of ownership structure as a moderating variable on this relationship. Panel data with the firm fixed effects model are utilized in the paper. A sample of 91 non-financial companies listed on the Saudi Stock Exchange between 2018 and 2022 were included, resulting in 429 observations of company performance over that time period. This paper finds that there is a negative association between RPTs and earnings quality. Furthermore, the study found that the adverse effect of RPTs on earnings quality is intensified when there is managerial ownership and institutional ownership as moderating variables. The study's conclusions are robust and reliable, as the sensitivity analysis results reinforce those of the basic analysis. To the authors' knowledge, there is relatively little available evidence on the connection between RPTs and their correlation with earnings quality, particularly in the context of ownership structure acting as a moderating variable. Moreover, the study's findings hold important implications for enhancing earnings quality in developing economies. To the authors' knowledge, no studies have been conducted in Saudi Arabia thus far to investigate the impact of ownership concentration, institutional ownership, managerial ownership, foreign ownership, and state ownership on the association between RPTs and earnings quality. Therefore, this paper expands the literature by modeling how the interaction between ownership structure and related party transactions may influence earnings quality. In this way, the authors contribute to the body of knowledge by unveiling a more robust control mechanism, particularly in developing economies with ineffective markets for corporate control. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to evaluate the resource curse hypothesis in an oil-dependent economy, Saudi Arabia, through examining the impact of oil price volatility on foreign ownership among Saudi listed firms. Design/methodology/approach: The study analyzes a unique data set of firm-level data on foreign ownership for the period 2009–2015. A multivariate regression model was applied to analyze the relationships under study. Findings: The analysis reveals a negative association between oil price volatility and foreign ownership in firms with high leverage and low stock volatility. Research limitations/implications: Policymakers are encouraged to develop policies to control shocks in the supply and demand of oil and enforce economic diversification. Investors can better understand the dynamics of an oil-based economy stock market based on the investment behavior of foreign investors and their response to oil price shocks. Originality/value: This study adds to the literature by analyzing the relationship understudy in an oil-rich and oil-dependent emerging economy, where its critical economic parameters are influenced by oil price volatility and it has the largest and the most liquid stock exchange in the MENA region. [ABSTRACT FROM AUTHOR]

This study examines the effect of foreign ownership and the presence of a board of directors on commitment to environmental issues and export intensity. Based on a robust path analysis of 181 international new ventures spanning 25 European countries, it is found that foreign ownership significantly boosts the environmental commitment and exports of this breed of firms. On the contrary, board of directors bears no relationship with the aforementioned outcomes. Theoretically, this paper expands the international entrepreneurship discourse by uncommonly investigating environmental issues in the context of international new ventures. Practically, insights are offered to owners/managers of international new ventures to reflect on the distinctive value of foreign ownership and board of directors in their environmental and internationalization agenda. Regional policymakers' attention is drawn to the contribution of foreign ownership as a harbinger of environmental performance and greater export intensity. [ABSTRACT FROM AUTHOR]

This research paper examined how tax aggressiveness is influenced by ownership structure (managerial ownership, foreign ownership, and family ownership). The study used a population of 53 companies that engage in manufacturing sector and have been listed on the Indonesian Stock Exchange (BEI) from 2020 to 2022. In this study, tax aggressiveness was measured by effective tax rate and book-tax difference models. It also examined the relationship between foreign ownership, family ownership, and managerial ownership with tax aggressiveness using a regression model analysis with the aid of STATA. It was found that a significant relationship exists between managerial ownership and effective tax rate, similar to family ownership and book-tax difference. This implies that manufacturing companies in Indonesia that were dominated by family ownership and managerial ownership could reduce tax aggressiveness. In addition, this research also found that large companies in Indonesia tend to do more tax aggressiveness than small companies. [ABSTRACT FROM AUTHOR]

This paper provides evidence on whether the relationship between imported inputs and productivity in Ethiopia depends on foreign ownership. The study uses a nationally representative firm-level unbalanced panel dataset for the period 1996–2016. Methodologically, this paper adopts two complementary empirical approaches: the Gandhi, Navarro, and Rivers (2020; henceforth GNR) two-step approach for estimating the gross output production function and the system GMM approach for estimating the gross output production function. Our results indicate that the use of imported inputs enhances productivity among manufacturing firms with foreign ownership. For domestically owned firms, the effect of imported inputs is relatively small and marginally significant. We thus find evidence that foreign-owned firms have a premium in terms of productivity gains from the use of imported inputs, compared to domestically owned firms. Our results suggest that reducing trade barriers for imported inputs will benefit foreign-owned firms more than domestically owned firms. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Abant Social Sciences / Abant Sosyal Bilimler Dergisi is the property of Journal of Abant Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper, we set up a mixed duopoly competition model between state-owned and private firms in order to compare specific and ad valorem taxes. Assuming that the total output under specific and ad valorem taxation remains unchanged, we find that if the public firm is completely privatised, the output of the private firm under the two tax schemes will be the same. If the public firm is not completely privatised, the output of the the private firm under specific taxation will be greater than that under ad valorem taxation. If the private firm is a pure local one, the social benefits will be the same under the two tax schemes. However, if the private firm is a joint venture that involves domestic and foreign entities, social welfare under ad valorem taxation will be greater than that under specific taxation. [ABSTRACT FROM AUTHOR]

This study examines the influence of foreign ownership and product market competition on firm performance in Vietnam's listed companies through the mediating role of the corporate governance index. Moreover, the study explores the moderating role of business strategy in the relationships between foreign ownership, product market competition, and firm performance. We use maximum likelihood structural equation modeling in Stata 14 software to analyze the data collected from 180 Vietnamese listed companies from 2015 to 2019. The results indicate that foreign ownership and product market competition positively influence firm performance by mediating the corporate governance index. Business strategy negatively moderates the relationship between product market competition and firm performance. This study has implications for managers focusing on foreign ownership and product market competition to improve corporate governance systems, enhancing firm performance. Additionally, managers may build business strategies when product market competition increases to avoid negative effects on firm performance. [ABSTRACT FROM AUTHOR]

This article examines the internationalization of HC Sparta Prague (ice hockey) and AC Sparta Prague (football) by focusing on management decision-making. Using interviews with key personnel, it explores the varying levels of internationalization in these clubs, emphasizing their reliance on foreign players, the utility of foreign ownership, fan responses to foreign coaching, and marketing efforts toward foreigners. Football, being more global, is subject to ‘Europeanization,’ whereas ice hockey, centered in North America, is influenced by ‘Americanization’ and ‘eventification.’ Despite significant fan overlap and efforts at eventification, neither team has had success attracting Prague’s tourists and neither currently views it as an important market, instead focusing on the domestic Czech market. Both clubs have undergone various phases of ownership, from foreign investors to a return to Czech owners, reflecting broader social and economic changes in the region following the fall of communism. The article further discusses the influence of historical and cultural contexts on the acceptance and resistance to globalization influences, emphasizing the importance of preserving national identity and selectively integrating global elements within the modernization of sports. The study proposes that, despite the Sparta brand identity being heavily influenced by internationalization, it remains largely a Czech brand, and cultural sporting identity currently plays a more crucial role in resisting globalization than sport brand identity in Eastern Europe.

Purpose – The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets. Design/methodology/approach – The authors define the independent variable abnormal foreign investment (AFI) as the residuals of the foreign ownership equation. The authors regress foreign ownership on its first lag and factors and define the residuals as the AFI. The AFI is the over- or under-investment reflecting foreign conscious (clear-purpose) investment, thus better indicating how foreign investment affects firm performance. The dependent variable is Tobin’s q (Q), which represents the firm performance. Then, the authors regress the Tobin’s q next quarters (Qt + k) on the AFI current quarter (AFIt). The authors use a two-step generalized method of moments (GMM) and check endogeneity with the D-GMM model for the regression. Findings – The results show that the current AFI is positively correlated with the firm performance in each of the next four quarters (the following one year). This positive relationship is pronounced for large firms, firms with no large foreign investors, liquid firms and firms listed in the active market. The results suggest that foreign investment might choose well-productive firms already. Also, the current AFI is significantly positively correlated with stock returns in each of the next three quarters. These results suggest that the AFI is informative up to one-year period. Research limitations/implications – The results suggest that foreign investors (most of them are small) in the Vietnamese market might choose well-productive firms already. However, if the large investors have long-term investment in tangible, intangible, human capital and so on, and lead to a significant increase in firms’ performance is still the limitation of this paper. Practical implications – The results of this paper may guide investors whose portfolios are composed of stocks with foreign investment. Originality/value – This paper adds to the literature to enrich the conclusion of a positive relationship between foreign ownership and firm performance.

Purpose – Using imbalanced panel data of nonfinancial Vietnamese listed firms from 2005 to 2021, this paper explores the potential effect of ownership on firms' cash levels. Design/methodology/approach – Two hypotheses are tested using different methods, including pooled ordinary least squares (POLS) and system-generalized method of moments (GMM), to investigate the ownership–cash holding relationship for various firm scenarios. Both book and market measures of the cash ratio are examined. Findings – Results show that foreign and state ownership encourages firms to increase their cash reserves. The positive relationship between ownership and cash holding is, especially, pronounced for firms in the financial deficit. Research limitations/implications – This research suggests that in this emerging market, outside ownership substantially accelerates cash to hedge against the unexpected issues caused by poor investor protection, low political accountability and information asymmetry. Originality/value – The study contributes to the existing understanding of the relationship between ownership and corporate cash holdings in the context of a typical emerging market. Besides, it expands the existing knowledge to the extent of such relations in the event of a financial shortage.

Firm value is considered a primary and essential driver for investors when making investment decisions, so they are interested in the quality of the financial data in companies’ annual reports related to firm value in an attempt by the owners to improve the company’s image and raise its value. Therefore, this study examined the relationship between ownership structure and firm value through the mediating role of accrual earnings management. Panel data were extracted from the financial reports of 88 non-financial companies listed on the Amman Stock Exchange for 11 years (2009–2019). The Barron and Kenny, Sobel, and other test approaches were applied to investigate the mediation effect and mediating relationships. The outcomes identified a positive impact of managerial ownership on firm value and a positive impact of foreign ownership on firm value. Also, it showed a negative impact of managerial ownership and foreign ownership on accrual earnings management, while accrual earnings management positively impacted firm value. Regarding mediating relationships, the results identified a mediating effect of accrual earnings management on the relationship between managerial ownership and firm value and a mediating effect of accrual earnings management on the relationship between foreign ownership and firm value. However, accrual earnings management does not mediate the relationship between family ownership and firm value. This shows the importance of reducing accrual earnings management through the identities of investors (managerial and foreign), which helps increase control and improve the value of a company.

We investigate whether the impact of corruption on firm-level performance exhibits a concave pattern. We measured corruption using a continuous variable of firm-level bribe payments from the World Bank Enterprise Surveys. Our dataset includes 23 327 firms from 140 developing and emerging countries from 2006 to 2020. Using four measures of firm performance and instrumental variables estimation, we find that corruption has a negative linear impact on measures directly linked to market performance but a concave impact on measures focusing on inner processes. Further, larger firms and foreign firms are less negatively impacted by corruption. Importantly, controlling for a concave relationship amplifies the differences across different types of firms.

This study investigates the impact of foreign ownership (FOR) on the relationship between CEO features and real earnings management (REM) practices, including abnormal cash flow from operating (ACO), abnormal discretionary expenses (ADIET), abnormal production costs (APRC), and aggregate REM. Using the Feasible Generalized Least Squares (FGLS) method, regressions were performed using 685 enterprise-year observations of enterprises listed on the Amman Stock Exchange from 2017 to 2021. The findings reveal that female CEOs restrict REM (APRC), while CEOs with prior experience engage more in REM by manipulating sales, reducing discretionary expenses, and engaging in aggregate REM to establish a positive reputation. Additionally, it was found that CEOs with longer tenures are less likely to engage in REM (ADIET and APRC). Furthermore, enterprises with older CEOs have a mitigating effect on aggregate REM practices, although they are more inclined to engage in REM by reducing discretionary expenses. Consistent with the knowledge spillover hypothesis, foreign ownership acts as a constraint on the practice of REM. Specifically, when combined with CEO tenure, foreign ownership limits REM (ACO and aggregate REM). However, in line with the information asymmetry hypothesis, the study reveals that foreign ownership, in combination with CEO gender, increases REM (ACO). Moreover, foreign ownership increases REM (ADIET) when combined with CEO experience. Additionally, the results indicate that foreign ownership intensifies REM (ACO and aggregate REM) when combined with CEO age. This study provides new insights into the impact of foreign ownership (FOR) on the relationship between CEO features and REM practices, demonstrating that foreign ownership can either limit or intensify REM practices depending on the specific combination of CEO features, such as gender, experience, tenure, and age. These findings will benefit practitioners, investors, and regulators by enhancing their understanding that enterprises with significant FOR and longer CEO tenure tend to demonstrate higher financial reporting quality (FRQ) and employ lower levels of REM.

AbstractThis study investigates the effect of foreign ownership on firm investment and how the country-level governance quality adjusts the relationship between foreign ownership and firm investment. Using the 2016–2022 World Bank Enterprise Surveys (WBES) database, the results reveal that foreign-owned firms exhibit a higher likelihood of making investments than domestic-owned firms. Specifically, the odds of research and development (R&D)/fixed asset expenditures for foreign-owned firms are 56.6/67.0% higher than the odds for domestic-owned firms. In addition, the country-level governance quality significantly influences the relationship between foreign ownership and firm investment. Good governance quality can create a better environment for foreign-owned firms to invest and can lead to a significant positive impact on investment activities.

This paper investigates the effect of foreign ownership on firm performance in the South African informal sector. Using the data of 1097 informal businesses sourced from the World Bank Enterprises Survey conducted in four Township provinces in South Africa (Gauteng, KwaZulu-Natal, Eastern Cape and Western Cape) in 2020, the paper aims to address two issues: what is the effect of foreign ownership on performance in the South African informal sector and what factors drive foreign-ownership gap in the South African informal sector if it exists? The empirical analysis uses the multivariable decomposition technique and finds a performance gap between locally and foreign-owned businesses in the South African informal sector. A decomposition of factors shows that differences in endowments can explain the bulk of the gap. Discriminatory/unexplained factors, likely capturing the business culture, also play a significant role. Caution is given when seeking to curb foreign business participation in the informalsector. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Reviu Akuntansi dan Keuangan (JRAK) is the property of Universitas Muhammadiyah Malang and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Starting with the work of Hernando de Soto in the 1980s, the role of land tenure soon attracted the attention of the international development community as a neoliberal-oriented theory of change rooted in the possession and use of private individual land titles by the poor. One of the central mechanisms proposed by de Soto was a three-step process that involves the poor (1) "securing" their tenure with land titles, (2) using their newly acquired land titles as collateral to leverage large amounts of microcredit to be used to establish a functioning microenterprise, and then (3) escaping from their poverty due to the jobs and income associated with founding and running a microenterprise. This paper explores what I call de Soto's "three steps to heaven" theory of change, a concept that was taken on board with gusto by leading Western governments and virtually all of the main international development institutions, particularly the World Bank. I argue that Cambodia provides the ideal setting for evaluating de Soto's concept because, since around 2020, it has possessed the largest microcredit sector in the world (on a per capita basis), thanks largely to the obligatory use of land titles as the collateral required to obtain microcredit. While the first two of de Soto's "three steps to heaven" have been realized, the evidence shows that the assumptions related to step three have proved to be extremely problematic: the ubiquity of microcredit that was achieved since the early 2010s via steps one and two has not, in general, improved the lives and communities of Cambodia's poor through accelerated microenterprise development. It appears, instead, to have contributed to deeper poverty, insecurity, vulnerability and inequality. I conclude that de Soto's "three steps to heaven" theory reflects a fundamental misunderstanding of the real institutional drivers of sustainable local economic development and poverty reduction. [ABSTRACT FROM AUTHOR]

FDI may have beneficial effects on economic development. On the other hand, the presence of foreign investment leads to foreign interest, which has the potential to minimize tax burden by exploiting cross-border tax policy discretion. This study examines the influence of foreign interest on the tax avoidance practices of firms in Indonesia. This is quantitative research using a sample of firms listed in the IDX80 index with a financial reporting period of 2018-2021. The results of this study indicate that foreign ownership has a positive effect on tax avoidance. Meanwhile, the number of foreign commissioners and the number of foreign directors does not affect tax avoidance. Apart from contributing to the theory, this study is also a concern for the DGT in anticipating the risk of tax avoidance by foreign capital firms. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine on the ways in which a company's sustainability reporting (SR) differs depending on the types of ownership it has, notably director ownership (DO), institutional ownership (IO), and foreign ownership (FO). This paper uses a sample of 145 firm-year observations from 29 listed banks in the Dhaka Stock Exchange (DSE) of Bangladesh from 2016 to 2020 and regression analysis to test the relationship between different ownership structures and SR. The study also employed the generalized method of moments (GMM) to deal with the endogeneity issue. The findings show that investors have varying perspectives on SR disclosure activity. The findings show that two stockholding patterns, DO and FO, significantly impact SR disclosure in Bangladesh but that there is no significant association between IO and SR disclosure. In constructing SR, this paper depends on only the quantity of disclosure, not the quality, and is solely based on the published annual report. The study findings also provide a comprehensive overview of the SR practice of Bangladeshi banks, which may be helpful to regulators, policymakers, management, creditors, and other stakeholders in making investment and economic decisions. To encourage SR commitment, the government may need to keep an eye on the ownership structure and implement policies that encourage foreign investment. To the best of the authors' knowledge, this is the first study to look at how ownership structure influence SR practices in the banking industry of Bangladesh over five years. [ABSTRACT FROM AUTHOR]

We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign‐acquired firms with similar domestic‐acquired firms in China with regard to changes in their post‐acquisition international trade performance. Our findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing, and strongly increased trade value. Foreign ownership took effect from the year of the acquisition and persisted for at least 2 years. It stimulated both processing trade and ordinary trade, and expanded products and trading partners. Post‐acquisition trade performance also exhibited heterogeneity based on the different pre‐acquisition and post‐acquisition ownership. As for the underlying mechanisms, we show that firms experienced significant output expansion, increased export dependence, and eased financial constraints after foreign acquisition. [ABSTRACT FROM AUTHOR]

Foreign shareholders are essential in the capital market. The study on A-share listed firms from 2012 to 2021 examines the impact of foreign ownership on internal control and its transmission effect. Using text analysis and machine learning methods, we construct a variable named “internal control willingness” to explore the impact of subjective willingness. The findings indicate that foreign shareholding significantly enhances internal control quality, with a more pronounced effect observed in samples demonstrating a more positive internal control willingness. Moreover, foreign shareholders contribute to the invested firm's sustainable development by enhancing internal control quality. Further research demonstrates that the positive impact of foreign shareholding is more significant in firms with legal foreign shareholders, highly competitive industries, and sound legal environments. These findings can aid host country firms in more efficiently leveraging foreign resources and provide empirical evidence for opening up China's capital market and formulating foreign investment regulations.

We test the existence of daily/weekly herding behavior in the Turkish stock market between June 2013 and October 2020 on the stocks that remained listed on the benchmark stock index over the analysis period. Rather than performing the test on a set of stocks belonging to firms with different characteristics as in the literature, we conduct it on subsets of stocks we form based on foreign ownership ratio, firm size (measured by total assets), and prominent financial indicators (price-to-earnings and market-to-book ratios). Our analysis provides no evidence of herding behavior but yields important insights. Specifically, it demonstrates that financial indicators have no bearing on herding behavior, but investor type and firm size may. A slight indication of herding tendency emerges in stocks with a relatively higher investment from local investors but disappears in those with a comparatively higher investment from foreign investors. This finding suggests a potential market knowledge disparity between local and foreign investors, with the less expert being the local group. Moreover, a faint sign of herding tendency also appears in stocks that belong to small firms, possibly due to a heightened uncertainty inherent in such stocks.

This article presents the methodology to examine the impact of foreign ownership on firm productivity using firm-level data of Japanese manufacturing firms from 2000 to 2016, which include 1,458 listed companies in Japan. Firm productivity is represented by total factor productivity (TFP), which is estimated by the Olley–Pakes semiparametric estimation method to minimize the simultaneity problem in production function estimation. In the estimation of the impact of foreign ownership on firm productivity, system GMM estimation is applied to address a possible reversal causality problem between foreign ownership and firm productivity. Based on the case of the manufacturing firms in Japan, this article shows that 1 percentage point increase in foreign ownership increases the firm productivity by 0.06 percent. The evidence of this article supports the positive impact of foreign ownership on firm productivity and further implies that the promotion of foreign investment could be a policy option to improve firm productivity. This study analyzes the impact of foreign ownership on firm productivity. Firm-level data of the Japanese manufacturing firms from 2000 to 2016 are analyzed. The result supports the positive impact of foreign ownership on firm productivity. [ABSTRACT FROM AUTHOR]

The significance of a company's ownership structure (OST) is reflected in how it impacts the process of making decisions and the allocation of profits within the organization. Based on that, this article aims to inspect the connection between OST and corporation performance (CP). The current study employed an empirical strategy that entailed the development of comprehensive ordinary least squares (OLS) measures, which were then applied to a sample of 199 financial and non-financial firms listed on the Saudi market between the years 2015 and 2021, amounting to a total of 1393 observations. The statistical findings supported the impact of managerial ownership (MGOW), institutional ownership (INOW) and government ownership (GOOW) on CP. On the contrary, foreign ownership (FOOW) and ownership concentration (OWCO) have a negatively significant relationship with CP. This article is one of the few empirical studies that look at how OST affects CP. In addition, it is the first study in the Kingdom of Saudi Arabia (KSA) that examines the impact of the OST components (administrative, institutional, foreign, governmental ownership, and ownership concentration) on the performance of companies in all sectors of financial and non-financial companies. [ABSTRACT FROM AUTHOR]

Despite being a crucial source of funding for the government, tax revenue collection in Indonesia has yet to reach its ideal and satisfying level for the economy. Therefore, this study explores the impact of executive incentives, foreign ownership, and transfer pricing on tax avoidance. The conventional banks of Indonesia that were listed on the Indonesia Stock Exchange (IDX) between 2015 and 2019 are the subject of this study. This study employed a purposive selection technique, with a final sample of 17 banks chosen after screening to ensure they met the requirements of having foreign ownership and not having suffered losses during the study year. The results of this study show that while CEO incentives harm tax avoidance, foreign ownership has a beneficial effect. Furthermore, tax avoidance is not significantly impacted by transfer pricing. The findings of this investigation open the door for accountable authorities in the economy. [ABSTRACT FROM AUTHOR]

From the perspectives of ownership dispersion degree after the entry of foreign shareholder and the foreign ownership participation level, respectively, this paper takes Chinese hybrid OFDI state-owned listed industrial companies from 2007 to 2019 as samples, using 3799 observations, to study the impact of foreign ownership on the innovation of OFDI SOEs. We find that compared to the ownership dispersion degree after the entry of foreign shareholder, the foreign ownership participation level plays a more active role in the innovation of OFDI SOE. This positive effect is stronger for non-state-holding enterprises and high-pollution industries. Further analysis reveals that the relationship between foreign ownership and the innovation of SOE is mediated and moderated by the host country's innovation level and government innovation subsidies, respectively. In addition, in comparison with the ownership dispersion degree after the entry of foreign shareholders, the mediating effect of the host country's innovation level and the moderating effects of government innovation subsidies are significantly enhanced by the foreign ownership participation level. These findings can promote the study of the relationship between mixed-ownership reform and the innovation of Chinese OFDI SOEs. By verifying the impact of foreign ownership on the effectiveness of OFDI SOE innovation, this paper provides a new perspective on the study of mixed-ownership reform. This paper aims to expand the research field on the relationship between mixed-ownership reform and OFDI SOE innovation, providing theoretical implications and facilitating the policy design of promoting SOE reverse technology spillovers through their governance structural reform. [ABSTRACT FROM AUTHOR]

As there are many studies on the predictors of corporate social responsibility (CSR) reporting, the influences of foreign direct investments (FDIs) knowledge spillovers (KSs) on CSR reporting in developing countries remain unclear. This paper introduces the passive‐learning KSs concept to explain whether, why, and how domestic firms learn CSR knowledge from their foreign counterparts. First, we investigate the relationship between foreign ownership and the quality of CSR reporting (CSRQ). Second, we test the moderating effect of three types of direct institutional pressures: the green development policy, the mandatory CSR reporting requirement, and CSR regulations issued by the State‐owned Assets Supervision and Administration Commission. Third, we examine the moderating effect of board interlocks to explore the indirect impacts of institutional pressures. We run regressions on a sample of Chinese A‐share listed companies and the hypotheses are generally supported. This paper contributes to the literature on CSR reporting and FDIs KSs by adopting the passive‐learning KSs theory to explain CSR KSs in developing countries. [ABSTRACT FROM AUTHOR]

This article is aimed to investigate the extent to which the home and host countries' institutional quality helps explain the efficiency and stability differences between the domestic and foreign banks operating in Tunisia and Morocco over the 2005–2017. For this purpose, a simultaneous equations approach was considered to investigate the dynamics between efficiency and stability. Our framework follows the premise that stability is endogenously related to efficiency only for Moroccan banks' sample when models' estimation has been administered considering each country separately. The findings reveal also the persistence of a positive effect of foreign ownership on bank efficiency, highlighting that banking efficiency need be effectively sustained with a reasonable level of institutional development. Moreover, the institutional differences characterizing the home and host countries has a negative impact on the foreign banks' stability. Accordingly, policy makers in the Great Maghreb area could well aspire to enhance foreign ownership in their banking sector, on the ground that it helps remarkably in improving corporate governance and boosting efficiency, given mainly the acquired technical advantages often associated with their developed home countries. The generalized moments method estimator outlines the persistence of a noticeable banking inefficiency and stability, with a significant effect of the stability variable on banks' inefficiency and performance, suggesting that banking‐efficiency boosting policies might well ultimately guide and veer management choices towards less risky investments. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between board nationality diversity (BND) and environmental, social, and governance (ESG) in developing countries. It also highlights the role of legitimacy concerns in investigating how foreign ownership moderates the connection between BND and ESG due to the increased liability of foreignness. Using a sample of listed firms in Johannesburg stock exchange (JSE) in South Africa over 2015--2020, our two-step system GMM findings show that board nationality diversity positively affects ESG. Moreover, our study found that foreign ownership strengthens the positive connection between BND and ESG. Our study contributes to the literature by highlighting the importance of legitimacy theory in the dynamic nexus between BND and ESG. The findings of this study have substantial implications for firms, investors, and stakeholders. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Selcuk University Social Sciences Institute / Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi is the property of Journal of Selcuk University Social Sciences Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study investigated how ownership structure influence the female inclusion of listed financial firms in Nigeria. Using Longitudinal research design findings revealed that managerial ownership exhibited a direct effect on female inclusion, institutional ownership was significant with a direct nexus with female inclusion, while foreign ownership was non-significant but exhibited an inverse sign. The study concluded that share possession held by managers, as well as, other institution that manage people’s wealth determine the percentage of women that participate in board of directors of listed financial firms in Nigeria; while, low share possession held by foreign ownership reduces it. The study recommended that the director within the listed financial firms should ensure that they make their ownership stakes (shares) attractive for foreign ownership through publicity.

This paper seeks to investigate how earnings quality is affected by related party transactions (RPTs). The research also examines the impact of ownership structure as a moderating variable on this relationship. Panel data with the firm fixed effects model are utilized in the paper. A sample of 91 non-financial companies listed on the Saudi Stock Exchange between 2018 and 2022 were included, resulting in 429 observations of company performance over that time period. This paper finds that there is a negative association between RPTs and earnings quality. Furthermore, the study found that the adverse effect of RPTs on earnings quality is intensified when there is managerial ownership and institutional ownership as moderating variables. The study’s conclusions are robust and reliable, as the sensitivity analysis results reinforce those of the basic analysis. To the authors’ knowledge, there is relatively little available evidence on the connection between RPTs and their correlation with earnings quality, particularly in the context of ownership structure acting as a moderating variable. Moreover, the study’s findings hold important implications for enhancing earnings quality in developing economies. To the authors’ knowledge, no studies have been conducted in Saudi Arabia thus far to investigate the impact of ownership concentration, institutional ownership, managerial ownership, foreign ownership, and state ownership on the association between RPTs and earnings quality. Therefore, this paper expands the literature by modeling how the interaction between ownership structure and related party transactions may influence earnings quality. In this way, the authors contribute to the body of knowledge by unveiling a more robust control mechanism, particularly in developing economies with ineffective markets for corporate control.