Die Studie setzt sich mit der Frage auseinander, ob externe (ausländische und westdeutsche) Investoren in Ostdeutschland Technologie-Spillovers zugunsten einheimischer Unternehmen induzieren. Die Untersuchung knüpft an eine Reihe ökonometrischer Spilloverstudien an, vor allem an solche für Transformationsländer, die bisher sehr uneinheitliche Ergebnisse liefern. Anders als die vorliegenden Studien verwendet diese Untersuchung eine regionale Aufgliederung bis hin zu Raumordnungsregionen. Ferner wird eine Branchenklassifizierung vorgenommen, die Vorleistungs- und Investitionsgüterverknüpfungen explizit berücksichtigt. Die Regressionsergebnisse zeigen jedoch keinen positiven Zusammenhang zwischen der Anwesenheit externer Investoren und der Produktivität einheimischer Unternehmen, unabhängig davon, welche regionale Betrachtungsebene gewählt wird (Ostdeutschland insgesamt, Bundesländer oder Raumordnungsregionen). Technologie-Spillovers, die in Einzelfällen möglicherweise existieren, sind offensichtlich nicht stark genug, um die Produktivität einheimischer Unternehmen insgesamt zu stärken.
Directory of Japanese companies interested in investing abroad, divided into three indexes: listings of companies by region to be advanced, listings of companies by industrial category to be advanced and alphabetical list of companies with: address, person in charge, telephone/telex, capital, year of establishment, sale, line of business, planned type of collaboration, planned area to be advanced etc. (Econ. Voorlichtingsdienst)
AbstractWe address a debate over the effects of private versus customary property rights on external investment. Despite political economists' claims that external investors favor private property rights, other experts argue that customary systems enable large-scale "land grabs." We organize these competing claims, highlighting trade-offs due to differences in legibility versus the ability to displace existing landholders under both systems. We study a natural experiment in Liberia, where law codifies parallel private and customary property rights systems. We use this institutional boundary and difference-in-differences methods to isolate differential changes in external investment under the different property rights systems following the global food crisis of 2007–08. We find a larger increase in land clearing where private property rights prevailed, with such clearing related to more concession activity. Qualitative study of a palm oil concession reveals challenges external investors confront when navigating customary systems.
ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: We investigate how ownership structure, board characteristics, and regional differences in law enforcement and stock market development affect the conflict of interest between majority and minority investors in Chinese listed firms. For this purpose, we study related‐party transactions as well as labor redundancy, and classify firms as either state‐ or private‐controlled.Research Findings/Insights: We find that related‐party transactions grow more extensive as the wedge between the controlling shareholder's control rights and cash flow rights increases. Related‐party transactions also rise with voting rights held by the government in state‐controlled firms. Next, the state as controlling shareholder exacerbates labor redundancy. The control rights of the second to tenth largest investors can offset expropriation. Regarding board characteristics, we find that a larger fraction of directors affiliated with the dominant owner enlarges related‐party transactions, while large boards also increase labor redundancy in state‐controlled firms. We find only weak evidence that higher‐quality institutions help to restrain expropriation of minority investors.Theoretical/Academic Implications: In Chinese listed firms, a major conflict of interest arises between majority and minority investors. Also, the state may exercise its control rights to achieve imperative social and political objectives, to the detriment of external investors. Yet, as the stock market valuation and financial performance of state‐controlled firms rise with the fraction of shares held by the state, future research should better delineate the conditions under which state ownership is either detrimental or beneficial to firms. Next, the results indicate that governance mechanisms suggested by conventional agency theory are deficient in Chinese listed firms. Future research could therefore establish more clearly when internal and external governance mechanisms are likely to work, thereby also taking into account the identity of the controlling shareholder.Practitioner/Policy Implications: Investors should be aware that expropriation in Chinese listed firms has specific implications when the state is the controlling owner. Also, at this stage of development, independent directors and external governance mechanisms can hardly protect the best interests of minority investors. Rather, expropriation is counterbalanced when voting rights are concentrated in the hands of other large block holders. Policy makers should work on ownership restructuring, board independence, and institutional quality to better protect minority rights in Chinese listed firms.
Land registration is classified as a high priority in the pursuit of economic growth and development. However, many countries still operate under customary law, resulting in limited access to credit. External investors may be ignorant of the wide range of property rights. This article highlights the difference between indigenous and Westernised property rights and transfer processes, and the effect of indigenous property acquisition on initiatives for land development. Several international case studies are discussed. The study concludes that there is a need for indigenous properties to be recorded in the national land administration system. It is recommended for the current electronic registration system project in South Africa to investigate how the incorporation of indigenous property may occur. Recommendations for future studies are made.
A large-scale survey of U.S. top executives and fund managers is used to examine how executives may use interpersonal influence behavior to prevent powerful institutional investors from using their coercive power to force changes in corporate governance and strategy. We theorize that high levels of institutional ownership may prompt CEOs to engage in interpersonal influence behavior in the form of ingratiation and persuasion directed at institutional fund managers, which deters them from using their ownership power to coerce changes that could benefit shareholders at the expense of top management. The results support our theory, indicating that CEOs' ingratiation and persuasion tactics toward institutional fund managers reduce the effect of institutional ownership on specific changes in board structure and composition, CEO compensation, and corporate strategy that are believed to compromise management's interests. Our theory and findings suggest the importance of considering how interpersonal influence processes can provide an alternative source of influence in relationships between corporate leaders and external constituents.
The research and development (R&D) process is critical to a firm's competitive advantage and often requires external funding. Yet, we know little about how different types of investors respond to the cash needs of established R&D intensive firms nor about how external financial analysts influence those decisions. We address these gaps by examining how a firm's patenting activity affects its ability to raise cash. We distinguish the motivations of two investor groups: open-market and alliance partners. We focus on how patents based on emergent technologies impact two types of investors and their willingness to fund the R&D process. We develop theory and test our hypotheses using data from publicly traded biopharmaceutical firms by drawing upon knowledge-based view, alliance, and investment theories. We find evidence that patents built upon emergent technologies are viewed differently by the two types of investors. We find open market investors were less likely to invest in emergent technologies and invested less when they did. Conversely, alliance partner investors would be more appreciative of the opportunities new technology inputs present, thus, more likely to invest in firms using emergent technologies and invest more.
This report discusses key issues around the mobilization of private capital for development. Investment requirements are huge, especially for infrastructure, climate and other SDG-related investments. External finance for developing countries stagnated in the years before the pandemic, followed by a major setback in 2020/2021. The focus is in particular on institutional investors, whose exposure to less-developed countries is still very low, even more so in unlisted assets and projects. There is a potential for progress as asset owners seek new diversification opportunities in growth markets. The main burden is on governments to create favourable business conditions for investable long-term assets. Policy makers, development finance institutions and investors should utilize the full spectrum of investment vehicles - commercial, impact and blended finance.
Purpose: Currently, we can observe legislative pressure for sustainable changes that also includes sustainable finance. As a result, sustainable investment from subsidiary trend, will become dominating one. Therefore, the subject of this study is acceptance of sustainable development concept in Poland, especially among individual investors. Design/Methodology/Approach: In the article, the following research methods were used, analysis of the literature of the subject with the legal acts and desk research as well. The theory was complemented with survey on individual investors sample. Findings: The research has demonstrated that there is social acceptance for activities undertaken in the field of sustainable development. The respondents accepted the transformation toward sustainable society. Nevertheless, its current level is unsatisfactory. Investors considered the information on CSR as having the lowest informative usefulness. As many as 21% of respondents found them completely useless (0% useful) and 43% as very unhelpful (1-10% information usefulness). Practical Implications: The discussion should focus around so improve the usefulness of various parts of the financial statements for external stakeholders, especially investors. Particular attention should be paid to the part presenting non-financial data, which is currently perceived as very useless by individual investors. Originality/value: Analysis of the following issues: Are Polish individual investors taking into consideration corporate social responsibility during investment decision. Research carried out on the individual investors should be considered valuable, because there is a lack of research on the important elements for sustainable development activities within that group of participants on the capital market. Hence, the research made has a unique character. ; peer-reviewed
Due to the constant growth of competition, as well as the need to introduce innovative technologies in production processes and build a customer-oriented model, the issue of attracting additional funding is particularly acute for both the state and companies. The relevance of this article is due to the fact that the current approach of the Russian Federation to the designation of investment attractiveness cannot fully determine the basis for the trust and interest of foreign investors. This article is intended to consider the psychological aspects that affect the irrational behavior of investors and their impact on the placement of foreign bond loans of the Russian Federation. The purpose of this article is to form proposals for creating a positive investment expectation and to use this experience in Russian practice. In the process of studying this problem, general scientific empirical methods were used: data collection and study, comparison and synthesis, and the method of scientific abstraction. As a result of the study, the author came to the conclusion that in order to increase the level of investment attractiveness of domestic companies and the country as a whole, it is necessary to take into account psychological factors, as well as to improve the methodology for assessing investment attractiveness, which would take into account the expectations and «investment mood» of investors.
Credible audit quality is a precondition for a firm&rsquo ; s sustainability. External auditors offer assurance with regard to the uncertain factors that can jeopardize a firm&rsquo ; s sustainability and provide audit opinions that help investors assess risk. After the global crisis and accounting scandals, mandatory audit firm rotation has been implemented globally. However, few studies have investigated either the cost or the benefit of mandatory audit firm rotation. Prior studies provide only indirect evidence on the effects of audit firm tenure on audit quality/perceived audit quality. By discussing prior arguments, we examine how investors perceive the implementation of mandatory audit firm rotation in Korea. Using a unique and direct setting to examine our research question, we analyze the relationship between firms with mandatorily switched audit firms and the cost of equity capital from 2006 to 2008. We find that the mandatory change in the auditors has a negative association with the cost of equity capital. The results are robust to using the arithmetic mean of the cost of equity capital, lagged control variables, and the manufacturing industry effect. The results indicate that investors perceive that mandatory audit firm rotation provides an environment for qualified audits by enhancing auditor independence and skepticism, and thus decreases the cost of equity capital. This study helps to improve our understanding of the impact of mandatory audit firm rotation the information risk evaluations and provides political implications for policy makers by showing the benefit of mandatory audit firm rotation.
