Foreign investors and corporate governance in Korea

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This paper has two aims. The first aim is to investigate whether poor corporate governance negatively affects equity participation of foreign investors. The second aim is to investigate whether firm-level efforts for better corporate governance attract more foreign investments. Our regression results suggest foreign equity ownership is negatively associated with firms' ownership concentration but is positively associated with firms' efforts for better corporate governance. Interestingly, foreign investors show different behavioral patterns from their domestic counterparts, as the latter group shows less sensitivity to the corporate governance issue than the former group. (C) 2010 Elsevier B.V. All rights reserved.
Publisher
ELSEVIER SCIENCE BV
Issue Date
2010
Language
English
Article Type
Article
Keywords

BUSINESS GROUPS; SHAREHOLDER WEALTH; EMERGING MARKETS; HOME BIAS; OWNERSHIP; DIRECTORS; FIRM; PERFORMANCE; INFORMATION; PROTECTION

Citation

PACIFIC-BASIN FINANCE JOURNAL, v.18, no.4, pp.390 - 402

ISSN
0927-538X
DOI
10.1016/j.pacfin.2010.04.002
URI
http://hdl.handle.net/10203/22864
Appears in Collection
MT-Journal Papers(저널논문)
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