The impact of foreign investors on the risk-taking of Japanese firms

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Show simple item record Nguyen, PD 2012-10-12T03:34:53Z 2012-01
dc.identifier.citation Journal of the Japanese and International Economies, 2012, 26 (2), pp. 233 - 248
dc.identifier.issn 0889-1583
dc.identifier.other C1 en_US
dc.description.abstract Consistent with a bank-centered governance system, Japanese firms exhibit an exceptionally low level of performance variability. The increased involvement of foreign investors motivated by shareholder value is thus likely to have triggered a major shift in their risk-taking behavior. My results confirm this assumption as all standard measures of performance volatility appear to have significantly increased with the level of foreign ownership. Controlling for endogeneity provides higher point estimates supporting anecdotal evidence that foreign investors have targeted firms taking unusually low risk. Overall, the evidence highlights the considerable impact that this category of investors can have on a firm's decisions and, by consequence, on its performance.
dc.publisher Elsevier
dc.relation.isbasedon 10.1016/j.jjie.2012.03.001
dc.title The impact of foreign investors on the risk-taking of Japanese firms
dc.type Journal Article
dc.description.version Published
dc.parent Journal of the Japanese and International Economies
dc.journal.volume 2
dc.journal.volume 26
dc.journal.number 2 en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 233 en_US
dc.identifier.endpage 248 en_US BUS.Finance en_US
dc.conference Verified OK en_US
dc.for 1402 Applied Economics
dc.personcode 103857
dc.percentage 100 en_US Applied Economics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords Foreign ownership; Monitoring; Performance volatility; Risk taking en_US
dc.description.keywords Science & Technology
dc.description.keywords Technology
dc.description.keywords Construction & Building Technology
dc.description.keywords Engineering, Civil
dc.description.keywords Materials Science, Multidisciplinary
dc.description.keywords Engineering
dc.description.keywords Materials Science
dc.description.keywords ENGINEERING, CIVIL
dc.description.keywords pervious concrete
dc.description.keywords porous concrete
dc.description.keywords fly ash
dc.description.keywords density
dc.description.keywords porosity
dc.description.keywords strength
dc.description.keywords water permeability
dc.description.keywords drying shrinkage
dc.description.keywords Foreign ownership
dc.description.keywords Monitoring
dc.description.keywords Performance volatility
dc.description.keywords Risk taking
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Strength - Corporate Governance
utslib.copyright.status Closed Access 2015-04-15 12:17:09.805752+10
utslib.collection.history Uncategorised (ID: 363)
utslib.collection.history Closed (ID: 3)

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