Foreign Ownership and Profitability: Property Rights, Control, and the Performance of Firms in Indian Industry
研究将外资所有权按控制权分类，发现只有在持股51%以上、产权明确转移时，外资企业才表现出更优的销售和资产回报率。
This study examines the influence of foreign ownership on the performance of firms operating in India. Foreign ownership is categorized according to the control exercisable at different levels of ownership. These categories are, in turn, determined by the institutional structure of the Indian environment that helps define the property rights accruing at different levels of ownership. Firms' performance is measured as return on sales and return on assets. The results show that, after controlling for a variety of firm and environment‐specific factors, only when property rights devolve to foreign owners, at ownership levels providing unambiguous control at 51 percent, do firms in which there is foreign ownership display relatively superior performance.