Ownership control of foreign affiliates: A property rights theory perspective
运用产权理论解释外国子公司所有权变更，发现企业特征和东道国制度环境（金融市场发展、腐败程度）驱动变更，且受子公司与母公司行业关联度及成熟度影响。
This paper applies property rights theory to explain changes in foreign affiliates’ ownership. Post-entry ownership change is driven by both firm-level characteristics and by the differences in the institutional environments in host countries. We distinguish between financial market development and the level of corruption as two different institutional dimensions, such that changes along these dimensions impact upon ownership change in different ways. Furthermore, we argue that changes in ownership are affected by the foreign affiliate’s relatedness with its parent’s sector, as well as by the affiliate’s maturity. We use firm level data across 125 host countries to test our hypotheses.