Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market
研究了外资机构股东与外资企业股东对新兴市场公司绩效的不同影响，发现外资企业股东因持股更大、承诺更高、参与更长期而带来更积极的效果，且这种影响因公司是否属于商业集团而异。
Abstract We adopt a multi‐theoretic approach to investigate a previously unexplored phenomenon in extant literature, namely the differential impact of foreign institutional and foreign corporate shareholders on the performance of emerging market firms. We show that the previously documented positive effect of foreign ownership on firm performance is substantially attributable to foreign corporations that have, on average, larger shareholding, higher commitment, and longer‐term involvement. We document the positive influence of corporations vis‐á‐vis financial institutions with respect to domestic shareholdings as well. We also find an interesting dichotomy in the impact of these shareholders depending on the business group affiliation of firms. Copyright © 2006 John Wiley & Sons, Ltd.