Foreign corporations as large shareholders
研究中国上市公司中的外国公司股东，发现他们通过积极监督、促进创新、优化投资和增加海外销售来提升公司业绩。
Abstract In this article, we examine foreign corporate shareholders in China. We find that they play an active and effective corporate governance role that improves firm performance. The results are robust to tests that address endogeneity, selection bias, and direction‐of‐causality concerns. The methods for which foreign corporations exert effective oversight are identified: (1) they actively and effectively monitor firms (i.e., they are more likely to fire [reward] managers for poor [good] firm performance), (2) they invest more in innovation, (3) they are better at selecting investment projects, and (4) they help generate more foreign sales.