Corporate Performance: Does Ownership Matter? A Comparison of Foreign- and Domestic-Owned Firms in Greece and Portugal

Barbosa, Natália; Louri, Helen

doi:10.1007/s11151-005-4920-y

Cited by 130 publications

(116 citation statements)

References 43 publications

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“…Industry attributes are also controlled for, namely minimum efficient scale, industry concentration, industry growth, international openness and foreign presence, which are the main industry-level variables commonly found in the literature to influence firm growth over time (e.g., Barbosa and Louri, 2005;Álvarez and Görg, 2007;Cardoso, 2008).…”

Section: Model and Variablesmentioning

confidence: 99%

Do foreign and domestic firms behave any different during economic slowdowns?

Varum

Rocha

2011

International Business Review

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The global crisis has called to further reflection on the role of multinationals in host economies during crisis. The evidence on this matter is scarce and no definite conclusions were achieved. Using panel data analysis, this paper examines the link between foreign ownership, firm employment and turnover growth over twenty years and during economic downturns in particular. We analyse the determinants of firm employment and turnover growth and investigate whether there are significant differences in both variables among domestic and foreign firms when controlling for firm and industry specificities. Additionally we assess if the foreignness effect alters during economic downturns. After controlling for several firm and industry characteristics, we find no significant differences between domestic and foreign firms in what concerns employment growth. However, our results suggest that foreign ownership may affect positively firms' sales turnover growth during recessions.

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Section: Model and Variablesmentioning

confidence: 99%

Do foreign and domestic firms behave any different during economic slowdowns?

Varum

Rocha

2011

International Business Review

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“…Financial measurement is one of the tools which indicate the financial condition of any corporation. Those measurements are return on investment (ROI), residual income (RI), earning per share (EPS), dividend yield, price earnings ratio, growth in sales, market capitalization etc., (Barbosa, N. and Louri, H. (2005)). However, the fallouts of inspecting the relationship between financing choices and performance varied and the question of capital structure's impact on performance still holds.…”

Section: Introductionmentioning

confidence: 99%

Capital Structure and Firm's Financial Performance: Evidence from Listed Cement Companies of Dhaka Stock Exchange of Bangladesh

Mansour¹,

Nofal²,

Noori³

et al. 2017

IJBSA

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Bangladesh cement industry is the 40th largest market in the world. Despite the recent global economic upheavals, the Bangladesh economy continues its steady march with growth in excess of 6% over the past few years. Development of cement industry in Bangladesh dates back to the early-fifties but its growth in real sense started only about a decade. The country has been experiencing an upsurge in cement consumption for the last five years. This paper examines the effect of capital structure on firm's performance. This paper uses four performance ratios namely ROE, ROA, EPS and Net profit margin as the dependent variables and SDTA, LDTA, TDTA, LTDCE, TDTQ (five capital structure ratios), size, growth of the company, tangibility of assets, cash flows and liquidity as independent variables. This paper uses panel data procedure for a sample of 5 companies out of 7 listed cement companies of Dhaka Stock Exchange (DSE) over the period 1999 to 2011. The panel data regression Fixed Effects Model (FEM) analysis demonstrated that short-term debt and cash flows have significant positive effect on performance variables. But long-term debts, tangibility of assets and liquidity have significant negative effect on the financial performance variables except on ROE. This paper shows that Bangladeshi cement companies represent low accounting performance over the years. So this study recommends that managers of manufacturing companies should exercise caution while choosing the long-term debt to use in their capital structure as it affects their performance negatively.

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“…His findings show, among other characteristics, that transnational corporations have higher levels of profitability, in Singapore for example. Conversely, Barbosa and Louri (2005) study the cases of Portugal and Greece in the 1990s. In the case of Portugal, the results indicate that foreign ownership is not associated with significant differences in profitability.…”

Section: A Brief Review Of the Literaturementioning

confidence: 99%

The performance of transnational corporations: Evidence for the manufacturing industry in Chile

Vergara¹

2014

CEPAL Review

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This article analyses the performance of transnational corporations in Chilean manufacturing industry. The findings show that while the productivity of subsidiaries of foreign-owned firms is higher than that of local firms, the same is not true of productivity growth. They also show that there are no significant differences in market survival rates between transnational corporations and local firms. However, firms under mainly foreign ownership that are small and have low productivity are more likely to exit the market, displaying more footloose behaviour than their local counterparts. This is associated with lower levels of profitability for this group of transnational firms. Lastly, the findings suggest that transnational corporations are not always more profitable than local firms. Furthermore, they seem able to exploit their advantages over the latter only in the higher quantiles of the profitability distribution.

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Corporate Performance: Does Ownership Matter? A Comparison of Foreign- and Domestic-Owned Firms in Greece and Portugal

Cited by 130 publications

References 43 publications

Do foreign and domestic firms behave any different during economic slowdowns?

Do foreign and domestic firms behave any different during economic slowdowns?

Capital Structure and Firm's Financial Performance: Evidence from Listed Cement Companies of Dhaka Stock Exchange of Bangladesh

The performance of transnational corporations: Evidence for the manufacturing industry in Chile

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