Ownership structure and firm performance in emerging markets: A comparative meta-analysis of East European EU member states, Russia and China

Iwasaki, Ichiro; Ma, Xinxin; Mizobata, Satoshi

doi:10.1016/j.ecosys.2022.100945

Cited by 39 publications

(60 citation statements)

References 67 publications

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“…Firms improved their performances with foreign stakes. The finding of this study with respect to foreign ownership is consistent with Jusoh (2016), Rashid (2020), Din et al (2021), andIwasaki et al (2022), supporting the fourth hypothesis that ownership by a foreigner has an efficacious and consequential association with profit margin, ROA, and Tobin's Q. Family ownership (FAMOWN) showed mixed results, having negative associations with operating margins and positive ones with financial performance.…”

Section: Resultssupporting

confidence: 88%

“…Diversified contexts showing both positive and negative influence of state ownership have been observed in the empirical literature. Iwasaki et al (2022) discovered the 4,425 outcomes from 204 studies that were conducted in China, Russia, and EU states. They argued about the adverse effect of the state on firm progress.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

“…Agency theory suggested that firms act as agents of the state by following regulations and policies ( Liu et al, 2020 ). To keep the principal–agent relationship intact, the board of the firm can play an effective role in minimizing the negative effect of state possession and saving agency costs and political costs ( Iwasaki et al, 2022 ). The institutional theory contends that the actions of firms get shaped by the environment in which they operate.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

“…This inside control system is critical in deciding the destinations of firms, investor riches, and the degree of discipline of managers ( Jensen, 2003 ). The ownership mechanism is equally important to be scaled and measured for the causal effect on the performance of the firm not only in the developed markets but also in emerging ones ( Iwasaki et al, 2022 ). One of the influential mechanisms in reaping the firm performance as per agency mechanism is ownership of possessions by various groups ( Alkurdi et al, 2021 ).…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Does board activeness strengthen the relationship between structure of corporate ownership and firm performance?

Yuan

Hussain²,

Khalid³

et al. 2023

Front. Psychol.

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This study empirically investigates the moderating effect of board activeness on the relationship between the structure of corporate ownership and firm performance. The objective was evaluated using the hierarchal panel regressions with data from non-financial companies of the Pakistan Stock Exchange from 2009 to 2018, operationalizing the ownership structure as state ownership, associated companies, foreign ownership, ownership concentration, institutional ownership, and family ownership, and firm performance as operating performance, financial performance, and stock market performance. The findings of the study revealed that operating, financial, and stock market performance were favorably influenced by the ownership stakes of the state, associated concerns, institutions, and foreigners. Family interests proved to be diverse for the firm performance. The isolated effect of the board consistently uplifted the firm productivity, but its interactional impact with all the ownership stakeholders postulated differential outcomes for internal and external performance. The study provides valuable insights for policymakers and investors to make optimal strategies to manage ownership interests and enhance value.

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Section: Resultssupporting

confidence: 88%

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Does board activeness strengthen the relationship between structure of corporate ownership and firm performance?

Yuan

Hussain²,

Khalid³

et al. 2023

Front. Psychol.

View full text Add to dashboard Cite

show abstract

“…and some existing empirical studies (see, Zhang et al 2003;Raff and Wagner, 2014;Zeitun and Gang, 2007;Halkos and Tzeremes, 2007;Gelubcke, 2013;Okafor 2017;Iwasaki et al 2022;Othmani, 2022). As argued earlier, foreign ownership comes with some ownership advantages that allow for some superior tangible and intangible assets over host market firms.…”

Section: Regression Resultsmentioning

confidence: 93%

Foreign ownership and firm performance in Sub-Saharan Africa

Webster

Okafor

Barrow

2022

Transnational Corporations Review

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Our study investigates the effects of foreign ownership on firm performance with respect to profitability, productivity, export intensity, and skills acquisition in Sub-Saharan African (SSA) countries. This is particularly important given that in the last 3 decades, stock of FDI has increased over 20,000% in SSA countries. To achieve the objectives of this paper, we employed firm-and country-level data from the World Bank Enterprise Surveys and the World Bank Development Indicators respectively. Results of the least squares dummy variable (LSDV) and propensity score matching (PSM) estimations showed that foreign ownership was positively associated with higher levels of financial profitability, productivity, exports, and skilled labour acquisition. Policy implications were deduced from the findings.

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How does human resource management balance exploration and exploitation? The differential effects of intellectual capital‐enhancing HR practices on ambidexterity and firm innovation

Pak

Ghaleh

Mehralian

2023

Human Resource Management

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After decades, dialogues on human resource management (HRM), intellectual capital (IC), and ambidexterity still continue, mirroring that the role of ambidextrous capability in translating the impact of HRM into superior performance remains unclarified. At this juncture, the current study proposes a novel theoretical framework to extend research on the relationship between IC‐enhancing HR practices and innovation. It is done sophisticatedly by examining how firm exploitative and exploratory capabilities mediate the relationship between different combinations of HR configurations and firm innovation. To this end, we designed rigorous time‐lagged research with three waves of data collection from the Iranian healthcare sector. Our analyses revealed that firm explorative and exploitative capabilities significantly mediate the relationship between human, social, and organizational capital‐enhancing HR configurations and firm innovation. More conspicuously, by unraveling interaction patterns among distinct HR configurations, our study revealed the intricacies of the functioning of IC‐enhancing HR practices in fueling firm ambidexterity. Hence, our study offers design options to navigate through exploitation and exploration in light of the firm's core innovation strategy. We discuss the theoretical and practical implications of our findings and suggest future research avenues.

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Ownership structure and firm performance in emerging markets: A comparative meta-analysis of East European EU member states, Russia and China

Cited by 39 publications

References 67 publications

Does board activeness strengthen the relationship between structure of corporate ownership and firm performance?

Does board activeness strengthen the relationship between structure of corporate ownership and firm performance?

Foreign ownership and firm performance in Sub-Saharan Africa

How does human resource management balance exploration and exploitation? The differential effects of intellectual capital‐enhancing HR practices on ambidexterity and firm innovation

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