کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5110164 | 1377744 | 2016 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Shared Governance: Institutional Investors as a Counterbalance to the State in State Owned Multinationals
ترجمه فارسی عنوان
حکومتداری مشترک: سرمایه گذاران نهادی به عنوان مقابله ای با دولت در شرکت های چند ملیتی دولتی
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کلمات کلیدی
شرکت های چند ملیتی دولتی، مالکیت دولت، سرمایه گذاران نهادی، تنوع بین المللی، محیط زیست کشور
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
چکیده انگلیسی
State owned multinational enterprises (SMNEs) are entities that are partly or wholly owned by the state and that engage in foreign direct investment. SMNEs with partial state ownership share equity ownership with private investors, some of which may be institutional investors. We argue that equity ownership by institutional investors can provide a counterweight to state ownership, and their shared governance can improve SMNE strategic decision making on international diversification. Institutional investors, however, need strong formal institutions to perform their shared governance role effectively. Because formal institutions are typically weaker in developing countries, institutional investors likely play a less effective role in SMNEs located in developing countries. We test our arguments on the international diversification decisions of 253 listed SMNEs from 42 home countries over the 2002-2007 period, finding substantial support for our hypotheses. Our study offers new insights on the role of institutional investors in the international diversification of state owned multinationals.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Management - Volume 22, Issue 2, June 2016, Pages 115-130
Journal: Journal of International Management - Volume 22, Issue 2, June 2016, Pages 115-130
نویسندگان
Xiaoming He, Lorraine Eden, Michael A. Hitt,