کد مقاله کد نشریه سال انتشار مقاله انگلیسی ترجمه فارسی نسخه تمام متن
998154 1481528 2016 14 صفحه PDF سفارش دهید دانلود رایگان
عنوان انگلیسی مقاله ISI
Social trust and foreign ownership: Evidence from qualified foreign institutional investors in China
ترجمه فارسی عنوان
اعتماد اجتماعی و مالکیت خارجی: شواهد از سرمایه گذاران خارجی واجد شرایط در چین
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
سفارش ترجمه تخصصی
با تضمین قیمت و کیفیت
کلمات کلیدی
اعتماد اجتماعی؛ سرمایه گذاران نهادی خارجی؛ مالکیت خارجی؛ چين
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد، اقتصادسنجی و مالیه (عمومی)
چکیده انگلیسی


• Proportion and likelihood of foreign ownership increases with the level of social trust.
• The effects of social trust on foreign ownership diminishes under certain circumstances.
• Foreign institutional investors from countries with a common law origin are more likely to incorporate trust-related information.

We investigate the effects of social trust on foreign institutional investors’ equity holdings in listed Chinese firms from 2005 to 2011. We find that social trust embedded in the regional environment is an important factor for the investment decisions of foreign institutional investors. We also find that the proportion and likelihood of foreign ownership increases with the level of social trust. The results support the notion that social trust and trust-related information help mitigate informational barriers in international equity investments. Our results are robust to alternative measures of social trust and a range of model specifications, including instrumental variable estimation. We document that the effects of social trust on foreign ownership diminishes in the presence of organizational learning, better formal institutional development, conservative financial reporting, and asset transparency. We also show that foreign institutional investors from countries with a common law origin are more likely to incorporate trust-related information in their investment decisions.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Stability - Volume 23, April 2016, Pages 1–14
نویسندگان
, , , ,
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
سفارش ترجمه تخصصی
با تضمین قیمت و کیفیت