Are foreign investors locusts? The long-term effects of foreign institutional ownership
Are foreign investors locusts? The long-term effects of foreign institutional ownership
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DOI：
10.1016/j.jfineco.2017.07.005
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发表时间：
2017-10-01
影响因子：
8.9
通讯作者：
Pires, Pedro
中科院分区：
文献类型：
--
作者：
Bena, Jan;Ferreira, Miguel A.;Pires, Pedro
本文对外国投资者引导企业采取短期导向、放弃长期投资的观点提出了质疑。利用2001年至2010年期间30个国家的上市公司的综合样本，我们发现，更多的外国机构持股反而会促进有形、无形和人力资本的长期投资。外国机构持股也会导致创新产出的显著增加。我们通过利用在MSCI指数中加入一只股票后外国机构所有权的外生变化来识别这些影响。我们的结果表明，外国机构对世界各地根深蒂固的企业内部人士施加了惩戒作用。(C)2017爱思唯尔B.V.保留所有权利。
This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. Using a comprehensive sample of publicly listed firms in 30 countries over the period 2001-2010, we find instead that greater foreign institutional ownership fosters long-term investment in tangible, intangible, and human capital. Foreign institutional ownership also leads to significant increases in innovation output. We identify these effects by exploiting the exogenous variation in foreign institutional ownership that follows the addition of a stock to the MSCI indexes. Our results suggest that foreign institutions exert a disciplinary role on entrenched corporate insiders worldwide. (C) 2017 Elsevier B.V. All rights reserved.