Foreign Ownership, Manager Monitoring, and Firm Value: Evidence from Japanese Firms
Foreign Ownership, Manager Monitoring, and Firm Value: Evidence from Japanese Firms
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发表时间：
2015
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通讯作者：
Anwer S. Ahmed;T. Iwasaki
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作者：
Anwer S. Ahmed;T. Iwasaki
本文以近年来的日本企业为样本，研究了外资持股对监督机制、监督结果和企业价值的影响。我们发现，外资持股与独立董事的任命显著正相关，与应计和真实的盈余管理显著负相关，与公司价值显著正相关。我们的研究结果是强大的一套广泛的控制变量和控制外资所有权和公司价值之间的内消。总体而言，我们的证据表明，外国投资者加强监督，降低代理成本，提高公司价值。
We investigate the effects of foreign ownership on a monitoring mechanism, a monitoring outcome, and firm value for a sample of Japanese firms in a recent period. We find that foreign ownership is (i) significantly positive associated with the appointment of independent directors, (ii) significantly negatively associated with both accrual and real earnings management, and (iii) significantly positively associated with firm value. Our results are robust to an extensive set of control variables and controls for endogeneity between foreign ownership and firm value. Overall, our evidence suggests that foreign investors enhance monitoring, reduce agency costs, and enhance firm value.