文章基本信息

标题：Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms
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作者：Hsia Hua Sheng ; Vinícius Silva Pereira
期刊名称：BAR - Brazilian Administration Review
印刷版ISSN：1807-7692
电子版ISSN：1807-7692
出版年度：2014
卷号：11
期号：3
页码：323-339
语种：English
出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
其他摘要：We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random effects and three-stage least squares panel data regression to test these effects. We find that the hypothesized positive effect of internationalization on ownership concentration is rejected. Our results support the negative relationship that is predicted by principal-agent theory when analyzing the effect of ownership on the degree of internationalization. Greater internationalization via the equity entry mode is associated with lower levels of ownership concentration. Finally, there is simultaneity in the determination of the relationship between the degree of internationalization and ownership concentration.
关键词：Internationalization; entry modes; ownership structure; ownership concentration; property identity