Country-level governance quality, foreign ownership, and firm investment: evidence from WBES database

References

• Abdioglu, N., Khurshed, A., & Stathopoulos, K. (2013). Foreign institutional investment: Is governance quality at home important? Journal of International Money and Finance, 32, 916–940. https://doi.org/10.1016/j.jimonfin.2012.08.001
   Web of Science ®Google Scholar
• Aggarwal, R., Klapper, L., & Wysocki, P. D. (2005). Portfolio preferences of foreign institutional investors. Journal of Banking & Finance, 29(12), 2919–2946. https://doi.org/10.1016/j.jbankfin.2004.09.008
   Web of Science ®Google Scholar
• Agyemang, O. S., Fantini, G., & Ansong, A. (2016). Unearthing the integral determinants of foreign ownership prevalence of companies in Africa: Role of country-level governance. Journal of African Business, 17(2), 225–253. https://doi.org/10.1080/15228916.2016.1145179
   Web of Science ®Google Scholar
• Agyemang, O. S., Fantini, G., & Frimpong, J. (2015). Does country-level governance enhance ethical behaviour of firms? An African perspective. International Journal of Law and Management, 57(6), 582–599. https://doi.org/10.1108/IJLMA-12-2014-0063
   Web of Science ®Google Scholar
• Agyemang, O. S., Gbettey, C., Gatsi, J. G., & Acquah, I. S. K. (2019). Country-level corporate governance and foreign direct investment in Africa. Corporate Governance: The International Journal of Business in Society, 19(5), 1133–1152. https://doi.org/10.1108/CG-07-2018-0259
   Web of Science ®Google Scholar
• Aivazian, V. A., Ge, Y., & Qiu, J. (2005a). Debt maturity structure and firm investment. Financial Management, 34(4), 107–119. https://doi.org/10.1111/j.1755-053X.2005.tb00120.x
   Web of Science ®Google Scholar
• Aivazian, V. A., Ge, Y., & Qiu, J. (2005b). The impact of leverage on firm investment: Canadian evidence. Journal of Corporate Finance, 11(1–2), 277–291. https://doi.org/10.1016/S0929-1199(03)00062-2
   Web of Science ®Google Scholar
• Akdoğu, E., & MacKay, P. (2008). Investment and competition. Journal of Financial and Quantitative Analysis, 43(2), 299–330. https://doi.org/10.1017/S0022109000003537
   Web of Science ®Google Scholar
• Akron, S., Demir, E., Díez-Esteban, J. M., & García-Gómez, C. D. (2022). How does uncertainty affect corporate investment inefficiency? Evidence from Europe. Research in International Business and Finance, 62, 101752. https://doi.org/10.1016/j.ribaf.2022.101752
   Web of Science ®Google Scholar
• Alam, A., Uddin, M., & Yazdifar, H. (2019). Institutional determinants of R&D investment: Evidence from emerging markets. Technological Forecasting and Social Change, 138, 34–44. https://doi.org/10.1016/j.techfore.2018.08.007
   Web of Science ®Google Scholar
• Allison, L., Liu, Y., Murtinu, S., & Wei, Z. (2023). Gender and firm performance around the world: The roles of finance, technology and labor. Journal of Business Research, 154, 113322. https://doi.org/10.1016/j.jbusres.2022.113322
   Web of Science ®Google Scholar
• Alzeban, A. (2019). The impact of audit committee, CEO, and external auditor quality on the quality of financial reporting. Corporate Governance: The International Journal of Business in Society, 20(2), 263–279. https://doi.org/10.1108/CG-07-2019-0204
   Web of Science ®Google Scholar
• An, H., Chen, Y., Luo, D., & Zhang, T. (2016). Political uncertainty and corporate investment: Evidence from China. Journal of Corporate Finance, 36, 174–189. https://doi.org/10.1016/j.jcorpfin.2015.11.003
   Web of Science ®Google Scholar
• Aysan, A. F., Nabli, M. K., & Véganzonès-Varoudakis, M.-A. (2007). Governance institutions and private investment: An application to the Middle East and North Africa. The Developing Economies, 45(3), 339–377. https://doi.org/10.1111/j.1746-1049.2007.00042.x
   Web of Science ®Google Scholar
• Belderbos, R., Carree, M., & Lokshin, B. (2004). Cooperative R&D and firm performance. Research Policy, 33(10), 1477–1492. https://doi.org/10.1016/j.respol.2004.07.003
   Web of Science ®Google Scholar
• Bhatta, B., Marshall, A., Neupane, S., & Thapa, C. (2022). Foreign ownership and the enforcement of corporate governance reforms. Review of Quantitative Finance and Accounting, 58(2), 541–580. https://doi.org/10.1007/s11156-021-01002-2
   Web of Science ®Google Scholar
• Bonetti, P., Magnan, M. L., & Parbonetti, A. (2016). The influence of country- and firm-level governance on financial reporting quality: Revisiting the evidence. Journal of Business Finance & Accounting, 43(9–10), 1059–1094. https://doi.org/10.1111/jbfa.12220
   Web of Science ®Google Scholar
• Boubakri, N., Cosset, J.-C., & Saffar, W. (2013). The role of state and foreign owners in corporate risk-taking: Evidence from privatization. Journal of Financial Economics, 108(3), 641–658. https://doi.org/10.1016/j.jfineco.2012.12.007
   Web of Science ®Google Scholar
• Boubakri, N., Guedhami, O., & Saffar, W. (2016). Geographic location, foreign ownership, and cost of equity capital: Evidence from privatization. Journal of Corporate Finance, 38, 363–381. https://doi.org/10.1016/j.jcorpfin.2016.02.004
   Web of Science ®Google Scholar
• Cao, Y., Dong, Y., Lu, Y., & Ma, D. (2020). Does institutional ownership improve firm investment efficiency? Emerging Markets Finance and Trade, 56(12), 2772–2792. https://doi.org/10.1080/1540496X.2018.1486705
   Web of Science ®Google Scholar
• Chari, A., Chen, W., & Dominguez, K. M. E. (2012). Foreign ownership and firm performance: Emerging market acquisitions in the United States. IMF Economic Review, 60(1), 1–42. https://doi.org/10.1057/imfer.2012.1
   Web of Science ®Google Scholar
• Chavis, L. W., Klapper, L. F., & Love, I. (2011). The Impact of the business environment on young firm financing. The World Bank Economic Review, 25(3), 486–507. https://doi.org/10.1093/wber/lhr045
   Web of Science ®Google Scholar
• Chen, H.-L., & Hsu, W.-T. (2009). Family ownership, board independence, and R&D investment. Family Business Review, 22(4), 347–362. https://doi.org/10.1177/0894486509341062
   Web of Science ®Google Scholar
• Chen, L., Han, M., Li, Y., Megginson, W. L., & Zhang, H. (2022). Foreign ownership and corporate excess perks. Journal of International Business Studies, 53(1), 72–93. https://doi.org/10.1057/s41267-021-00466-7
   Web of Science ®Google Scholar
• Chen, R., El Ghoul, S., Guedhami, O., & Wang, H. (2017). Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance, 42, 408–421. https://doi.org/10.1016/j.jcorpfin.2014.09.001
   Web of Science ®Google Scholar
• Cho, M.-H. (1998). Ownership structure, investment, and the corporate value: An empirical analysis. Journal of Financial Economics, 47(1), 103–121. https://doi.org/10.1016/S0304-405X(97)00039-1
   Web of Science ®Google Scholar
• Choi, J. J., Lam, K. C. K., Sami, H., & Zhou, H. (2013). Foreign ownership and information asymmetry. Asia-Pacific Journal of Financial Studies, 42(2), 141–166. https://doi.org/10.1111/ajfs.12010
   Web of Science ®Google Scholar
• Choi, S. B., Lee, S. H., & Williams, C. (2011). Ownership and firm innovation in a transition economy: Evidence from China. Research Policy, 40(3), 441–452. https://doi.org/10.1016/j.respol.2011.01.004
   Web of Science ®Google Scholar
• Chow, Y. P., Muhammad, J., Bany-Ariffin, A. N., & Cheng, F. F. (2018). Macroeconomic uncertainty, corporate governance and corporate capital structure. International Journal of Managerial Finance, 14(3), 301–321. https://doi.org/10.1108/IJMF-08-2017-0156
   Web of Science ®Google Scholar
• Chu, W.-K., Yang, N.-T., & Yang, S.-Y. (2016). Corporate governance’ impact on research and development. Journal of Business Research, 69(6), 2239–2243. https://doi.org/10.1016/j.jbusres.2015.12.036
   Web of Science ®Google Scholar
• Cole, M. A., Elliott, R. J. R., Occhiali, G., & Strobl, E. (2018). Power outages and firm performance in sub-Saharan Africa. Journal of Development Economics, 134, 150–159. https://doi.org/10.1016/j.jdeveco.2018.05.003
   Web of Science ®Google Scholar
• Cooray, A. (2009). Government expenditure, governance and economic growth. Comparative Economic Studies, 51(3), 401–418. https://doi.org/10.1057/ces.2009.7
   Google Scholar
• Daude, C., & Stein, E. (2007). The quality of institutions and foreign direct investment. Economics & Politics, 19(3), 317–344. https://doi.org/10.1111/j.1468-0343.2007.00318.x
   Google Scholar
• De Long, J. B., & Summers, L. H. (1991). Equipment investment and economic growth. The Quarterly Journal of Economics, 106(2), 445–502. https://doi.org/10.2307/2937944
   Web of Science ®Google Scholar
• Dimelis, S., & Louri, H. (2002). Foreign ownership and production efficiency: A quantile regression analysis. Oxford Economic Papers, 54(3), 449–469. https://doi.org/10.1093/oep/54.3.449
   Web of Science ®Google Scholar
• Ding, S., Liu, M., & Wu, Z. (2016). Financial reporting quality and external debt financing constraints: The case of privately held firms. Abacus, 52(3), 351–373. https://doi.org/10.1111/abac.12083
   Web of Science ®Google Scholar
• D’Mello, R., & Toscano, F. (2020). Economic policy uncertainty and short-term financing: The case of trade credit. Journal of Corporate Finance, 64, 101686. https://doi.org/10.1016/j.jcorpfin.2020.101686
   Web of Science ®Google Scholar
• Ehie, I. C., & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127–135. https://doi.org/10.1016/j.ijpe.2010.06.005
   Web of Science ®Google Scholar
• Eilon, S., & Cosmetatos, G. (1982). The effect of investment on unit cost and on profit. Omega, 10(1), 35–42. https://doi.org/10.1016/0305-0483(82)90083-4
   Web of Science ®Google Scholar
• Ernstberger, J., & Grüning, M. (2013). How do firm- and country-level governance mechanisms affect firms’ disclosure? Journal of Accounting and Public Policy, 32(3), 50–67. https://doi.org/10.1016/j.jaccpubpol.2013.02.003
   Web of Science ®Google Scholar
• Farooq, U., Tabash, M. I., Al-Rdaydeh, M., & Al-Faryan, M. A. S. (2022). Measuring the impact of country-level governance on corporate investment: A new panel data evidence. Global Business Review, 09721509221112993. https://doi.org/10.1177/09721509221112993
   Web of Science ®Google Scholar
• Farooque, O. A., & Yarram, S. R. (2010). Corporate governance and foreign direct investment inflows: Cross-sectional international evidence. American J. of Finance and Accounting, 2(1), 1–15. https://doi.org/10.1504/AJFA.2010.034564
   Google Scholar
• Farooque, O. A., & Yarram, S. R. (2013). Evidence on two-way relationships between foreign direct investment inflows and country-level individual governance indicators. The Singapore Economic Review, 58(2), 1350013. https://doi.org/10.1142/S0217590813500136
   Web of Science ®Google Scholar
• Fazio, G., & Talamo, G. M. C. (2008). How “attractive” is good governance for FDI? In International finance review (Vol. 9, pp. 33–54). Emerald (MCB UP). https://doi.org/10.1016/S1569-3767(08)09002-X
   Google Scholar
• Ferreira, M. A., & Matos, P. (2008). The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88(3), 499–533. https://doi.org/10.1016/j.jfineco.2007.07.003
   Web of Science ®Google Scholar
• Geginat, C., & Ramalho, R. (2018). Electricity connections and firm performance in 183 countries. Energy Economics, 76, 344–366. https://doi.org/10.1016/j.eneco.2018.08.034
   Web of Science ®Google Scholar
• Gelos, R. G., & Wei, S.-J. (2002). Transparency and International Investor Behavior (No. w9260). National Bureau of Economic Research. https://doi.org/10.3386/w9260
   Google Scholar
• Gerged, A. M., Beddewela, E. S., & Cowton, C. J. (2023). Does the quality of country-level governance have an impact on corporate environmental disclosure? Evidence from Gulf Cooperation Council countries. International Journal of Finance & Economics, 28(2), 1179–1200. https://doi.org/10.1002/ijfe.2469
   Web of Science ®Google Scholar
• Ghosh, C., & He, F. (2015). Investor protection, investment efficiency and value: The case of cross-listed firms. Financial Management, 44(3), 499–546. https://doi.org/10.1111/fima.12076
   Web of Science ®Google Scholar
• Gilchrist, S., & Himmelberg, C. P. (1995). Evidence on the role of cash flow for investment. Journal of Monetary Economics, 36(3), 541–572. https://doi.org/10.1016/0304-3932(95)01223-0
   Web of Science ®Google Scholar
• Gomila, R. (2021). Logistic or linear? Estimating causal effects of experimental treatments on binary outcomes using regression analysis. The British Journal of Nutrition, 150(4), 1–28. https://doi.org/10.1037/xge0000920
   Google Scholar
• Greenaway, D., Guariglia, A., & Yu, Z. (2014). The more the better? Foreign ownership and corporate performance in China. The European Journal of Finance, 20(7–9), 681–702. https://doi.org/10.1080/1351847X.2012.671785
   Web of Science ®Google Scholar
• Guadalupe, M., Kuzmina, O., & Thomas, C. (2012). Innovation and foreign ownership. American Economic Review, 102(7), 3594–3627. https://doi.org/10.1257/aer.102.7.3594
   Web of Science ®Google Scholar
• Hadlock, C. J. (1998). Ownership, liquidity, and investment. The RAND Journal of Economics, 29(3), 487–508. https://doi.org/10.2307/2556101
   Web of Science ®Google Scholar
• Han, M., Ding, A., & Zhang, H. (2022). Foreign ownership and earnings management. International Review of Economics & Finance, 80, 114–133. https://doi.org/10.1016/j.iref.2022.02.074
   Web of Science ®Google Scholar
• Harrison, A. E., Love, I., & McMillan, M. S. (2004). Global capital flows and financing constraints. Journal of Development Economics, 75(1), 269–301. https://doi.org/10.1016/j.jdeveco.2003.10.002
   Web of Science ®Google Scholar
• He, X., Rui, O., Zheng, L., & Zhu, H. (2014). Foreign ownership and auditor choice. Journal of Accounting and Public Policy, 33(4), 401–418. https://doi.org/10.1016/j.jaccpubpol.2014.04.002
   Web of Science ®Google Scholar
• Hillier, D., Pindado, J., Queiroz, V. d., & Torre, C. d l (2011). The impact of country-level corporate governance on research and development. Journal of International Business Studies, 42(1), 76–98. https://doi.org/10.1057/jibs.2010.46
   Web of Science ®Google Scholar
• Hovakimian, A., & Hovakimian, G. (2009). Cash flow sensitivity of investment. European Financial Management, 15(1), 47–65. https://doi.org/10.1111/j.1468-036X.2007.00420.x
   Web of Science ®Google Scholar
• Hwang, J., & Akdede, S. H. (2011). The influence of governance on public sector efficiency: A cross-country analysis. The Social Science Journal, 48(4), 735–738. https://doi.org/10.1016/j.soscij.2011.04.002
   Web of Science ®Google Scholar
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
   Web of Science ®Google Scholar
• John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. The Journal of Finance, 63(4), 1679–1728. https://doi.org/10.1111/j.1540-6261.2008.01372.x
   Web of Science ®Google Scholar
• Kadapakkam, P.-R., Kumar, P. C., & Riddick, L. A. (1998). The impact of cash flows and firm size on investment: The international evidence. Journal of Banking & Finance, 22(3), 293–320. https://doi.org/10.1016/S0378-4266(97)00059-9
   Web of Science ®Google Scholar
• Karaca-Mandic, P., Norton, E. C., & Dowd, B. (2012). Interaction terms in nonlinear models. Health Services Research, 47(1 Pt 1), 255–274. https://doi.org/10.1111/j.1475-6773.2011.01314.x
   PubMed Web of Science ®Google Scholar
• Kim, H., & Gu, Z. (2009). Financial features of dividend-paying firms in the hospitality industry: A logistic regression analysis. International Journal of Hospitality Management, 28(3), 359–366. https://doi.org/10.1016/j.ijhm.2008.12.003
   Web of Science ®Google Scholar
• Kimura, F., & Kiyota, K. (2007). Foreign-owned versus domestically-owned firms: Economic performance in Japan. Review of Development Economics, 11(1), 31–48. https://doi.org/10.1111/j.1467-9361.2006.00347.x
   Web of Science ®Google Scholar
• Koo, J., & Maeng, K. (2006). Foreign ownership and investment: Evidence from Korea. Applied Economics, 38(20), 2405–2414. https://doi.org/10.1080/00036840500427817
   Web of Science ®Google Scholar
• Kuzmina, O., Volchkova, N., & Zueva, T. (2014). Foreign direct investment and governance quality in Russia. Journal of Comparative Economics, 42(4), 874–891. https://doi.org/10.1016/j.jce.2014.08.001
   Web of Science ®Google Scholar
• Larimo, J. (2003). Form of investment by Nordic firms in world markets. Journal of Business Research, 56(10), 791–803. https://doi.org/10.1016/S0148-2963(02)00467-8
   Web of Science ®Google Scholar
• Lashitew, A. A. (2014). The effect of political connections on credit access: Does the level of financial development matter? Kyklos, 67(2), 227–254. https://doi.org/10.1111/kykl.12051
   Web of Science ®Google Scholar
• Lee, H., Choi, H., Lee, J., Min, J., & Lee, H. (2016). Impact of IT investment on firm performance based on technology IT architecture. Procedia Computer Science, 91, 652–661. https://doi.org/10.1016/j.procs.2016.07.164
   Google Scholar
• Li, K., Yue, H., & Zhao, L. (2009). Ownership, institutions, and capital structure: Evidence from China. Journal of Comparative Economics, 37(3), 471–490. https://doi.org/10.1016/j.jce.2009.07.001
   Web of Science ®Google Scholar
• Liu, H., Zhang, H., & Fu, J.-Y. (2022). Cultural distance, foreign ownership, and corporate innovation in China. Applied Economics Letters, 30(19), 2854–2861. https://doi.org/10.1080/13504851.2022.2110211
   Web of Science ®Google Scholar
• Liu, Q., & Lu, Y. (2015). Firm investment and exporting: Evidence from China’s value-added tax reform. Journal of International Economics, 97(2), 392–403. https://doi.org/10.1016/j.jinteco.2015.07.003
   Web of Science ®Google Scholar
• Liu, Y., & Xu, J. (2022). Residual state ownership, foreign ownership and firms’ financing patterns. Emerging Markets Review, 51, 100868. https://doi.org/10.1016/j.ememar.2021.100868
   Web of Science ®Google Scholar
• Loughran, T. (2008). The Impact Of Firm Location On Equity Issuance. Financial Management, 37(1), 1–21. https://doi.org/10.1111/j.1755-053X.2008.00004.x
   Web of Science ®Google Scholar
• Martins, H. C., Schiehll, E., & Terra, P. R. S. (2017). Country-level governance quality, ownership concentration, and debt maturity: A comparative study of Brazil and Chile. Corporate Governance: An International Review, 25(4), 236–254. https://doi.org/10.1111/corg.12192
   Web of Science ®Google Scholar
• Mengistu, A. A., & Adhikary, B. K. (2011). Does good governance matter for FDI inflows? Evidence from Asian economies. Asia Pacific Business Review, 17(3), 281–299. https://doi.org/10.1080/13602381003755765
   Web of Science ®Google Scholar
• Mishra, A. V. (2014). Foreign ownership and firm value: Evidence from Australian firms. Asia-Pacific Financial Markets, 21(1), 67–96. https://doi.org/10.1007/s10690-013-9177-0
   Google Scholar
• Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
   Web of Science ®Google Scholar
• Nakano, M., & Nguyen, P. (2013). Foreign ownership and firm performance: Evidence from Japan’s electronics industry. Applied Financial Economics, 23(1), 41–50. https://doi.org/10.1080/09603107.2012.705425
   Google Scholar
• Narayan, P. K., Sharma, S. S., & Thuraisamy, K. S. (2015). Can governance quality predict stock market returns? New global evidence. Pacific-Basin Finance Journal, 35, 367–380. https://doi.org/10.1016/j.pacfin.2015.02.007
   Web of Science ®Google Scholar
• O’Toole, C. M., & Tarp, F. (2014). Corruption and the efficiency of capital investment in developing countries. Journal of International Development, 26(5), 567–597. https://doi.org/10.1002/jid.2997
   Web of Science ®Google Scholar
• Phan, Q. T. (2018). Corporate debt and investment with financial constraints: Vietnamese listed firms. Research in International Business and Finance, 46, 268–280. https://doi.org/10.1016/j.ribaf.2018.03.004
   Web of Science ®Google Scholar
• Pindado, J., de Queiroz, V., & de la Torre, C. (2015). How do country-level governance characteristics impact the relationship between R&D and firm value? R&D Management, 45(5), 515–526. https://doi.org/10.1111/radm.12115
   Web of Science ®Google Scholar
• Presbitero, A. F., Rabellotti, R., & Piras, C. (2014). Barking up the wrong tree? Measuring gender gaps in firm’s access to finance. The Journal of Development Studies, 50(10), 1430–1444. https://doi.org/10.1080/00220388.2014.940914
   Web of Science ®Google Scholar
• R L, M., Mishra, A. K., & Sinha, A. K. (2020). Does institutional ownership affect firms’ international investments? Empirical evidence from India. Journal of Strategy and Management, 14(1), 50–63. https://doi.org/10.1108/JSMA-12-2019-0210
   Web of Science ®Google Scholar
• Rivera-Batiz, F. L. (2002). Democracy, governance, and economic growth: Theory and evidence. Review of Development Economics, 6(2), 225–247. https://doi.org/10.1111/1467-9361.00151
   Google Scholar
• Rong, Z., Wu, X., & Boeing, P. (2017). The effect of institutional ownership on firm innovation: Evidence from Chinese listed firms. Research Policy, 46(9), 1533–1551. https://doi.org/10.1016/j.respol.2017.05.013
   Web of Science ®Google Scholar
• Saona, P., & San Martín, P. (2016). Country level governance variables and ownership concentration as determinants of firm value in Latin America. International Review of Law and Economics, 47, 84–95. https://doi.org/10.1016/j.irle.2016.06.004
   Web of Science ®Google Scholar
• Sarhan, A. A., Ntim, C. G., & Al-Najjar, B. (2019). Antecedents of audit quality in MENA countries: The effect of firm- and country-level governance quality. Journal of International Accounting, Auditing and Taxation, 35, 85–107. https://doi.org/10.1016/j.intaccaudtax.2019.05.003
   Google Scholar
• Tran, Q. T. (2020). Foreign ownership and investment efficiency: New evidence from an emerging market. International Journal of Emerging Markets, 15(6), 1185–1199. https://doi.org/10.1108/IJOEM-07-2019-0573
   Web of Science ®Google Scholar
• Tran, Q. T. (2021). Foreign ownership and cost of debt financing: Evidence from an emerging market. International Journal of Emerging Markets, 17(9), 2278–2289. https://doi.org/10.1108/IJOEM-09-2019-0750
   Web of Science ®Google Scholar
• Tung, L. T., & Binh, Q. M. Q. (2022). The impact of R&D expenditure on firm performance in emerging markets: Evidence from the Vietnamese listed companies. Asian Journal of Technology Innovation, 30(2), 447–465. https://doi.org/10.1080/19761597.2021.1897470
   Web of Science ®Google Scholar
• Vishwasrao, S., & Bosshardt, W. (2001). Foreign ownership and technology adoption: Evidence from Indian firms. Journal of Development Economics, 65(2), 367–387. https://doi.org/10.1016/S0304-3878(01)00141-9
   Web of Science ®Google Scholar
• Vo, X. V. (2019). Leverage and corporate investment – Evidence from Vietnam. Finance Research Letters, 28, 1–5. https://doi.org/10.1016/j.frl.2018.03.005
   Web of Science ®Google Scholar
• Wang, H., Luo, T., Tian, G. G., & Yan, H. (2020). How does bank ownership affect firm investment? Evidence from China. Journal of Banking & Finance, 113, 105741. https://doi.org/10.1016/j.jbankfin.2020.105741
   Web of Science ®Google Scholar
• Wang, J., & Wang, X. (2015). Benefits of foreign ownership: Evidence from foreign direct investment in China. Journal of International Economics, 97(2), 325–338. https://doi.org/10.1016/j.jinteco.2015.07.006
   Web of Science ®Google Scholar
• Webster, A., Okafor, G., & Barrow, C. (2022). Foreign ownership and firm performance in sub-Saharan Africa. Transnational Corporations Review, 14(4), 418–437. https://doi.org/10.1080/19186444.2022.2078630
   Web of Science ®Google Scholar
• Wood, E. H. (2006). The internal predictors of business performance in small firms: A logistic regression analysis. Journal of Small Business and Enterprise Development, 13(3), 441–453. https://doi.org/10.1108/14626000610680299
   Google Scholar
• Xu, J., Liu, Y., & Abdoh, H. (2022). Foreign ownership and productivity. International Review of Economics & Finance, 80, 624–642. https://doi.org/10.1016/j.iref.2022.02.079
   Web of Science ®Google Scholar
• Yang, J. Y., Samitas, A., & Kampouris, I. (2020). Investor behavior, stock returns and CDS spreads: Evidence from foreign and domestic investors in Korea. International Journal of Managerial Finance, 17(4), 497–521. https://doi.org/10.1108/IJMF-01-2020-0022
   Web of Science ®Google Scholar
• Yeh, M.-L., Chu, H.-P., Sher, P. J., & Chiu, Y.-C. (2010). R&D intensity, firm performance and the identification of the threshold: Fresh evidence from the panel threshold regression model. Applied Economics, 42(3), 389–401. https://doi.org/10.1080/00036840701604487
   Web of Science ®Google Scholar
• Zeng, T. (2019). Country-level governance, accounting standards, and tax avoidance: A cross-country study. Asian Review of Accounting, 27(3), 401–424. https://doi.org/10.1108/ARA-09-2018-0179
   Web of Science ®Google Scholar