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Foreign Owned Companies and Financial Performance. A Case Study on Companies Listed on Bucharest Stock Exchange

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  • Iuliana Oana MIHAI

    ()
    (Department of Business Administration, Faculty of Economics and Business Administration, Dunarea de Jos University of Galati, Romania)

Abstract

The main objective of this paper is to investigate the relation between the foreign ownership and firm performance. The study was conducted for the companies listed on Bucharest Stock Exchange, in the first, second and third categories. The financial companies and the credit institutions were excluded from the sample. The final sample included 63 companies. Return on Assets and Return on Equity are used for measuring the financial and economic performance of the firm. The foreign ownership is measured by the percentage of shares held by foreign investors. Econometric tools like linear regression analysis are used for analysis. The results of the study suggest that there is no significant link between firm performance and the existence of foreign capital.

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Bibliographic Info

Article provided by "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration in its journal Economics and Applied Informatics.

Volume (Year): (2012)
Issue (Month): 1 ()
Pages: 13-20

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Handle: RePEc:ddj:fseeai:y:2012:i:1:p:13-20

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Keywords: Foreign ownership; Performance; Domestic ownership;

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  1. Sourafel Girma & Holger Görg, 2006. "Evaluating the foreign ownership wage premium using a difference-indifferences matching approach," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp165, IIIS.
  2. Ann E. Harrison & Brian J. Aitken, 1999. "Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela," American Economic Review, American Economic Association, American Economic Association, vol. 89(3), pages 605-618, June.
  3. Agata Antkiewicz & John Whalley, 2006. "Recent Chinese Buyout Activity and the Implications for Global Architecture," NBER Working Papers 12072, National Bureau of Economic Research, Inc.
  4. David Greenaway & Alessandra Guariglia & Zhihong Yu, 2014. "The more the better? Foreign ownership and corporate performance in China," The European Journal of Finance, Taylor & Francis Journals, Taylor & Francis Journals, vol. 20(7-9), pages 681-702, September.
  5. Pfaffermayr, Michael & Bellak, Christian, 2000. "Why foreign-owned firms are different : a conceptual framework and empirical evidence for Austria," HWWA Discussion Papers, Hamburg Institute of International Economics (HWWA) 115, Hamburg Institute of International Economics (HWWA).
  6. Natália Barbosa & Helen Louri, 2005. "Corporate Performance: Does Ownership Matter? A Comparison of Foreign- and Domestic-Owned Firms in Greece and Portugal," Review of Industrial Organization, Springer, Springer, vol. 27(1), pages 73-102, 08.
  7. Pfaffermayr, Michael & Bellak, Christian, 2000. "Why foreign-owned firms are different : a conceptual framework and empirical evidence for Austria," HWWA Discussion Papers, Hamburg Institute of International Economics (HWWA) 115, Hamburg Institute of International Economics (HWWA).
  8. Bruce A. Blonigen, 2005. "A Review of the Empirical Literature on FDI Determinants," NBER Working Papers 11299, National Bureau of Economic Research, Inc.
  9. Sebnem Kalemli-Ozcan & Laura Alfaro & Selin Sayek & Areendam Chanda, 2002. "FDI and Economic Growth: The Role of Local Financial Markets," Macroeconomics, EconWPA 0212007, EconWPA.
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