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Globalisation, Corporate Governance and Firm Productivity

Author

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  • Byung S. MIN
  • Russell Smyth

Abstract

We examine the relationship between globalisation, corporate governance and firm productivity by breaking down total effects into direct and indirect effects. The estimation results, using longitudinal data from Korea, indicate that the positive effect of liberalising equity ownership on firms’ total factor productivity (TFP) was reinforced by indirect managerial effects when a firm improved its corporate governance. Our findings also confirm that the interaction of the managerial effect with increased foreign equity ownership is more significant than interaction with exports, suggesting that liberalising foreign investment in the host market is more effective in capitalising on the potential benefits of corporate governance reform than increasing exports to overseas markets, reflected in learning by exporting.

Suggested Citation

  • Byung S. MIN & Russell Smyth, 2012. "Globalisation, Corporate Governance and Firm Productivity," Monash Economics Working Papers 55-12, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:2012-55
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    File URL: http://www.buseco.monash.edu.au/eco/research/papers/2012/5512globalisationminsmyth.pdf
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    Cited by:

    1. Idrees Ali Shah & Syed Zulfiqar Ali Shah & Muhammad Nouman & Farman Ullah Khan & Daniel Badulescu & Laura-Mariana Cismas, 2021. "Corporate Governance and Cash Holding: New Insights from Concentrated and Competitive Industries," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    2. Marina Afzal, Muhammad Danish Habib, 2018. "Corporate Governance and Earnings Management: A Model and Empirical Investigation from Karachi Stock Exchange," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 3(2), pages 51-67, October.

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