Outward foreign direct investment of publicly listed firms from China: A corporate governance perspective |
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| Institution: | 1. Department of Management and Marketing, University of Melbourne, 198 Berkeley Street, Melbourne, VIC 3010, Australia;2. Research School of Management, Australian National University, LF Crisp, Building 26, ACT 0200, Australia;1. Universidad Rey Juan Carlos, Facultad de Ciencias Jurídicas y Sociales, Departamento de Economía de la Empresa (ADO), Paseo de los Artilleros s/n, 28032 Madrid, Spain;2. Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Organización de Empresas, Pozuelo de Alarcón, 28223 Madrid, Spain;1. Department of Economics, Management and Industrial Engineering, GOVCOPP, University of Aveiro, 3810-193 Aveiro, Portugal;2. Department of Economics, Management and Industrial Engineering, University of Aveiro, 3810-193 Aveiro, Portugal;3. Faculty of Economics of University of Porto, Rua Dr. Roberto Frias, 4200-464 Porto, Portugal;1. Department of Economics & Management, University of Pisa, Via Ridolfi 10, 56124 Pisa, Italy;2. Department of International Business and Economics, University of Greenwich Business School, Old Royal Naval College, Park Row, London SE10 9LS, UK;3. Max Planck Institute of Economics, Evolutionary Economics Group, Kahlaische Straße 10, 07745 Jena, Germany;4. Department of Political and Social Sciences, University of Pavia, Corso Strada Nuova 65, 27100 Pavia, Italy;5. WHU – Otto Beisheim School of Management, Burgplatz 2, 56179 Vallendar, Germany;1. German Development Institute/Deutsches Institut für Entwicklungspolitik (DIE), Tulpenfeld 6, 53113 Bonn, Germany;2. Centre for International Business (CIBUL), Leeds University Business School, Maurice Keyworth Building, The University of Leeds, LS2 9JT, UK;1. School of Economics, DUT, China;2. School of Economics, DBUFE, China |
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| Abstract: | This study examines the influence of key corporate governance factors on the internationalization decisions of emerging economy (EE) firms. By integrating the resource-based view and agency theory, it investigates the effects of controlling owner identity, non-controlling shareholder ownership, and the interactions of these with CEO power, in order to reveal their individual and joint effects on the outward foreign direct investment (OFDI) propensity of EE firms. This empirical study of 224 Chinese publicly listed firms found positive effects of ownership of domestic institutional investors and foreign corporations on the OFDI propensity of the firms, which were moderated by the power of the CEOs in these firms. |
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| Keywords: | China Corporate governance EE firms Internationalization |
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