published_or_final_version / Politics and Public Administration / Doctoral / Doctor of Philosophy

In the past two decades, significant changes have been shaping and transforming the banking sectors worldwide. Among these trends we find an intensive surge in foreign bank ownership which is especially remarkable in the countries of the Central, Eastern and South-Eastern European region. Using the sample of 17 countries and filtering out more than 140 domestically-operating foreign-owned banks, we examine the determinants of their performance in relation to host country conditions and home country banking sector performance over the period of seven years between 2005 and 2011. Due to the topic's currency, we additionally provide an insight into the link between sovereign debt and bank ownership. By means of system GMM model, or fixed effects model, we reveal that macroeconomic fundamentals of the host country affect the foreign-owned banks' performance but do not suffice in explaining it fully. Moreover, the depth of the current crisis as demonstrated in the home country impacts negatively on the host-country-operating foreign-owned banks. We did not find any convincing evidence of the host sovereign debt and bank ownership nature of relationship.

In the aftermath of the 1997/1998 Asian financial crisis, there are signs that in Malaysia, corporate governance practices are gradually converging towards the Anglo-American model. Drawing on three key theoretical lenses, namely agency theory, institutional theory and resource dependence theory, this study investigates an unexplored phenomenon in corporate governance reformation, at least in the context of Malaysia. The study examines the relationship between corporate governance elements and the level of foreign equity ownership (FEO) in Malaysian public listed companies (PLCs). More specifically, the aim of this study is to answer the following research question - Does corporate governance influence the level of FEO in Malaysian companies? In the context of this study, corporate governance is taken to be the aggregate of board of directors characteristics, directors attributes and ownership structure. On the other side of the equation is FEO, which is taken to be the proportion of equity owned by foreigners. The majority of foreign investors who are making investments in Malaysia originate from Western countries, and are accustomed to the Anglo-American corporate governance system. Thus, this study examines the influence of governance mechanisms in attracting foreign investors in a unique governance context following a major economic event i.e. the Asian financial crisis of 1997/1998. Accompanied by institutional theory and resource dependence theory, agency theory is used as the key lens to explain the hypothesised relationships. The study's hypotheses are tested using the panel data derived from 1,836 observations over a 12 year period, from 2000 through 2011. By considering the existence of heteroscedasticity and the serial correlation problems, the generalised least square (GLS) method was employed to estimate the model. To enrich the findings, logistic regression analysis was further applied and the potential endogeneity issue was resolved with a GMM test. The findings indicate that the level of FEO in Malaysian PLCs is significantly related to foreign directorships, the Western educational background of directors, professional directors, and multiple-directorships. However, the results defy the significant relationships of board size and outside directors, as generally proposed in the extant literature. In addition, the role of ownership structure is important in foreign investors behaviour, since it is found that foreign investors avoid investing in family-controlled companies and in companies with high institutional ownership. Therefore, from the overall results of this study, it can be concluded that there is evidence that corporate governance mechanisms do influence foreign investors decision making, at least in Malaysian PLCs. The implications of this study are discussed in terms of the relevant literature, theory, methodology and practice. In brief, this study has great potential impact in many respects including its relevance for policymakers in setting up new policies, designing new rules and strengthening existing regulations, both at country and firm levels.

I den här uppsatsen studeras skillnaderna i lönsamhet och sysselsättning under en treårspe-riod för 71 svenska företag som var mål för förvärv under perioden 1998-2001. Syftet är att undersöka om utlandsägda företag är bättre på att generera lönsamhet och sysselsättning än företag med inhemska ägare. Resultaten visar att det finns ett samband mellan nationalitet på uppköparen och lönsamhet. Utländskt ägande har ett positivt samband till lönsamhet i allmänhet och också till de högsta lönsamhetsökningarna i tidsperioden som studerats. Företag med inhemska ägare har ett positivt samband till minskad lönsamhet vilket betyder att företag med inhemska ägare har en högre tendens att generera en lägre lönsamhet under den tidsperiod som studerats. Inga statistiskt signifikanta resultat fanns för sambandet mellan nationalitet på uppköparen och skillnad i sysselsättning. Siffrorna visar dock på ett positivt samband mellan utländskt ägande och ökad sysselsättning. Tester gjordes också för att se om det finns något samband mellan nationalitet på uppköpare och den ekonomiska prestationen på målföretaget vid tiden för uppköpet. Resultaten visar att utländska uppköpare har en tendens att köpa målföretag som har en negativ lönsamhet medan inhemska uppköpare tenderar att köpa företag med en positiv lönsamhet. / This thesis studies the changes in profitability and employment during a three-year period for 71 Swedish firms that were targets of acquisitions in the years 1998-2001. The aim is to test whether foreign-owned firms are better in generating profitability and employment than domestically-owned firms. The results show that there is a relationship between the nationality of the acquirer and profitability. Foreign ownership has a positive relationship to profitability in general and also account for the highest profitability increases in the period studied. Domestically-owned firms have a positive relationship to decreased profitability which means that the domestically-owned firms have a greater tendency to generate lower profitability than foreign-owned firms in the period studied. No statistically significant results were attained when testing the relationship between nationality of acquirer and change in employment. Nevertheless the figures show a pattern of positive relationships between foreign ownership and increased employment. Tests were made to see if there is any relationship between nationality of acquirer and the economic performance of target firms at the time of acquisition. The results show that foreign acquirers tend to acquire targets with a negative profitability while domestic investors tend to acquire firms with a positive profitability.

<p>I den här uppsatsen studeras skillnaderna i lönsamhet och sysselsättning under en treårspe-riod för 71 svenska företag som var mål för förvärv under perioden 1998-2001. Syftet är att undersöka om utlandsägda företag är bättre på att generera lönsamhet och sysselsättning än företag med inhemska ägare. Resultaten visar att det finns ett samband mellan nationalitet på uppköparen och lönsamhet. Utländskt ägande har ett positivt samband till lönsamhet i allmänhet och också till de högsta lönsamhetsökningarna i tidsperioden som studerats. Företag med inhemska ägare har ett positivt samband till minskad lönsamhet vilket betyder att företag med inhemska ägare har en högre tendens att generera en lägre lönsamhet under den tidsperiod som studerats. Inga statistiskt signifikanta resultat fanns för sambandet mellan nationalitet på uppköparen och skillnad i sysselsättning. Siffrorna visar dock på ett positivt samband mellan utländskt ägande och ökad sysselsättning. Tester gjordes också för att se om det finns något samband mellan nationalitet på uppköpare och den ekonomiska prestationen på målföretaget vid tiden för uppköpet. Resultaten visar att utländska uppköpare har en tendens att köpa målföretag som har en negativ lönsamhet medan inhemska uppköpare tenderar att köpa företag med en positiv lönsamhet.</p> / <p>This thesis studies the changes in profitability and employment during a three-year period for 71 Swedish firms that were targets of acquisitions in the years 1998-2001. The aim is to test whether foreign-owned firms are better in generating profitability and employment than domestically-owned firms. The results show that there is a relationship between the nationality of the acquirer and profitability. Foreign ownership has a positive relationship to profitability in general and also account for the highest profitability increases in the period studied. Domestically-owned firms have a positive relationship to decreased profitability which means that the domestically-owned firms have a greater tendency to generate lower profitability than foreign-owned firms in the period studied. No statistically significant results were attained when testing the relationship between nationality of acquirer and change in employment. Nevertheless the figures show a pattern of positive relationships between foreign ownership and increased employment. Tests were made to see if there is any relationship between nationality of acquirer and the economic performance of target firms at the time of acquisition. The results show that foreign acquirers tend to acquire targets with a negative profitability while domestic investors tend to acquire firms with a positive profitability.</p>

Vi undersöker om det finns ett samband mellan utländskt ägande och utdelningsnivå i svenska företag. Urvalet består av de 40 största företagen på Nasdaq OMX Stockholm under perioden 1999-2006. Studien visar att det finns ett negativt samband mellan utländskt ägande och direktavkastning, samt ett positivt samband mellan börsvärde och utländskt ägande. Vidare analys visar inget signifikant samband mellan utländskt ägande och börsvärde, samband beror således på mellanliggande variabler. Studien finner inget samband mellan utdelningsandel och utländskt ägande. / In this paper we examine the relationship between foreign ownership in Swedish firms and dividend yield amongst the 40 largest firms on Nasdaq OMX Stockholm between the years 1999-2006. We find evidence of a negative relation between foreign ownership and dividend yield, and furthermore a relation between foreign ownership and market capitalization. Further analysis shows that foreign ownership does not relate to market capitalization, thus the relation is due to intermediate variables. The paper finds no relation between payout ratio and foreign ownership.

The English Premier League is regarded as one of the most prominent sporting competitions in the world. In the last decade the league (and by definition it’s member clubs) have become highly attractive to wealthy foreign investors, having taken ownership of a number of clubs across the league. This thesis seeks to investigate the motivations and consequences behind this foreign direct investment (FDI). The study uses a multi-method approach not commonly found within the sports economics or FDI literature combining both quantitative and qualitative methods. The thesis has generated responses from ‘elite’ level respondents at Premier League clubs together with members of the supporters’ movement. Existing data from club sources and market reports has been collected in order to assess the motivations and consequences of FDI. The thesis finds the motives behind football FDI to be somewhat different to those held by other forms of business organisation. Football is a mostly loss-making industry, but despite this weakness, some investors have purchased Premier League clubs for economic reasons. The importance of non-economic motives, such as profile enhancement, and the notion of the trophy asset were also found to be influential motives behind some football FDI. These aspects are not strongly reflected in the FDI literature, and they imply football is different to other forms of investment. FDI is shown to be mostly beneficial for the clubs receiving the investment, but for non-acquired clubs negative consequences are found in terms of wages, transfer costs, profits, and debt. For the Premier League itself, FDI has been positive in terms of enhancing the league’s stature, revenues, and the quality of matches. Some benefits were found at the regional level. This thesis covers the gap within the literature surrounding FDI and football, and also raises wider points about the generalizability of FDI theory to all industries.

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration