The thesis investigates how FDI intra-industry spillovers are affected by MNE ownership modes and sub-national locations. A conceptual framework is developed which utilises IB theories to propose how MNE ownership modes and sub-national locations are likely to matter for FDI spillovers. The research propositions are explored quantitatively using an unbalanced firm-level panel dataset of 1624 Indian manufacturing firms (1991-2008) with 5203 firm-year observations. The model estimation is carried out in STATA 13.0 in two stages; firstly, by using semi-parametric (Levinsohn-Petrin) method to derive the dependent variable (TFP of domestic firms); and secondly, by using fixed effects model estimated in first-differences to relate TFP of domestic firms' with different measures of foreign presence. Results from the first model reveal that WOSs and MAJVs have positive spillover effects whereas MIJVs have negative spillover effects in the Indian manufacturing sector. The second model finds that the net spillover effect in non-metropolitan regions is higher than in metropolitan regions. The thesis discusses the possible major policy implications of the results and considers possible reasons for the differences in the spillovers for different ownership modes and sub-national locations. / PhD Studentship, University of Bradford

The purpose of our paper is to study how ownership structure affects ARL (audit report lag) in Swedish companies listed on the Stockholm Stock Exchange. In particular, family ownership (FAMO), institutional ownership (INSO) and foreign ownership (FORO) are analysed. Audit report lag is defined as the period between the end of a fiscal year to the signing of the audit report, which is directly followed by the release of an annual report. Based on a sample of 814 firm-year observations for Swedish-listed firms for 2020-2022, this study finds a significant negative relationship between audit report lag and both family and foreign ownership. The results indicate that audit report lag decreases when family and foreign ownership increases. Moreover, the findings suggest that family-owned firms have a shorter audit report lag compared to non-familyowned firms. No statistically significant relationship was discovered between ARL and institutional ownership. Arguments for our results can be found in the agency theory, signalling theory, and consequently the reputational hypothesis. Companies with certain ownership structures may try to signal certain information to investors to achieve the best possible reputation and external perception. Signalling theory has implications for companies that want to combat agency theory type 2 through timely reporting.

Yes / Purpose – The purpose of this paper is to examine the role of dynamic marketing capabilities (DMC), foreign ownership modes and sub-national locations on the performance of foreign owned affiliates (FOAs) in developing economies. Design/methodology/approach – Based on a sample of 254 FOAs in Indian manufacturing sector (covering the period of 2000-2008 leading to 623 firm-year observations), the empirical paper adopts the panel data regression approach. Findings – The study confirms the significant importance of DMC to assist FOAs to gain better sales performance in an emerging market such as India. The findings indicate that Wholly Owned Foreign Affiliates (WOFAs) have better sales performance than International Joint Venture (IJV), and Majority-owned IJV (MAIJV) perform better than Minority-owned IJV (MIIJV) in the Indian manufacturing sector. The results confirm that effective deployment of DMC leads to better sales performance in WOFAs and to some extent in MAIJVs. Perhaps the most interesting finding is that developing DMC in non-Metropolitan areas is associated with higher sales growth than in Metropolitan locations. Originality/value – The study contributes to the literature by examining the impact of DMC on performance of FOA by considering the organised manufacturing sector in a large and fast growing developing economy. In addition, the results for the moderating effects provide novel evidence of the conditions under which DMC of FOA interacts with different ownership modes and influence firm performance.

Bakgrund: Aktiemarknaden är viktig för att företag ska kunna samla kapital och möjligheten för investerare att få avkastning. Utländskt ägande är betydande, vilket ökar likviditeten men samtidigt sårbarheten. Valutakurser påverkar aktiemarknaden, särskilt för exportföretag. En svag krona gör svenska investeringar mer attraktiva och gynnar exporten. Sambandet mellan valutakurser, aktiemarknaden och utländskt ägande är viktigt för investerare. Syfte: Studiens syfte är att undersöka det dynamiska sambandet mellan valutakurser, utländskt ägande och den svenska aktiemarknaden. Dessutom avser den att beskriva om det går att förutse marknadsrörelser med hjälp av valutakurserna. Metod: Studien använder sig av kvantitativ metod och använder sig av Pearson korrelationsanalys samt multipel regression. Teori: Studien utgår från effektiva marknadshypotesen och behavioral finance.  Slutsatser: Det visade sig att 4 av 5 valutor har en signifikant korrelation till OMXSPI, där den norska kronan är den enda som saknar samband. Korrelationen är dock för svag för att kunna säga att den kan hjälpa till att förutsäga rörelser i aktiekursen. Samtliga valutor har ingen korrelation med det utländska ägandet. Därför går det inte heller att med hjälp av valutorna förutsäga förändringar i det utländska ägandet på marknaden. / Background:The stock market is important for companies to raise capital and an opportunity for investors to get returns. Foreign ownership is significant, which increases liquidity but at the same time volatility. Exchange rates affect the stock market, especially for export companies. A weak krona makes Swedish investments more attractive and favors exports. The relationship between exchange rates, the stock market and foreign ownership is important to investors. Purpose: The purpose of the study is to investigate the dynamic relationship between exchange rates, foreign ownership and the Swedish stock market. In addition, it intends to see if it is possible to predict market movements using the exchange rates. Methodology: In this study a quantitative method is used in the form of Pearson's correlation analysis and multiple regression analysis.  Theory: The study is based on the efficient market hypothesis and behavioral finance. Conclusions: It turned out that 4 out of 5 currencies have a significant correlation to OMXSPI, with the Norwegian krone being the only one without correlation. However, the correlation is too weak to say that it can help predict movements in the share price. All currencies have no correlation with foreign ownership. Therefore, it is also not possible to use the currencies to predict changes in foreign ownership in the market.

by Liu Shiang Ling. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 48). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- CHINA'S RENMINBI SYSTEM --- p.3 / Overview and Historical Development --- p.3 / 1953-1972 --- p.3 / 1973-1978 --- p.4 / 1979-1993 --- p.4 / 1994-1996 --- p.6 / The Exchange Rate Determination --- p.7 / Demand & Supply --- p.7 / The Balance of Payments --- p.8 / Inflation --- p.10 / Interest Rate --- p.10 / The Condition of Economic Development --- p.11 / Expectation --- p.11 / The Fiscal Policy --- p.12 / Forecasting Exchange Rate --- p.12 / Fundamental Analysis --- p.14 / Chapter III. --- CHINA'S PROPERTY MARKET --- p.15 / The History of China's Property Market --- p.15 / Pre-1949 --- p.15 / 1949-1979 --- p.15 / 1979-1991 --- p.16 / 1992-1996 --- p.18 / China's Real Estate Market Overview --- p.20 / Shanghai's Property Market --- p.21 / Risk Analysis --- p.22 / Return --- p.22 / Risks --- p.23 / Chapter IV. --- THEORETICAL ANALYSIS --- p.25 / Currency Conversion and Exchange Rate Risks --- p.25 / Hypothesis --- p.26 / The Short Run --- p.26 / The Long Run --- p.27 / Chapter V. --- RESEARCH METHODOLOGY AND FINDINGS --- p.29 / Targets of Study --- p.29 / Questionnaire --- p.29 / Chapter VI. --- ANALYSIS AND CONCLUSIONS --- p.30 / Primary Source Data --- p.30 / Secondary Source Data --- p.32 / Analysis --- p.34 / The Short Run --- p.34 / The Long Run --- p.35 / Political Conditions --- p.35 / Economic Conditions --- p.36 / Social Conditions --- p.37 / Market Conditions --- p.37 / Land Investment --- p.38 / Conclusion --- p.39 / Chapter VII. --- RECOMMENDATIONS AND ADVICE TO DEVELOPERS --- p.40 / The Depreciation of Renminbi --- p.40 / The Appreciation of Renminbi --- p.41 / The Chinese Government Policy --- p.42 / Long-Term Consideration --- p.43 / APPENDIX --- p.45

本研究主要在探討近年來兩大租稅改革：兩稅合一制及最低稅負制之施行對上市公司外資持股比率之影響，是否降低外資持有我國上市公司股票之意願，影響我國企業的股權結構。 兩稅合一制施行後，消除股利所得之重複課稅，國內法人股東與自然人實質稅負減輕；但根據所得稅法第七十三條之二規定，非中華民國境內居住之個人、在中華民國境內無固定營業場所及營業代理人之營利事業，其獲配股利所含之稅額，不得扣抵其應納稅額，外資無法享受股東可扣抵稅額消除重複課稅的好處，外資在台投資實質總稅負仍維持為40%，較境內自然人股東之實質稅率6%~40%為高，股東可扣抵稅額比例愈高，外資損失越大。再者，最低稅負制施行主要影響對象為外資持股最多的電子業，且最低稅負制之施行對於公司補繳之稅負，外資股東也無法享受股利抵稅權。故可推論兩稅合一制、最低稅負制之施行及股東可扣抵稅額與上市公司外資持股比率應呈負向關係。 本研究之樣本為民國85年到民國95年及最低稅負制前、後之台灣上市公司。主要實證結果彙整如下： 1、兩稅合一制之施行及股東可扣抵稅額與上市公司外資持股比率呈負向關係，最低稅負制之施行與上市公司外資持股比率呈正向關係，但其效果應為股價指數之影響所致而非最低稅負制之施行；又最低稅負制施行後，外資仍偏好持有公司有效稅率低於10%之股票。 2、另外以民國93年到民國95年資料額外檢測，最低稅負制下限制投資抵減金額之效用，推論投資抵減金額在最低稅負制施行後與上市公司外資持股比率應呈負向關係，實證結果為負向關係但不顯著。 / The objective of this study is to examine whether the implementation of the Imputation Tax System and Alternative Minimum Tax System will affect the willing of foreign investors to invest in listed companies. The sample of this study consists of firms listed in the Taiwan Stock Exchange from 1996 through 2006. The empirical results in this research are summarized as follows: 1、 The implementation of the Imputation Tax System and a firms' imputation tax credit ratios have a negative impact on the percentage of foreign ownership in listed companies, but the implementation of Alternative Minimum Tax System has a positive impact on that. We conduct further examination and find the increasing effect of the percentage of foreign ownership is more rely on the effect of stock index than that of the implementation of Alternative Minimum Tax System. Further, foreign investors still prefer to invest in listed companies whose effect rates are lower than 10%. 2、With the implementation of Alternative Minimum Tax System, the use of investment tax credit was restricted. The empirical result of this study shows that after the implementation of Alternative Minimum Tax System, the investment tax credit has a negative but not significant impact on the percentage of foreign ownership in listed companies.

Thesis (MA)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: The purpose of this Masters‘ thesis was twofold, namely, to contribute to a more holistic approach of the study of the motives of Chinese overseas investors and, secondly, to contribute to the adjustment of general FDI theory in such a way that it becomes more suited to the study of the motives of investors from any country of origin. FDI scholars who study emerging markets argue that general FDI theory needs to be adjusted because most of its theories are derived from studying outward FDI in an Anglo-Saxon context. The theories are therefore not necessarily applicable to investors from a non-Anglo-Saxon context. Furthermore, the study of the motives of foreign investors is of importance to policy makers of FDI host countries in order to create a balance between attracting FDI by deregulating, and controlling FDI by enforcing strict laws and regulations, thereby harnessing the full potential of incoming FDI. Therefore, the model that Lee (1966) developed in migration theory was introduced to FDI theory and tested by applying it to the case of the infrastructural investments in the DRC of a subsidiary of CREC, the world‘s largest contractor, namely CREC7. The main factors that influence the motives of CREC7 were investigated using the Four Factors Model, an adjusted version of Lee‘s model. A single-case study design was chosen in order to shed light on certain dynamics – in particular, the interrelation between the particular firm-specific, push, pull and intervening factors that influence CREC7‘s motives to invest in the DRC. In order to maximise the validity of this study, multiple sources of evidence were used, namely: documentation, face-to-face interviews and direct observations, the latter two of which occurred during August 2010. Lee‘s (1966) model indeed appeared to be useful for identifying the main factors that influence the motives of CREC7 for investing in the infrastructure sector in the DRC and the interrelatedness of these factors. The collected data from the desktop research and the fieldwork showed how conditions in the country of origin, conditions in the country of destination, firm-specific factors, and intervening factors influence each other in a highly complex way. In order to illustrate this complexity, the factors that influence each other most actively were grouped together in clusters. The two clusters of factors that were of specific importance for CREC7‘s decision to invest in the DRC, are: (1) relationship with the central government, access to finance, experience and skills, market access, and intervening factors; (2) experience and skills, experience of operating in a challenging institutional environment, high level of competition in the domestic market, high demand for infrastructure in the DRC, and the relatively low level of competition in large infrastructure projects in the DRC. Because the Four Factors Model uses broad categories of factors that apply to all foreign investors, this model can be applied to the study of the motives of foreign investors from both developed and developing countries, thereby contributing to make general FDI theory more relevant. / AFRIKAANSE OPSOMMING: Die doelstelling van dié Meesterstesis is tweevoudig. Eerstens, om `n meer holistiese benadering tot die studie van die motiewe van Sjinese buitelandse beleggers by toe te voeg en tweedens om by te dra tot die aanpassing van algemene direkte buitelandse beleggings teorie dat dit meer bruikbaar vir die studie van die motiewe van beleggers, onafhanklik van hulle land van herkoms, kan wees. Algemene direkte buitelandse beleggings moet aangepas word aangesien meeste van die teorie ontwikkel is deur uitwaartse direkte buitelandse beleggings binne `n Anglo-Saxon konteks. Die studie van die motiewe van buitelandse beleggers is ook belangrik vir beleidsmakers aan die ontvangkant van direkte buitelandse beleggings aangesien `n balans tussen deregulasie met die doel om buitelandse beleggings aan te lok en direkte buitelandse belegging te reguleer deurmiddel van streng wetgewing en sodoende die volle potensiaal van direkte buitelandse belegging te ontsluit. Sodoende is die model wat Lee (1966) ontwikkel het in migrasie teorie toegepas op direkte buitelandse beleggings teorie en getoets op infrastruktuur beleggings in die Demokratiese Republiek van die Kongo (DRK) deur CREC7 `n vleuel van die grootste kontrakteerder CREC. Die hooffaktore wat CREC7 beïnvloed is ondersoek deurmiddel van die Four Factors Model, `n aanpasing van Lee se model, gebruik te maak. `n Enkele gevallestudie was gebruik om lig te werp op sekere verwikkelinge veral die interverhouding tussen verskeie faktore spesifieke tot die maatskappy en die mark wat werk op die beleggingsmotiewe van CREC7 in die DRK. Om die geldigheid van hierdie studie te maksimeer is verskeie bronne gebruik. Naamlik dokumentasie asook onderhoude en direkte observering tydens Augustus 2010. Lee (1966) se model was bruikbaar gewees vir die identifisering van die hooffaktore wat CREC7 se motiewe om te belê in infrastruktuur in die DRK beïnvloed asook die interafhanklikheid tussen hierdie faktore. The versamelde data het geïllustreer hoe omstandighede in die land van oorsprong, die land van ontvangs en omstandighede spesifiek tot die firma mekaar beïnvloed in `n baie komplekse manier. Om die kompleksitieit te illustreer is die faktore wat die meeste op mekaar inwerk in clusters gegroepeer. Die twee clusters wat die meeste op CREC7 se beleggingsbesluit ingewerk het is: (1) verhoudinge met die sentrale regering, toegang tot bevondsing, ondervinding en vaardighede, marktoegang en ingrypende faktore; (2) ondervinding en vaardighede, ondervinding om in `n uitdagende institutionele ongewing, hoë vlakke van kompetisie in die plaaslike mark, hoë aanvraag na infrastruktuur in die DRK. Aangesien die Four Factors Model breë kategorieë van fakore wat van toepassing is op alle buitelandse beleggers kan die model toegepas word op die studie an motiewe van buitelandse beleggers van ontwikkelde en ontwikkelende lande en sodoende daartoe bydra om direkte buitelandse belegging teorie meer relevant te maak.