Effects of internationalization on ownership structure: Evidence from Latin American firms

We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random effects and three-stage least...

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Detalles Bibliográficos
Autores: Sheng, Hsia Hua, Pereira, Vinícius Silva
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2014
País:Brasil
Institución:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
Repositorio:BAR - Brazilian Administration Review
Idioma:inglés
OAI Identifier:oai:ojs3.bar.anpad.org.br:article/250
Acceso en línea:https://bar.anpad.org.br/index.php/bar/article/view/250
Access Level:acceso abierto
Palabra clave:entry modes
ownership structure
ownership concentration
property identity
internationalization
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spelling Effects of internationalization on ownership structure: Evidence from Latin American firmsentry modesownership structureownership concentrationproperty identityinternationalizationWe analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random effects and three-stage least squares panel data regression to test these effects. We find that the hypothesized positive effect of internationalization on ownership concentration is rejected. Our results support the negative relationship that is predicted by principal-agent theory when analyzing the effect of ownership on the degree of internationalization. Greater internationalization via the equity entry mode is associated with lower levels of ownership concentration. Finally, there is simultaneity in the determination of the relationship between the degree of internationalization and ownership concentration.ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração2014-07-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://bar.anpad.org.br/index.php/bar/article/view/25010.1590/1807-7692bar2014353Brazilian Administration Review; Vol. 11 No. 3 (2014): Jul/Sep - 2014; 323-3391807-7692reponame:BAR - Brazilian Administration Reviewinstname:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)instacron:ANPADenghttps://bar.anpad.org.br/index.php/bar/article/view/250/239Copyright (c) 2019 Brazilian Administration Reviewhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSheng, Hsia HuaPereira, Vinícius Silva2019-09-24T18:34:38Zoai:ojs3.bar.anpad.org.br:article/250Revistahttps://bar.anpad.org.br/index.php/bar/PUBhttps://bar.anpad.org.br/index.php/bar/oaibar-eic@anpad.org.br || bar@anpad.org.br1807-76921807-7692opendoar:2019-09-24T18:34:38BAR - Brazilian Administration Review - Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)false
dc.title.none.fl_str_mv Effects of internationalization on ownership structure: Evidence from Latin American firms
title Effects of internationalization on ownership structure: Evidence from Latin American firms
spellingShingle Effects of internationalization on ownership structure: Evidence from Latin American firms
Sheng, Hsia Hua
entry modes
ownership structure
ownership concentration
property identity
internationalization
title_short Effects of internationalization on ownership structure: Evidence from Latin American firms
title_full Effects of internationalization on ownership structure: Evidence from Latin American firms
title_fullStr Effects of internationalization on ownership structure: Evidence from Latin American firms
title_full_unstemmed Effects of internationalization on ownership structure: Evidence from Latin American firms
title_sort Effects of internationalization on ownership structure: Evidence from Latin American firms
dc.creator.none.fl_str_mv Sheng, Hsia Hua
Pereira, Vinícius Silva
author Sheng, Hsia Hua
author_facet Sheng, Hsia Hua
Pereira, Vinícius Silva
author_role author
author2 Pereira, Vinícius Silva
author2_role author
dc.subject.por.fl_str_mv entry modes
ownership structure
ownership concentration
property identity
internationalization
topic entry modes
ownership structure
ownership concentration
property identity
internationalization
description We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random effects and three-stage least squares panel data regression to test these effects. We find that the hypothesized positive effect of internationalization on ownership concentration is rejected. Our results support the negative relationship that is predicted by principal-agent theory when analyzing the effect of ownership on the degree of internationalization. Greater internationalization via the equity entry mode is associated with lower levels of ownership concentration. Finally, there is simultaneity in the determination of the relationship between the degree of internationalization and ownership concentration.
publishDate 2014
dc.date.none.fl_str_mv 2014-07-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://bar.anpad.org.br/index.php/bar/article/view/250
10.1590/1807-7692bar2014353
url https://bar.anpad.org.br/index.php/bar/article/view/250
identifier_str_mv 10.1590/1807-7692bar2014353
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://bar.anpad.org.br/index.php/bar/article/view/250/239
dc.rights.driver.fl_str_mv Copyright (c) 2019 Brazilian Administration Review
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Brazilian Administration Review
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
publisher.none.fl_str_mv ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
dc.source.none.fl_str_mv Brazilian Administration Review; Vol. 11 No. 3 (2014): Jul/Sep - 2014; 323-339
1807-7692
reponame:BAR - Brazilian Administration Review
instname:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
instacron:ANPAD
instname_str Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
instacron_str ANPAD
institution ANPAD
reponame_str BAR - Brazilian Administration Review
collection BAR - Brazilian Administration Review
repository.name.fl_str_mv BAR - Brazilian Administration Review - Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
repository.mail.fl_str_mv bar-eic@anpad.org.br || bar@anpad.org.br
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score 15,300724

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