Board composition, family ownership, institutional distance and the foreign equity ownership strategies of Turkish MNEs
Yükleniyor...
Dosyalar
Tarih
2018
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
In much of the developing world, families represent the dominant form of firm ownership. This study investigates how this influences equity ownership strategies when firms venture abroad. Drawing on agency theory and institutional theory, we investigate the direct effect of board composition and family ownership on the equity-based ownership strategies of multinational enterprises (MNEs) in their affiliates, and how institutional distance may moderate this. Examining foreign affiliates of listed Turkish MNEs, we find that a high ratio of independent directors is negatively linked to levels of equity ownership of MNE affiliates. We also find that a high ratio of inside directors on the board is positively associated with the equity stake of MNEs in their affiliates. The significant interaction effect between board composition, family ownership and institutional distance helps explain the unexpectedly weak effects of institutional distance.
Açıklama
Anahtar Kelimeler
Board Composition, Foreign Equity Ownership Strategy, Family Business, Agency Theory, Institutional Theory, Institutions, Emerging MNEs, Turkey
Kaynak
Journal of World Business
WoS Q Değeri
Q1
Scopus Q Değeri
Q1
Cilt
Sayı
Künye
İlhan-Nas, T., Okan, T., Tatoğlu, E., Demirbağ, M., Wood, Geoffrey, G., Keith W. (2018). Board composition, family ownership, institutional distance and the foreign equity ownership strategies of Turkish MNEs. Journal of World Business. [in press]
