Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms

Detalhes bibliográficos
Autor(a) principal: Sheng,Hsia Hua
Data de Publicação: 2014
Outros Autores: Pereira,Vinícius Silva
Tipo de documento: Artigo
Idioma: eng
Título da fonte: BAR - Brazilian Administration Review
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1807-76922014000300323
Resumo: 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.
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spelling Effects of Internationalization on Ownership Structure: Evidence from Latin American Firmsinternationalizationentry modesownership structureownership concentrationproperty identityWe 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 Administração2014-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S1807-76922014000300323BAR - Brazilian Administration Review v.11 n.3 2014reponame:BAR - Brazilian Administration Reviewinstname:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)instacron:ANPAD10.1590/1807-7692bar2014353info:eu-repo/semantics/openAccessSheng,Hsia HuaPereira,Vinícius Silvaeng2014-07-03T00:00:00Zoai:scielo:S1807-76922014000300323Revistahttp://www.scielo.br/scielo.php?script=sci_serial&pid=1807-7692&lng=pt&nrm=isohttps://old.scielo.br/oai/scielo-oai.php||bar@anpad.org.br1807-76921807-7692opendoar:2014-07-03T00:00BAR - 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
internationalization
entry modes
ownership structure
ownership concentration
property identity
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
author Sheng,Hsia Hua
author_facet Sheng,Hsia Hua
Pereira,Vinícius Silva
author_role author
author2 Pereira,Vinícius Silva
author2_role author
dc.contributor.author.fl_str_mv Sheng,Hsia Hua
Pereira,Vinícius Silva
dc.subject.por.fl_str_mv internationalization
entry modes
ownership structure
ownership concentration
property identity
topic internationalization
entry modes
ownership structure
ownership concentration
property identity
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 2014-09-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1807-76922014000300323
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1807-76922014000300323
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/1807-7692bar2014353
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
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 BAR - Brazilian Administration Review v.11 n.3 2014
reponame:BAR - Brazilian Administration Review
instname:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
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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@anpad.org.br
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