Foreign institutional ownership and corporate labor investment

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-04-29 DOI:10.1111/irfi.12453

Trung K. Do, Anh‐Tuan Le

引用次数: 0

Abstract

We examine the impact of foreign institutional ownership on firms' labor investment efficiency. Using a comprehensive global sample of firms across 37 non‐U.S. countries, we find that greater ownership by foreign institutional investors is significantly associated with lower deviations of labor investment from the level justified by economic fundamentals, that is, higher labor investment efficiency. Independent, U.S.‐based and common‐law foreign institutional investors increase labor investment efficiency to a greater extent than their gray, non‐U.S.‐based and civil‐law peers. We further find evidence supporting the value creation of foreign institutions through the improvement in labor investment efficiency. Overall, our results suggest that foreign institutional investors promote good corporate governance practices around the world.

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外国机构所有权与企业劳动力投资

我们研究了外国机构所有权对企业劳动力投资效率的影响。通过对全球 37 个非美国国家的企业进行全面抽样调查，我们发现，外国机构投资者持股比例越高，劳动力投资偏离经济基本面合理水平的程度越低，即劳动力投资效率越高。与灰色、非美国本土和大陆法系的外国机构投资者相比，独立、美国本土和英美法系的外国机构投资者在更大程度上提高了劳动力投资效率。我们进一步发现，有证据支持外资机构通过提高劳动力投资效率来创造价值。总体而言，我们的研究结果表明，外国机构投资者在全球范围内促进了良好的公司治理实践。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.