外国直接投资与企业价值:来自撒哈拉以南非洲国家的证据

IF 2.1 Q3 BUSINESS

Journal of African Business Pub Date : 2022-02-22 DOI:10.1080/15228916.2022.2042079

Joseph Dery Nyeadi

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引用次数: 1

摘要

摘要本研究利用上市公司实证研究了外国直接投资流入南非、尼日利亚和加纳企业对企业价值的影响。为了控制模型中可能存在的内生问题，本研究采用稳健的系统广义矩方法研究了2008-2019年期间外国直接投资（FDI）与企业价值（使用托宾Q和ROA衡量）之间的关系。研究结果表明，外国直接投资对这三个国家（南非、尼日利亚和加纳）的企业价值都有积极的重大影响。外国直接投资与选定国家的企业价值之间的这种积极关系可归因于：；通过外国直接投资流入有利于东道国企业的技术转让、管理转让、创新转让和技能转让。这项研究不仅为随后调查外国直接投资对撒哈拉以南非洲企业价值的影响提供了参考，而且也为决策者提供了外国直接投资流入对该地区企业价值影响的指导。这是全面研究撒哈拉以南非洲地区企业外国直接投资流入对企业价值影响的开创性工作之一，并控制了面板集中的内生性效应。

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Foreign Direct Investment and Firm Value: Evidence from Selected Countries in Sub-Saharan Africa

ABSTRACT The study investigates empirically the impact of foreign direct investment inflows to firms on firm value in South Africa, Nigeria and Ghana using listed firms. In order to control for any possible endogenity problems in the model, the study adopts a robust System Generalized Method of Moments to investigate the relationship between Foreign Direct Investment (FDI) and firm value (measured using Tobin’s Q and ROA) from the period of 2008 to 2019. From the findings, it is established that FDI has a positive significant impact on firm value in all the three countries (South Africa, Nigeria and Ghana). This positive relationship between FDI and firm value in the selected countries can be attributed to; technological transfer, managerial transfer, innovation transfer and skills transfer in favor of the host firms through inflows of FDI. This study does not only serve as a reference work for subsequent investigations into the impact of FDI on firm value in Sub-Saharan Africa, but it also serves as a guide to policy makers on the impact of FDI inflows to firm value in the region. It is one of the pioneering works that comprehensively examines the effect of FDI inflow on firm value among firms in Sub-Saharan African and also controls for endogeneity effects in the panel set.

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来源期刊

Journal of African Business BUSINESS-

CiteScore

4.60

自引率

10.50%

发文量

期刊介绍： Journal of African Business is the official journal of the Academy of African Business and Development, the largest network of professionals committed to advancement of business development in African nations. JAB strives to comprehensively cover all business disciplines by publishing high quality analytical, conceptual, and empirical articles that demonstrate a substantial contribution to the broad domain of African business. Regardless of the research context, tradition, approach, or philosophy, manuscripts submitted to JAB must demonstrate that the topics investigated are important to the understanding of business practices and the advancement of business knowledge in or with Africa. Particularly, JAB welcomes qualitative and quantitative research papers. JAB is not, however, limited to African-based empirical studies. It searches for various contributions, including those based on countries outside Africa that address issues relevant to African business. Targeted toward academics, policymakers, consultants, and executives, JAB features the latest theoretical developments and cutting-edge research that challenge established beliefs and paradigms and offer alternative ways to cope with the endless change in the business world. Covered areas: Accounting; Agribusiness Management and Policy; Business Law; Economics and Development Policy; Entrepreneurship and Family Business; Finance; Global Business; Human Resource Management; Information and Communications Technology (ICT); Labor Relations; Marketing; Management Information Systems (MIS); Non-Profit Management; Operations and Supply Chain Management; Organizational Behavior and Theory; Organizational Development; Service Management; Small Business Management; Social Responsibility and Ethics; Strategic Management Policy; Technology and Innovation Management; Tourism and Hospitality Management; Transportation and Logistics