Corporate governance and FDI: Firm-level evidence from Japanese FDI into the US

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• 作者：Peiming Wang^a ; ^{peiming.wang@aut.ac.nz} ; Joseph D. Alba^b ; ^{ajoalba@ntu.edu.sg} ; Donghyun Park^c ; ^{dpark@adb.org}
• 关键词：G30 ; G34 ; F21 ; F23
• 刊名：International Review of Economics and Finance
• 出版年：2012
• 出版时间：October, 2012
• 年：2012
• 卷：24
• 期：Complete
• 页码：43-50
• 全文大小：200 K

文摘

Better corporate governance can reduce the scope for increasing shareholder value and thus discourage M&A FDI inflows. Sound governance may also discourage non-M&A FDI inflows in light of the complementary relationship between M&A and non-M&A FDI. We use firm-level evidence to empirically examine the effect of US corporate governance on Japanese M&A and non-M&A FDI. We find that two landmark US corporate governance regulations help explain the sharp drop in both Japanese M&A and non-M&A FDI into the US during the 1990s. Our evidence suggests that corporate governance may affect both M&A and non-M&A FDI.