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Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors
International Business Review, Volume: 31, Issue: 5, Start page: 101978
Swansea University Author: Tunyi Tunyi Abongeh
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DOI (Published version): 10.1016/j.ibusrev.2022.101978
Abstract
We advance the practice transfer theorising of corporate governance (CG) by developing a framework that uncovers how foreign institutional investors (FIIs) improve on CG practices of firms in weak institutional environments. Using hand-collected data for 85 listed Nigerian firms covering the 2011–20...
Published in: | International Business Review |
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ISSN: | 0969-5931 |
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Elsevier BV
2022
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URI: | https://cronfa.swan.ac.uk/Record/cronfa65102 |
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v2 65102 2023-11-26 Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors eefe2792c8eed5b49feede33981dfa53 Tunyi Tunyi Abongeh Tunyi Tunyi Abongeh true false 2023-11-26 BAF We advance the practice transfer theorising of corporate governance (CG) by developing a framework that uncovers how foreign institutional investors (FIIs) improve on CG practices of firms in weak institutional environments. Using hand-collected data for 85 listed Nigerian firms covering the 2011–2016 period, we show that FIIs bypass the weak regulatory environment in emerging markets by transferring good CG standards to host countries. Furthermore, FIIs’ ability to enhance the CG quality of firms in such environments is moderated by their home country’s legal system, with FIIs from countries with strong legal enforcement having an enhanced ability to improve CG practices of firms in weak institutional environments. However, cultural differences between the FIIs’ home and host countries negatively moderate this relationship. Our results are robust to the choice of estimation technique and various sources of endogeneity. Journal Article International Business Review 31 5 101978 Elsevier BV 0969-5931 Corporate governance, Foreign institutional investors, Cultural distance, Legal system, Practice transfer, Emerging markets, Nigeria 31 10 2022 2022-10-31 10.1016/j.ibusrev.2022.101978 http://dx.doi.org/10.1016/j.ibusrev.2022.101978 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University Another institution paid the OA fee 2024-01-02T16:40:44.8949932 2023-11-26T10:29:33.8309501 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Geofry Areneke 1 Emmanuel Adegbite 2 Tunyi Tunyi Abongeh 3 65102__29342__d147ed7313244b2d8d5f10cb48dd5fc4.pdf 65102.VOR.pdf 2024-01-02T16:39:48.4020870 Output 1540042 application/pdf Version of Record true © 2022 The Authors. Published by Elsevier Ltd. Distributed under the terms of a Creative Commons Attribution 4.0 International License (CC BY 4.0). true eng https://creativecommons.org/licenses/by/4.0/ |
title |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors |
spellingShingle |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors Tunyi Tunyi Abongeh |
title_short |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors |
title_full |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors |
title_fullStr |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors |
title_full_unstemmed |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors |
title_sort |
Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors |
author_id_str_mv |
eefe2792c8eed5b49feede33981dfa53 |
author_id_fullname_str_mv |
eefe2792c8eed5b49feede33981dfa53_***_Tunyi Tunyi Abongeh |
author |
Tunyi Tunyi Abongeh |
author2 |
Geofry Areneke Emmanuel Adegbite Tunyi Tunyi Abongeh |
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Journal article |
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International Business Review |
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31 |
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5 |
container_start_page |
101978 |
publishDate |
2022 |
institution |
Swansea University |
issn |
0969-5931 |
doi_str_mv |
10.1016/j.ibusrev.2022.101978 |
publisher |
Elsevier BV |
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Faculty of Humanities and Social Sciences |
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Faculty of Humanities and Social Sciences |
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Faculty of Humanities and Social Sciences |
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School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance |
url |
http://dx.doi.org/10.1016/j.ibusrev.2022.101978 |
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description |
We advance the practice transfer theorising of corporate governance (CG) by developing a framework that uncovers how foreign institutional investors (FIIs) improve on CG practices of firms in weak institutional environments. Using hand-collected data for 85 listed Nigerian firms covering the 2011–2016 period, we show that FIIs bypass the weak regulatory environment in emerging markets by transferring good CG standards to host countries. Furthermore, FIIs’ ability to enhance the CG quality of firms in such environments is moderated by their home country’s legal system, with FIIs from countries with strong legal enforcement having an enhanced ability to improve CG practices of firms in weak institutional environments. However, cultural differences between the FIIs’ home and host countries negatively moderate this relationship. Our results are robust to the choice of estimation technique and various sources of endogeneity. |
published_date |
2022-10-31T16:40:46Z |
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1786997528825167872 |
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11.013148 |