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Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors

Geofry Areneke, Emmanuel Adegbite, Tunyi Tunyi Abongeh Orcid Logo

International Business Review, Volume: 31, Issue: 5, Start page: 101978

Swansea University Author: Tunyi Tunyi Abongeh Orcid Logo

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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...

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Published in: International Business Review
ISSN: 0969-5931
Published: Elsevier BV 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa65102
first_indexed 2023-11-26T10:31:01Z
last_indexed 2024-11-25T14:15:23Z
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spelling 2024-01-02T16:40:44.8949932 v2 65102 2023-11-26 Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors eefe2792c8eed5b49feede33981dfa53 0000-0002-5761-931X Tunyi Tunyi Abongeh Tunyi Tunyi Abongeh true false 2023-11-26 CBAE 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 Management School COLLEGE CODE CBAE 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 0000-0002-5761-931X 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
format Journal article
container_title International Business Review
container_volume 31
container_issue 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
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str 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
document_store_str 1
active_str 0
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 2022-10-31T08:26:31Z
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