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The effect of the degree of foreign ownership on firms' performance

100%
Hintošová A. B., Kubíková Z.
Review of Economic Perspectives
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2016
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vol. 16
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issue 1
29-44
EN
A large number of studies have compared the performance of foreign-owned and domestic firms. However, only a limited number of studies have investigated the effect of the degree of foreign ownership on a firm's performance. We attempt to fill this gap in the literature by conducting research that distinguishes not only between domestic and foreign-owned firms, but also between wholly and partly foreign-owned firms. We also examine the possible non-linearity of the performance-ownership relationship. We divide the firms in our study into three groups by their ownership - domestic, foreign, and joint ventures. We use a regression analysis to explore whether foreign ownership influences the firms' performance, measured by several variables such as profitability, innovation performance (measured by gross expenditures on research and development activities), numbers of employees involved in research and development, production, value added, leverage and net working capital intensity. The results of our research indicate that there is a statistically significant difference in firms' performance as a result of foreign ownership in all variables except the number of research and development employees and leverage. Moreover, we show that foreign ownership and performance are linked by an inverted U-shaped relationship. A firm’s performance increases with greater foreign ownership up to the range of 61-65 %, and declines thereafter.
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Implementation of new forms of transnational investments in the current conditions of globalization: case of the Republic of Uzbekistan

100%
Nadirkhanov U.
Perspectives of Innovations, Economics and Business
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2010
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vol. 6
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issue 3
15-17
EN
Foreign direct investments (FDI) mostly occur in a form of mergers and acquisitions (M&A) – about 90%; other two forms are joint venture and greenfield investment. Which form is the most important and efficient one for various FDI-recipient countries? The choice of any form of transnational investment depends on very large scale of factors, as an economic development level of a country, aims and rate of economy’s transformation, national government policy, etc. For example, M&A as a form dominates in developed countries, in 90s Hungary succeeded to attract significant greenfield FDI volumes. Creating a joint venture appears as the most efficient form in attracting FDI in many developing and some of CIS countries. The paper examines the particularities of FDI trends in Uzbekistan.
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