Impact of Foreign Shareholding Ratio on Corporate Value

DOI IR Open Access

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Other Title
  • 外国人持ち株比率が企業価値に与える影響
  • ガイコクジン モチカブ ヒリツ ガ キギョウ カチ ニ アタエル エイキョウ

Description

In previous studies, there are many papers which "the higher the foreign ownership ratio, the higher the corporate value". However, there are few papers which have been verified using the latest data. In addition, in previous studies, when Tobin's Q is taken as the explained variable and variables such as the foreign shareholding ratio are taken as the explanatory variable for regression analysis, endogeneity is created between the explanatory variable and the error term and, dealing with this problem is an issue. The author uses the instrumental variable method as a coping method for this endogeneity. The operational variables are compared and verified using corporate governance variables (number of corporate auditors, number of female officers), which is a new initiative not found in other previous research. Under the assumption of this verification, the author will try to clarify the possibility which auditors will contribute to the improvement of the foreign ownership ratio by setting a new hypothesis. We believe that it is meaningful as an empirical research from a new perspective which has not been seen in previous research.

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