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Three essays on foreign corporate ownership.

Chai, Dominic Heesang (2009) Three essays on foreign corporate ownership. PhD thesis, London School of Economics and Political Science (United Kingdom).

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Abstract

The dissertation examines foreign ownership in Korea during 1998-2003. The capital market opening in Korea following the 1997 Asian financial crisis provides a unique opportunity to investigate the changes in corporate ownership structure. The abolition of investment ceilings and various restrictions for the foreign investment allow us to document the greater influences of foreign institutional ownership in the Korean stock market. I empirically investigate (1) the role of foreign ownership in dividend policy, (2) the link between foreign investors and labour cost, and (3) the relationship between the foreign ownership and the level of corporate donations. Using a large firm level dataset, the panel data techniques are used to examine the effects of foreign equity ownership. The analysis shows that foreign ownership is significantly related to higher dividends, labour costs, and corporate donations. These findings highlight the role of foreign ownership in influencing management practices.

Item Type: Thesis (PhD)
Uncontrolled Keywords: Economics, General
Sets: Collections > ProQuest Etheses
Departments > Management
URI: http://etheses.lse.ac.uk/id/eprint/2359

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