Ilhan-Nas, T, Okan, T, Tatoglu, E et al. (3 more authors) (2018) Board composition, family ownership, institutional distance and the foreign equity ownership strategies of Turkish MNEs. Journal of World Business, 53 (6). pp. 862-879. ISSN 1090-9516
Abstract
In much of the developing world, families represent the dominant form of firm ownership. This study investigates how this influences equity ownership strategies when firms venture abroad. Drawing on agency theory and institutional theory, we investigate the direct effect of board composition and family ownership on the equity-based ownership strategies of multinational enterprises (MNEs) in their affiliates, and how institutional distance may moderate this. Examining foreign affiliates of listed Turkish MNEs, we find that a high ratio of independent directors is negatively linked to levels of equity ownership of MNE affiliates. We also find that a high ratio of inside directors on the board is positively associated with the equity stake of MNEs in their affiliates. The significant interaction effect between board composition, family ownership and institutional distance helps explain the unexpectedly weak effects of institutional distance.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2018 Elsevier Inc. All rights reserved. This is an author produced version of a paper published in Journal of World Business. Uploaded in accordance with the publisher's self-archiving policy |
Keywords: | Board composition; Foreign equity; ownership strategy; Family business; Agency theory; Institutional theory; Institutions; Emerging MNEs; Turkey |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > International Business Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 20 Jul 2018 10:05 |
Last Modified: | 30 Jan 2020 01:38 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.jwb.2018.07.006 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:133540 |
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