2024-03-28T11:33:51Zhttps://www.tdx.cat/oai/requestoai:www.tdx.cat:10803/4248462017-10-13T10:13:40Zcom_10803_480col_10803_392779
nam a 5i 4500
Foreign ownership
Private firms
Subsidiaries
Earnings management
Audit opinion
Financial performance
Three essays on the effects of foreign direct investment on the host-country companies: An analysis in the private setting
[Castelló] :
Universitat Jaume I,
2017
Accés lliure
http://hdl.handle.net/10803/424846
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Rusanescu, Simona,
autor
1 recurs en línia (198 pàgines)
Tesi
Doctorat
Universitat Jaume I. Departament de Finances i Comptabilitat
2017
Universitat Jaume I. Departament de Finances i Comptabilitat
Tesis i dissertacions electròniques
Gil de Albornoz Noguer, Belén,
supervisor acadèmic
Lafuente Luengo, Juan Ángel,
supervisor acadèmic
TDX
This thesis investigates how the presence of foreign controlling shareholders relates to the performance and financial reporting quality of private subsidiaries. We analyze unique, hand-collected data consisting of a sample of more than 2,000 private Spanish companies controlled by either a local or a foreign group during the period 1997-2013. Overall, results suggest a negative effect of foreign direct investment on the host-country companies. In particular, foreign ownership is associated with a sales advantage, but the higher personnel costs make foreign group subsidiaries less profitable than their locally-owned counterparts. As far as accounting quality is concerned, foreign-owned companies are also inferior to those owned by local groups, since we find a higher prevalence of earnings management and a higher likelihood of receiving modified audit reports for lack of transparency in subsidiaries of foreign groups. In sum, foreign control does not enhance firm profitability nor financial reporting quality, but fosters opacity.
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