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Two Essays on the Diversity of Forei...

Jiang, Wei Yu.

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Two Essays on the Diversity of Foreign Institutional Investors.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Two Essays on the Diversity of Foreign Institutional Investors./
作者:	Jiang, Wei Yu.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2023,
面頁冊數:	139 p.
附註:	Source: Dissertations Abstracts International, Volume: 85-05, Section: A.
Contained By:	Dissertations Abstracts International85-05A.
標題:	Innovations. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30718421
ISBN:	9798380709811

Two Essays on the Diversity of Foreign Institutional Investors.
Jiang, Wei Yu.

Two Essays on the Diversity of Foreign Institutional Investors. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 139 p.

Source: Dissertations Abstracts International, Volume: 85-05, Section: A.

Thesis (Ph.D.)--McGill University (Canada), 2023.

This item must not be sold to any third party vendors.

This thesis consists of two essays focusing on the diversity of foreign institutional investors and how it affects investees.The first essay studies the heterogeneity of foreign investors' expertise. I identify the industry expertise of foreign institutional investors using the industry structure of their domestic stock market as an indicator. Foreign investors are labeled as advantaged if the firm's industry is one of their home country's Top 3 industries in terms of market capitalization. Using firm-level data across 70 non-U.S. countries between 2000 and 2017, I show that advantaged foreign ownership has a positive and long-term effect on firm value, while remaining foreign ownership has an insignificant or negative effect. I further identify two economic mechanisms through which the industry expertise of advantaged foreign investors may increase firm value: advantaged foreign investors are better monitors and bring greater knowledge spillovers. Finally, the positive effects of advantaged foreign investors on firm value are primarily due to operating improvements rather than changes in payout policy.The second essay investigates how the diversity among foreign institutional investors affects corporate governance. Using U.S. firm-level data between 2001 and 2019, I examine the effect of foreign ownership diversity on board diversity. I construct multidimensional diversity measures and find that foreign ownership diversity positively affects board diversity, while domestic ownership diversity is negatively or insignificantly associated with board diversity. Furthermore, I show that firms with high board diversity have more patent counts. Overall, this essay suggests board diversity as a novel channel through which foreign institutional investors improve firm value.

ISBN: 9798380709811Subjects--Topical Terms:

754112
Innovations.

Two Essays on the Diversity of Foreign Institutional Investors.
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520 $a This thesis consists of two essays focusing on the diversity of foreign institutional investors and how it affects investees.The first essay studies the heterogeneity of foreign investors' expertise. I identify the industry expertise of foreign institutional investors using the industry structure of their domestic stock market as an indicator. Foreign investors are labeled as advantaged if the firm's industry is one of their home country's Top 3 industries in terms of market capitalization. Using firm-level data across 70 non-U.S. countries between 2000 and 2017, I show that advantaged foreign ownership has a positive and long-term effect on firm value, while remaining foreign ownership has an insignificant or negative effect. I further identify two economic mechanisms through which the industry expertise of advantaged foreign investors may increase firm value: advantaged foreign investors are better monitors and bring greater knowledge spillovers. Finally, the positive effects of advantaged foreign investors on firm value are primarily due to operating improvements rather than changes in payout policy.The second essay investigates how the diversity among foreign institutional investors affects corporate governance. Using U.S. firm-level data between 2001 and 2019, I examine the effect of foreign ownership diversity on board diversity. I construct multidimensional diversity measures and find that foreign ownership diversity positively affects board diversity, while domestic ownership diversity is negatively or insignificantly associated with board diversity. Furthermore, I show that firms with high board diversity have more patent counts. Overall, this essay suggests board diversity as a novel channel through which foreign institutional investors improve firm value.
520 $a Cette th`ese se compose de deux essais qui se concentrent sur la diversit´e et la diversit´e des investisseurs institutionnels ´etrangers et comment cela affecte les entreprises investies.Le premier essai ´etudie l'h´et´erog´en´eit´e de l'expertise des investisseurs ´etrangers. J'identifie l'expertise sectorielle des investisseurs institutionnels ´etrangers en utilisant la structure sectorielle de leur march´e boursier national comme indicateur. Les investisseurs ´etrangers sont ´etiquet´es comme avantag´es si l'industrie de l'entreprise est l'une des 3 premi`eres industries de leur pays d'origine en termes de capitalisation boursi`ere. En utilisant des donn´ees au niveau de l'entreprise dans 70 pays non am´ericains entre 2000 et 2017, je montre que les investisseurs ´etrangers favoris´es ont un effet positif et `a long terme sur la valeur de l'entreprise, tandis que les investisseurs ´etrangers restants ont un effet insignifiant ou n´egatif. J'identifie en outre deux m´ecanismes ´economiques par lesquels l'expertise sectorielle des investisseurs ´etrangers favoris´es peut augmenter la valeur de l'entreprise : les investisseurs ´etrangers favoris´es sont de meilleurs contrˆoleurs et apportent de plus grandes retomb´ees de connaissances. Enfin, les effets positifs des investisseurs ´etrangers favoris´es sur la valeur de l'entreprise sont principalement dus `a des am´eliorations op´erationnelles plutˆot qu'`a des changements dans la politique de distribution.Le deuxi`eme essai examine comment la diversit´e parmi les investisseurs institutionnels ´etrangers affecte la gouvernance d'entreprise. En utilisant des donn´ees au niveau des entreprises am´ericaines entre 2001 et 2019, j'examine l'effet de la diversit´e des investisseurs ´etrangers sur la diversit´e des conseils d'administration. Je construis des mesures de diversit´e multidimensionnelle et constate que la diversit´e des investisseurs ´etrangers affecte positivement la diversit´e des conseils d'administration, tandis que la diversit´e des investisseurs nationaux est associ´ee de mani`ere n´egative ou insignifiante `a la diversit´e des conseils d'administration. De plus, je montre que les entreprises dont le conseil d'administration est tr`es diversifi´e ont plus de brevets. Dans l'ensemble, cet essai sugg`ere la diversit´e des conseils d'administration comme un nouveau canal par lequel les investisseurs institutionnels ´etrangers am´eliorent la valeur de l'entreprise.
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