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Does capital market liberalization enhance overseas market power of investment firms? An empirical study based on Chinese multinational corporations

Author

Listed:
  • Zhang, Xueyi
  • Xue, Zhongyi
  • Huang, Yiqing

Abstract

This study empirically analyzes the 2012–2022 data of Shanghai and Shenzhen A-share investment-oriented listed companies to determine the impact of capital market liberalization on investment firms’ overseas market power. It finds that both capital market liberalization and research and development investment enhance the overseas market power of investment firms. The impact of capital market liberalization varies based on the different ownership properties and life cycles of firms.

Suggested Citation

  • Zhang, Xueyi & Xue, Zhongyi & Huang, Yiqing, 2024. "Does capital market liberalization enhance overseas market power of investment firms? An empirical study based on Chinese multinational corporations," Finance Research Letters, Elsevier, vol. 69(PA).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324010869
    DOI: 10.1016/j.frl.2024.106056
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    More about this item

    Keywords

    Capital markets; Investment firms; Overseas market power;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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