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Control versus Firm Value: The Impact of Restrictions on Foreign Share Ownership

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  • Swee-Swun Lam

Abstract

Foreign ownership restrictions can produce a significant loss of shareholder value. Using evidence from the Stock Exchange of Singapre (SES), this study finds that imposing (relaxing) such restrictions reduced (increased) firm value when the SES altered the foreign ownership limits for local banks in June 1990.

Suggested Citation

  • Swee-Swun Lam, 1997. "Control versus Firm Value: The Impact of Restrictions on Foreign Share Ownership," Financial Management, Financial Management Association, vol. 26(1), Spring.
    • Handle: RePEc:fma:fmanag:lam97
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    Cited by:

    1. Chun-Da Chen & Alex YiHou Huang & Chih-Chun Chen, 2011. "The Effects of Abolishing a Foreign Institutional Investment Quota in Taiwan," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(2), pages 74-98, March.
    2. Anil Mishra, 2014. "Foreign Ownership and Firm Value: Evidence from Australian Firms," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 21(1), pages 67-96, March.
    3. Slangen, Arjen & Hennart, Jean-François, 2007. "Greenfield or acquisition entry: A review of the empirical foreign establishment mode literature," Journal of International Management, Elsevier, vol. 13(4), pages 403-429, December.
    4. Ghosh, Chinmoy & Harding, John & Phani, B.V., 2008. "Does liberalization reduce agency costs? Evidence from the Indian banking sector," Journal of Banking & Finance, Elsevier, vol. 32(3), pages 405-419, March.
    5. Nikkinen, Jussi, 2003. "Impact of foreign ownership restrictions on stock return distributions: evidence from an option market," Journal of Multinational Financial Management, Elsevier, vol. 13(2), pages 141-159, April.

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