151
Views
0
CrossRef citations to date
0
Altmetric
Articles

Impact of foreign ownership on firm productivity: evidence from Japanese manufacturing firms

ORCID Icon

References

  • Ackerberg, D. A., K. Caves, and G. Frazer. 2015. “Identification Properties of Recent Production Function Estimators.” Econometrica 83 (6): 2411–2451. doi:10.3982/ECTA13408.
  • Aggarwal, R., I. Erel, M. Ferreira, and P. Matos. 2011. “Does Governance Travel around the World? Evidence from Institutional Investors.” Journal of Financial Economics 100 (1): 154–181. doi:10.1016/j.jfineco.2010.10.018.
  • Ahmadjian, C. 2007. “Foreign Investors and Corporate Governance in Japan.” In Corporate Governance in Japan: Institutional Change and Organizational Diversity, edited by M. Aoki, G. Jackson, & H. Miyajima, 125–150. Oxford, UK: Oxford University Press.
  • Alfaro, L., A. Chanda, S. Kalemli-Ozcan, and S. Sayek. 2004. “FDI and Economic Growth: The Role of Local Financial Markets.” Journal of International Economics 64 (1): 89–112. doi:10.1016/S0022-1996(03)00081-3.
  • Arellano, M., and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” The Review of Economic Studies 58 (2): 277–297. doi:10.2307/2297968.
  • Arellano, M., and O. Bover. 1995. “Another Look at the Instrumental Variable Estimation of Error-Components Models.” Journal of Econometrics 68 (1): 29–51. doi:10.1016/0304-4076(94)01642-D.
  • Aw, B. Y., M. J. Roberts, and D. Y. Xu. 2008. “R&D Investments, Exporting, and the Evolution of Firm Productivity.” American Economic Review 98 (2): 451–456. doi:10.1257/aer.98.2.451.
  • Beck, T., A. Demirguc-Kunt, and V. Maksimovic. 2005. “Financial and Legal Constraints to Growth: Does Firm Size Matter?” The Journal of Finance 60 (1): 137–177. doi:10.1111/j.1540-6261.2005.00727.x.
  • Blundell, R., and S. Bond. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.” Journal of Econometrics 87 (1): 115–143. doi:10.1016/S0304-4076(98)00009-8.
  • Bond, S., and C. Meghir. 1994. “Dynamic Investment Models and the Firm's Financial Policy.” The Review of Economic Studies 61 (2): 197–222. doi:10.2307/2297978.
  • de Backer, K., and L. Sleuwaegen. 2003. “Foreign Ownership and Productivity Dynamics.” Economics Letters 79 (2): 177–183. doi:10.1016/S0165-1765(02)00323-3.
  • Franks, J., C. Mayer, and H. Miyajima. 2014. “The Ownership of Japanese Corporations in the 20th Century.” Review of Financial Studies 27 (9): 2580–2625. doi:10.1093/rfs/hhu018.
  • Fukao, K., and Y. Murakami. 2005. “Do Foreign Firms Bring Greater Total Factor Productivity to Japan?” Journal of the Asia Pacific Economy 10 (2): 237–254. doi:10.1080/13547860500071519.
  • Funakoshi, M., and K. Motohashi. 2009. “A Quantitative Analysis of Market Competition and Productivity.” Japanese Economy 36 (1): 27–47. doi:10.2753/JES1097-203X360102.
  • Griliches, Z., and J. Mairesse. ( 1995. ). “Production Functions: The Search for Identification.” NBER Working Papers, No. 5067.
  • Hansen, L. P. 1982. “Large Sample Properties of Generalized Method of Moments Estimators.” Econometrica 50 (4): 1029–1053. doi:10.2307/1912775.
  • Javorcik, B. S. 2004. “Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers through Backward Linkages.” American Economic Review 94 (3): 605–627. doi:10.1257/0002828041464605.
  • Jefferson, G., A. G. Z. Hu, X. Guan, and X. Yu. 2003. “Ownership Performance and Innovation in China’s Large- and Medium-Size Industrial Enterprises Sector.” China Economic Review 14 (1): 89–113. doi:10.1016/S1043-951X(03)00003-8.
  • Kimura, F., and K. Kiyota. 2007. “Foreign-Owned versus Domestically-Owned Firms: Economic Performance in Japan.” Review of Development Economics 11 (1): 31–48. doi:10.1111/j.1467-9361.2006.00347.x.
  • Levinsohn, J., and A. Petrin. 2003. “Estimating Production Functions Using Inputs to Control for Unobservables.” Review of Economic Studies 70 (2): 317–341. doi:10.1111/1467-937X.00246.
  • Marschak, J., and W. H. Andrews. 1944. “Random Simultaneous Equations and the Theory of Production.” Econometrica 12 (3/4): 143–205. doi:10.2307/1905432.
  • Miyajima, H., and R. Ogawa. ( 2016. ). “Convergence or Emerging Diversity? Understanding the Impact of Foreign Investors on Corporate Governance in Japan.” RIETI Discussion Paper Series 16-E-053.
  • Nakano, M., and P. Nguyen. 2013. “Foreign Ownership and Firm Performance: Evidence from Japan's Electronics Industry.” Applied Financial Economics 23 (1): 41–50. doi:10.1080/09603107.2012.705425.
  • Nickell, S. J. 1981. “Biases in Dynamic Models with Fixed Effects.” Econometrica 49 (6): 1417–1426. doi:10.2307/1911408.
  • Olley, G. S., and A. Pakes. 1996. “The Dynamics of Productivity in the Telecommunications Equipment Industry.” Econometrica 64 (6): 1263–1297. doi:10.2307/2171831.
  • Roodman, D. 2009. “How to Do Xtabond2: An Introduction to Difference and System GMM in Stata.” The Stata Journal: Promoting Communications on Statistics and Stata 9 (1): 86–136. doi:10.1177/1536867X0900900106.
  • Rovigatti, G., and V. Mollisi. 2018. “Theory and Practice of Total-Factor Productivity Estimation: The Control Function Approach Using Stata.” The Stata Journal: Promoting Communications on Statistics and Stata 18 (3): 618–662. doi:10.1177/1536867X1801800307.
  • Sousa, C. M. P., J. Yan, E. Gomes, and J. Lengler. 2021. “Export Activity, R&D Investment, and Foreign Ownership: Does It Matter for Productivity?” International Marketing Review 38 (3): 613–639. doi:10.1108/IMR-03-2020-0045.
  • Syverson, C. 2011. “What Determines Productivity?” Journal of Economic Literature 49 (2): 326–365. doi:10.1257/jel.49.2.326.
  • Teng, D., C. Li, and S. Tanna. 2021. “Foreign Ownership and Productivity in Chinese Newly Listed Firms: The Moderating Roles of Founder's Human Capital and Social Ties.” Asia Pacific Journal of Management . doi:10.1007/s10490-021-09758-w.
  • Windmeijer, F. 2005. “A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators.” Journal of Econometrics 126 (1): 25–51. doi:10.1016/j.jeconom.2004.02.005.
  • Yogo, M. 2004. “Estimating the Elasticity of Intertemporal Substitution When Instruments Are Weak.” Review of Economics and Statistics 86 (3): 797–810. doi:10.1162/0034653041811770.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.