Foreign Ownership and Firm Innovation: Evidence from Korea

References

• Almeida, H., C. S. Kim, and H. B. Kim. 2015. “Internal Capital Markets in Business Groups: Evidence From the Asian Financial Crisis.” The Journal of Finance 70 (6): 2539–2586.
   Web of Science ®Google Scholar
• Almeida, P., J. Song, and R. M. Grant. 2002. “Are Firms Superior to Alliances and Markets? An Empirical Test of Cross-Border Knowledge Building.” Organization Science 13 (2): 147–161.
   Web of Science ®Google Scholar
• Ang, J. B. 2014. “Innovation and Financial Liberalization.” Journal of Banking and Finance 47 (C): 214–229.
   Google Scholar
• Atallah, G. 2002. “Vertical R&D Spillovers, Cooperation, Market Structure, and Innovation.” Economics of Innovation and New Technology 11 (3): 179–209.
   Google Scholar
• Ayyagari, M., A. Demirgüç-Kunt, and V. Maksimovic. 2012. “Firm Innovation in Emerging Markets: the Role of Finance, Governance, and Competition.” Journal of Financial and Quantitative Analysis 46 (6): 1545–1580.
   Web of Science ®Google Scholar
• Bae, K. H., J. K. Kang, and J. M. Kim. 2002. “Tunneling or Value Added? Evidence From Mergers by Korean Business Groups.” The Journal of Finance 57 (6): 2695–2740.
   Web of Science ®Google Scholar
• Baek, J. S., J. K. Kang, and K. S. Park. 2004. “Corporate Governance and Firm Value: Evidence From the Korean Financial Crisis.” Journal of Financial Economics 71 (2): 265–313.
   Web of Science ®Google Scholar
• Borensztein, E., J. De Gregorio, and J. W. Lee. 1998. “How Does Foreign Direct Investment Affect Economic Growth?” Journal of International Economics 45 (1): 115–135.
   Web of Science ®Google Scholar
• Brickley, J. A., R. C. Lease, and C. W. Smith Jr. 1988. “Ownership Structure and Voting on Antitakeover Amendments.” Journal of Financial Economics 20 (C): 267–291.
   Google Scholar
• Chang, S. J., C. N. Chung, and I. P. Mahmood. 2006. “When and How Does Business Group Affiliation Promote Firm Innovation? A Tale of Two Emerging Economies.” Organization Science 17 (5): 637–656.
   Web of Science ®Google Scholar
• Chen, Y., E. J. Podolski, S. G. Rhee, and M. Veeraraghavan. 2014. “Local Gambling Preferences and Corporate Innovative Success.” Journal of Financial and Quantitative Analysis 49 (1): 77–106.
   Web of Science ®Google Scholar
• Chin, C. L., P. Lee, H. Y. Chi, and A. Anandarajan. 2006. “Patent Citation, R&D Spillover, and Tobin’s Q: Evidence From Taiwan Semiconductor Industry.” Review of Quantitative Finance and Accounting 26 (1): 67–84.
   Google Scholar
• Choi, B. B., D. Lee, and Y. Park. 2013. “Corporate Social Responsibility, Corporate Governance and Earnings Quality: Evidence From Korea.” Corporate Governance: An International Review 21 (5): 447–467.
   Web of Science ®Google Scholar
• Choi, S. B., S. H. Lee, and C. Williams. 2011. “Ownership and Firm Innovation in a Transition Economy: Evidence From China.” Research Policy 40 (3): 441–452.
   Web of Science ®Google Scholar
• Choi, S. B., B. I. Park, and P. Hong. 2012. “Does Ownership Structure Matter for Firm Technological Innovation Performance? The Case of Korean Firms.” Corporate Governance: An International Review 20 (3): 267–288.
   Web of Science ®Google Scholar
• Coe, D. T., and E. Helpman. 1995. “International R&D Spillovers.” European Economic Review 39 (5): 859–887.
   Web of Science ®Google Scholar
• De Mello, L. R. 1999. “Foreign Direct Investment-led Growth: Evidence From Time Series and Panel Data.” Oxford Economic Papers 51 (1): 133–151.
   Web of Science ®Google Scholar
• Dietzenbacher, E., and B. Los. 2002. “Externalities of R&D Expenditures.” Economic Systems Research 14 (4): 407–425.
   Google Scholar
• Douma, S., R. George, and R. Kabir. 2006. “Foreign and Domestic Ownership, Business Groups, and Firm Performance: Evidence From a Large Emerging Market.” Strategic Management Journal 27 (7): 637–657.
   Web of Science ®Google Scholar
• Düring, A., and H. Schnabel. 2000. “Imputed Interindustry Technology Flows—A Comparative SMFA Analysis.” Economic Systems Research 12 (3): 363–375.
   Google Scholar
• Eisenmann, T. R. 2002. “The Effects of CEO Equity Ownership and Firm Diversification on Risk Taking.” Strategic Management Journal 23 (6): 513–534.
   Web of Science ®Google Scholar
• Fagerberg, J., and M. M. Godinho. 2005. “Innovation and Catching-up.” In The Oxford Handbook of Innovation, edited by J. Fagerberg, D. Mowery, and R. Nelson, 514–543. Oxford: Oxford University Press.
   Google Scholar
• Fama, E. F., and M. C. Jensen. 1983. “Separation of Ownership and Control.” The Journal of Law and Economics 26 (2): 301–325.
   Web of Science ®Google Scholar
• Fernandes, A. M., and C. Paunov. 2012. “Foreign Direct Investment in Services and Manufacturing Productivity: Evidence for Chile.” Journal of Development Economics 97 (2): 305–321.
   Web of Science ®Google Scholar
• Flor, M. L., and M. J. Oltra. 2004. “Identification of Innovating Firms Through Technological Innovation Indicators: An Application to the Spanish Ceramic Tile Industry.” Research Policy 33 (2): 323–336.
   Web of Science ®Google Scholar
• García, F., B. Jin, and R. Salomon. 2013. “Does Inward Foreign Direct Investment Improve the Innovative Performance of Local Firms?” Research Policy 42 (1): 231–244.
   Web of Science ®Google Scholar
• Gibbs, P. A. 1993. “Determinants of Corporate Restructuring: The Relative Importance of Corporate Governance, Takeover Threat, and Free Cash Flow.” Strategic Management Journal 14 (S1): 51–68.
   Web of Science ®Google Scholar
• Girma, S., Y. Gong, H. Görg, and S. Lancheros. 2015. “Estimating Direct and Indirect Effects of Foreign Direct Investment on Firm Productivity in the Presence of Interactions Between Firms.” Journal of International Economics 95 (1): 157–169.
   Web of Science ®Google Scholar
• Goedhuys, M., and R. Veugelers. 2012. “Innovation Strategies, Process and Product Innovations and Growth: Firm-Level Evidence From Brazil.” Structural Change and Economic Dynamics 23 (4): 516–529.
   Google Scholar
• Guadalupe, M., O. Kuzmina, and C. Thomas. 2012. “Innovation and Foreign Ownership.” American Economic Review 102 (7): 3594–3627.
   Web of Science ®Google Scholar
• Hall, B., A. Jaffe, and M. Trajtenberg. 2005. “Market Value and Patent Citations.” RAND Journal of Economics 36 (1): 16–38.
   Web of Science ®Google Scholar
• Han, D., and K. Kim. 2014. “Comparative Analysis of Foreign Investors’ Behavior in Korea and Taiwan.” Business Management Review 47 (1): 113–132.
   Google Scholar
• Hansen, H., and J. Rand. 2006. “On the Causal Links Between FDI and Growth in Developing Countries.” The World Economy 29 (1): 21–41.
   Web of Science ®Google Scholar
• Hasan, I., and C. L. Tucci. 2010. “The Innovation–Economic Growth Nexus: Global Evidence.” Research Policy 39 (10): 1264–1276.
   Web of Science ®Google Scholar
• He, W., D. Li, J. Shen, and B. Zhang. 2013. “Large Foreign Ownership and Stock Price Informativeness Around the World.” Journal of International Money and Finance 36 (C): 211–230.
   Google Scholar
• Hirshleifer, D., A. Low, and S. Teoh. 2012. “Are Overconfident CEOs Better Innovators?” The Journal of Finance 67 (4): 1457–1498.
   Web of Science ®Google Scholar
• 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.
   Web of Science ®Google Scholar
• Javorcik, B. S., and M. Spatareanu. 2008. “To Share or not to Share: Does Local Participation Matter for Spillovers From Foreign Direct Investment?” Journal of Development Economics 85 (1–2): 194–217.
   Web of Science ®Google Scholar
• Joe, D. Y., and F. D. Oh. 2018. “Spillover Effects Within Business Groups: The Case of Korean Chaebols.” Management Science 64 (3): 1396–1412.
   Web of Science ®Google Scholar
• Kang, S. A. 2012. “The Impact of Foreign Block Investors and Information Asymmetry on R&D Investment.” International Business Review 16 (4): 127–147.
   Google Scholar
• Kang, S. J., and H. J. Seo. 2005. “The Sources of Innovation and Spillover Effects: Firm-Level Panel Data Analysis.” Kyong Je Hak Yon Gu 53 (3): 121–151.
   Google Scholar
• Keller, W. 2010. “Chapter 19 – International Trade, Foreign Direct Investment, and Technology Spillovers.” Handbook of the Economics of Innovation 2: 793–829.
   Google Scholar
• Khanna, T., and K. Palepu. 1999. Emerging Market Business Groups, Foreign Investors, and Corporate Governance. Working Paper #6955. National Bureau of Economic Research.
   Google Scholar
• Kim, G. M. 2003. “Corporate Governance Structure and Innovation: The Influence of Ownership Structure on R&D Investment.” Korean Management Review 32 (6): 1799–1832.
   Google Scholar
• Kim, S. H., and C. S. Jung. 2016. “A Study on the Effects of Foreign Ownership on the Risk and the Value of Firms.” Journal of Business Research 31 (1): 37–54.
   Google Scholar
• Kim, H., H. Kim, and P. M. Lee. 2008. “Ownership Structure and the Relationship Between Financial Slack and R&D Investments: Evidence From Korean Firms.” Organization Science 19 (3): 404–418.
   Web of Science ®Google Scholar
• Kochhar, R., and P. David. 1996. “Institutional Investors and Firm Innovation: A Test of Competing Hypotheses.” Strategic Management Journal 17 (1): 73–84.
   Web of Science ®Google Scholar
• Lee, B. K. 2006. Dividend Policy and R&D Investment Decisions of Korean Firms: A Dynamic Panel Data Analysis. Seoul: Korea Economic Research Institute.
   Google Scholar
• Neto, D. G., and F. J. Veiga. 2013. “Financial Globalization, Convergence and Growth: The Role of Foreign Direct Investment.” Journal of International Money and Finance 37 (C): 161–186.
   Google Scholar
• Phan, P. H., and C. W. Hill. 1995. “Organizational Restructuring and Economic Performance in Leveraged Buyouts: An Ex Post Study.” Academy of Management Journal 38 (3): 704–739.
   Web of Science ®Google Scholar
• Porter, M. E. 1991. “Capital Disadvantage: America’s Failing Capital Investment System.” Harvard Business Review 70 (5): 65–82.
   Web of Science ®Google Scholar
• Ramaswamy, K., M. Li, and R. Veliyath. 2002. “Variations in Ownership Behavior and Propensity to Diversify: A Study of the Indian Corporate Context.” Strategic Management Journal 23 (4): 345–358.
   Web of Science ®Google Scholar
• Shefer, D., and A. Frenkel. 2005. “R&D, Firm Size and Innovation: An Empirical Analysis.” Technovation 25 (1): 25–32.
   Web of Science ®Google Scholar
• Singh, M., and W. N. Davidson III. 2003. “Agency Costs, Ownership Structure and Corporate Governance Mechanisms.” Journal of Banking and Finance 27 (5): 793–816.
   Web of Science ®Google Scholar
• Vishwasrao, S., and W. Bosshardt. 2001. “Foreign Ownership and Technology Adoption: Evidence From Indian Firms.” Journal of Development Economics 65 (2): 367–387.
   Web of Science ®Google Scholar
• Wang, J., and X. Wang. 2015. “Benefits of Foreign Ownership: Evidence From Foreign Direct Investment in China.” Journal of International Economics 97 (2): 325–338.
   Web of Science ®Google Scholar
• Zelenyuk, V., and V. Zheka. 2006. “Corporate Governance and Firm’s Efficiency: The Case of a Transitional Country, Ukraine.” Journal of Productivity Analysis 25 (1): 143–157.
   Web of Science ®Google Scholar