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The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.

The authors define the independent variable, abnormal foreign investment (AFI) as the residuals of the foreign ownership equation. The authors regress foreign ownership on its first lag and factors and define the residuals as the AFI. The AFI is the over- or under-investment reflecting foreign conscious (clear-purpose) investment, thus better indicating how foreign investment affects firm performance. The dependent variable is Tobin’s q (Q), which represents the firm performance. Then, the authors regress the Tobin’s q next quarters (Qt + k) on the AFI current quarter (AFIt). The authors use a two-step generalized method of moments (GMM) and check endogeneity with the D-GMM model for the regression.

The results show that the current AFI is positively correlated with the firm performance in each of the next four quarters (the following one year). This positive relationship is pronounced for large firms, firms with no large foreign investors, liquid firms and firms listed in the active market. The results suggest that foreign investment might choose well-productive firms already. Also, the current AFI is significantly positively correlated with stock returns in each of the next three quarters. These results suggest that the AFI is informative up to one-year period.

The results suggest that foreign investors (most of them are small) in the Vietnamese market might choose well-productive firms already. However, if the large investors have long-term investment in tangible, intangible, human capital and so on, and lead to a significant increase in firms’ performance is still the limitation of this paper.

The results of this paper may guide investors whose portfolios are composed of stocks with foreign investment.

This paper adds to the literature to enrich the conclusion of a positive relationship between foreign ownership and firm performance.

Using imbalanced panel data of nonfinancial Vietnamese listed firms from 2005 to 2021, this paper explores the potential effect of ownership on firms' cash levels.

Two hypotheses are tested using different methods, including pooled ordinary least squares (POLS) and system-generalized method of moments (GMM), to investigate the ownership–cash holding relationship for various firm scenarios. Both book and market measures of the cash ratio are examined.

Results show that foreign and state ownership encourages firms to increase their cash reserves. The positive relationship between ownership and cash holding is, especially, pronounced for firms in the financial deficit.

This research suggests that in this emerging market, outside ownership substantially accelerates cash to hedge against the unexpected issues caused by poor investor protection, low political accountability and information asymmetry.

The study contributes to the existing understanding of the relationship between ownership and corporate cash holdings in the context of a typical emerging market. Besides, it expands the existing knowledge to the extent of such relations in the event of a financial shortage.

Building on the institutional theory perspective on corporate governance change and based on interviews with investor relations (IR) managers in large Japanese companies, this study aims to examine Japanese IR managers’ perceptions of the influence of foreign shareholders on Japan’s corporate governance reform and stakeholder-based system. The paper examines tensions, conflicts and collaborations among different stakeholders involved in corporate governance changes in Japan, especially in the areas of firm ownership, employment relations and boards of directors. The paper explains why convergence does not happen in some large Japanese companies by investigating Japanese managers’ responses to and perceptions of foreign shareholders in multiple corporate contexts.

The author conducted in-depth interviews with ten IR managers at large, listed Japanese companies in Kyoto and Tokyo and two managers at foreign investment banks in Tokyo, between 2018 and 2021.

This paper explores five themes that emerged from my interviews: Chief executive officers’ (CEOs’) mixed perceptions of foreign investors, the effectiveness of CEO compensation and outside directors, managers’ reluctance to accept stock price-driven business strategies, foreign investors’ engagement vs investments in index funds and gender patterns, including the effectiveness of token female outside directors. The Japanese companies the author looked at incorporated foreign shareholders as consultants and adopted a few major shareholder-based customs, such as CEOs communicating with investors, having outside directors, increasing CEO compensation and slimming down unprofitable parts of the business via restructuring and downsizing. Simultaneously, they resisted a few major shareholder-based practices. Foreign shareholders’ pressure revealed tensions and contradictions between the Japanese stakeholder system and shareholder primacy-based customs.

This paper is one of the few qualitative studies that explores Japanese IR managers’ responses to and perceptions of foreign shareholders in corporate governance reform, with a particular focus on ownership, employment relations and board members. This paper provides examples of tension, conflict and cooperation between Japanese managers and foreign investors, as seen through the eyes of Japanese IR managers. Examining changes in Japan’s stakeholder-based system of corporate governance reform enables us to better understand the processes by which, with vigorous pressure from government and foreign shareholders, a non-western country like Japan may adopt shareholder-based customs and how such a change may also lead to institutional changes.

This study aims to see the moderating effect of board diversity on the relationship between ownership structure and real earnings management.

This study uses unbalanced panel data of 75 listed energy firms (346 firm-year observations) from three South Asian emerging economies (Bangladesh, India, and Pakistan) from 2015 to 2019. The two-step system GMM estimation is used for data analysis. This study also uses fixed effect regression to obtain robust findings.

The findings show that firms with a greater ownership concentration and managerial ownership significantly reduce real earnings management. In contrast, the data refute the idea that institutional and foreign ownership affect real earnings management. We also find that board diversity interacts significantly with ownership concentration and managerial ownership, meaning that board diversity moderates the negative link of the primary relationship that reduces real earnings management. On the other hand, board diversity has no interaction with institutional and foreign ownership, implying no moderating effect exists on the primary relationship.

To the best of the authors’ knowledge, this is unique research investigating how different ownership structures affect real earnings management in the emerging nations’ energy sector, which the earlier studies overlook. More specifically, this research focuses on how board diversity moderates the relationships between ownership structure and real earnings management, which could be helpful for future investors.

The study aims to examine the joint effects of foreign ownership (FO) and involvement in global value chains (GVCs) on the productivity performance of firms from a catching-up country (Poland) and a leader economy (Germany).

The authors use micro-level data on firms combined with several sector-level GVC participation measures. The authors investigate whether the link between productivity and the overall sectoral degree of involvement in global production structures depends on a firm's ownership. The authors verify the robustness of the obtained results by using an instrumental variables approach and weighted regression.

The results show that domestically owned firms are less productive than foreign ones, which is particularly true at low GVC participation levels. However, as GVC involvement increases, the FO productivity premium decreases, leading to productivity catching up between foreign and domestically owned firms. This mechanism is similar in Poland and Germany. However, in the leader country (Germany), the productivity performance of domestically owned firms is more stable along the distribution of GVC involvement.

This study contributes to the foreign direct investment (FDI)–productivity literature by comparing the catching-up and developed countries' perspectives and incorporating the productivity–GVC relationship into the FDI analysis. The authors show that the FO premium is not confined to the developing context but is also present in a leader country. Moreover, the link between productivity and the overall sectoral degree of involvement in global production structures depends on a firm's ownership.

The study aims to investigate the influence of corporate governance practices on enhancing firm value in manufacturing industries in Bangladesh.

The study sample consists of 131 companies from 10 manufacturing industries listed in Dhaka stock exchange (DSE). Using the multiple regression method, the study analyzed 1,193 firm-year observations from 2012 to 2021.

The outcome reveals that managerial ownership, foreign ownership, ownership concentration, board size, board independence, board diligence and auditor quality have a significant positive influence on firm value. In contrast, audit committee size has no significant influence on firm value.

The practical implications of the current study demonstrated that good corporate governance creates value and must be invigorated for the interest of all stakeholders. Policymakers should formulate specific guidelines regarding firms' ownership structure and audit quality issues.

This study examines the influence of stock liquidity on stock price crash risk and the moderating role of institutional blockholders in Vietnam’s stock market.

Crash risk is measured by the negative coefficient of skewness of firm-specific weekly returns (NCSKEW) and the down-to-up volatility of firm-specific weekly stock returns (DUVOL). Liquidity is measured by adjusted Amihud illiquidity. The two-stage least squares method is used to address endogeneity issues.

Using firm-level data from Vietnam, we find that crash risk increases with stock liquidity. The relationship is stronger in firms owned by institutional blockholders. Moreover, intensive selling by institutional blockholders in the future will positively moderate the relationship between liquidity and crash risk.

Since stock liquidity could exacerbate crash risk through institutional blockholder trading, firm managers should avoid bad news accumulation and practice timely information disclosures. Investors should be mindful of the risk associated with liquidity and blockholder trading.

We contribute to the literature by showing that the activities of blockholders could partly explain the relationship between liquidity and crash risk. High liquidity encourages blockholders to exit upon receiving private bad news.

A deteriorating security situation and an increased need for defence equipment calls for new forms of collaboration between Armed Forces and the defence industry. This paper aims to investigate the ways in which the accelerating demand for increased security of supply of equipment and supplies to the Armed Forces requires adaptability in the procurement process that is governed by laws on public procurement (PP).

This paper is based on a review of current literature as well as empirical data obtained through interviews with representatives from the Swedish Defence Materiel Administration and the Swedish defence industry.

Collaboration with the globalized defence industry requires new approaches, where the PP rules make procurement of a safe supply of defence equipment difficult.

The study's empirical data and findings are based on the Swedish context. In order to draw more general conclusions in a defence context, the study should be expanded to cover more nations.

The findings will enable the defence industry and the procurement authorizations to better understand the requirements of Armed Forces, and how to cooperate under applicable legal and regulatory requirements.

The paper extends the extant body of academic knowledge of the security of supply into the defence sector. It serves as a first step towards articulating a call for new approaches to collaboration in defence supply chains.

In this paper, the authors aim to introduce international dynamic marketing capabilities (IDMCs) theoretically derived from marketing capabilities (MCs), dynamic marketing capabilities (DMCs) and international marketing capabilities (IMCs) and provide a novel conceptualization of the concept by applying a holistic view of the international enterprise.

This is a literature review that maps the current research on MCs, DMCs and IMCs and serves as a basis for the theoretical conceptualization of a novel IDMCs concept as well as for the identification of research gaps and the development of future research directions on this phenomenon.

Existing typologies of MCs, DMCs and IMCs are classified into four categories: strategic, operational, analytical and value creation capabilities. A new typology of IDMCs is proposed, consisting of digital MC and dynamic internationalization capability as strategic capabilities, agile IMC, IM excellence and absorptive capability in IM as operational capabilities, IM resilience capability, IM knowledge management capability, AI-enabled IDMC and Industry 4.0-enabled IDMC as analytical capabilities, and ambidextrous IM innovation capability as value creation capability. Finally, the authors identify research gaps and develop research questions that open future research avenues for the coming years.

This paper offers a novel view of MCs, DMCs and IMCs and argues that, in contrast to the majority of previous research, a comprehensive understanding of these is only possible if all levels are considered simultaneously: the strategic, the operational, the analytical and the value creation level. A new conceptualization and typology of IDMCs follows this logic.

This study aims to conduct a thorough literature review to map current studies on international marketing capabilities (IMCs) applying dynamic capabilities view (DCV). The aim of this study is to increase the chances for more conceptual and terminological rigor in future research in this particular research area.

This is a systematic literature review following the established review process of reviews in leading (international) marketing journals. A multilevel analytical approach was adopted, combining inductive coding with deductive coding and following the logic of antecedents-phenomena-consequences.

Synthesis of 20 rigorously selected previous empirical studies on IMCs applying DCV reveals that academic interest in these capabilities is well justified and growing and there are some well researched antecedents to focal capabilities (e.g. inter-organizational capabilities, outside-in market orientation) as well as their prevalent consequences (e.g. export and innovation performance). There is little knowledge of moderators to these links, especially with regard to consequences. This review illustrates that the current research lacks consistency in how key constructs are defined and measured, provides the guide to future conceptualization and measurement of so-called International Dynamic Marketing Capabilities (IDMCs) and proposes some concrete research directions.

The authors extend prior research in the investigated topic by critically evaluating prior works, providing improved conceptualization of IDMCs as well as concrete research agenda for IDMCs structured along recommendations for Theory, Context and Methods (TCM framework).