出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：The large number of studies have investigated the relationship between corporate performance and foreign ownership with ambiguous findings.However,despite the attractiveness of Central and Eastern European countries for allocation of foreign direct investments,there exists only limited number of studies dealing with performance – ownership relationship in these countries.The aim of this paper is to analyze the impact of foreign ownership and other explanatory variables on corporate performance of firms operating in industrial sectors of Slovakia.The authors worked with a panel data set of foreign and domestic-owned firms over the period 2004-2013 using OLS method and quantile regression analysis.As the measures of corporate performance,several indicators were used:profitability, represented by return on sales,was used as the dependent variable,and other indicators such as value added,wages,net working capital intensity,leverage,R&D personnel and gross R&D expenditures formed explanatory variables.In addition,as key explanatory variable in our model,foreign ownership as a dummy variable was used.The results show negative statistically significant impact of foreign ownership on performance.Thus,financial performance of foreign firms,measured by return on sales,is worse than in case of domestic-owned firms,what is rather in contrast with present literature in other countries of Central and Eastern Europe.
关键词：corporate performance;profitability;foreign direct investment;foreign ownership.
