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Unearthing the Integral Determinants of Foreign Ownership Prevalence of Companies in Africa: Role of Country-level Governance / Otuo Serebour Agyemang, Giulia Fantini, Abraham Ansong

Journal of African Business, Volume: 17, Issue: 2, Pages: 225 - 253

Swansea University Author: Giulia Fantini

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Abstract

This study seeks to deepen our understanding on how country-level governance structures influence prevalence of foreign ownership of firms in Africa. This study reinforces the new institutional economics perspective by empirically highlighting that governance structures influence the prevalence of f...

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Published in: Journal of African Business
ISSN: 1522-8916 1522-8916
Published: 2016
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URI: https://cronfa.swan.ac.uk/Record/cronfa34107
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Abstract: This study seeks to deepen our understanding on how country-level governance structures influence prevalence of foreign ownership of firms in Africa. This study reinforces the new institutional economics perspective by empirically highlighting that governance structures influence the prevalence of foreign ownership of companies in an economy. Using archival data from 39 African economies, we found that there is a significant positive association between regulatory quality and foreign ownership prevalence. Also, foreign ownership is prevalent in African countries that are politically stable and embrace rule of law. However, we found that countries with high voice and accountability structures are associated with low foreign ownership prevalence.
Keywords: Corporate governance, Institutional structures, Country-level governance, Prevalence of foreign ownership, African countries
College: School of Management
Issue: 2
Start Page: 225
End Page: 253