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| 論文名稱 | Foreign direct investment and downside risk Evidence from Taiwan |
| 發表日期 | 2019-10-31 |
| 論文收錄分類 | SSCI |
| 所有作者 | Li-Hsun Wang, Chu-Hsiung Lin, Hung-Gay Fung, Tzu-Chuan Kao |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 刊物名稱 | Pacific Basin Finance Journal (MOST A Tier 2 level) |
| 發表卷數 | 57 |
| 是否具有審稿制度 | 是 |
| 發表期數 | October |
| 期刊或學報出版地國別/地區 | NATUSA-美國 |
| 發表年份 | 2019 |
| 發表月份 | 10 |
| 發表形式 | 電子期刊 |
| 所屬計劃案 | 無 |
| 可公開文檔 |
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| 可公開文檔 |
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| 可公開文檔 |
[摘要] :
Foreign direct investment (FDI) has become highly popular in recent decades. This study investigates
how FDI by Taiwanese firms affects downside risk by considering the fact that FDI
firms increase both the revenue and risk in their expedition. The results indicate that downside
risk is positively associated with FDI. Further analyses show that downside risks do not change
for FDI in Mainland China but increases in other areas. The FDIs in areas other than Mainland
China are primarily in tax haven countries and are positively related to agency cost and earnings
management, increasing the downside risk. In addition, this study provides evidence that corporate
governance reduces downside risk by restricting FDI to less opaque markets.
[英文摘要] :
Foreign direct investment (FDI) has become highly popular in recent decades. This study investigates
how FDI by Taiwanese firms affects downside risk by considering the fact that FDI
firms increase both the revenue and risk in their expedition. The results indicate that downside
risk is positively associated with FDI. Further analyses show that downside risks do not change
for FDI in Mainland China but increases in other areas. The FDIs in areas other than Mainland
China are primarily in tax haven countries and are positively related to agency cost and earnings
management, increasing the downside risk. In addition, this study provides evidence that corporate
governance reduces downside risk by restricting FDI to less opaque markets.
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