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Collaboration of foreign investors with local family business groups in Turkey: implications on firm performance

机译:外国投资者与土耳其当地家族企业集团的合作:对公司业绩的影响

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摘要

This study investigates the nature of the collaborations of the foreign investor with the local family business groups, drawing out a range of possible implications on performance. Embracing a multi-theoretical approach, we use a panel data regression analysis on a sample of non-financial companies listed in Istanbul Stock Exchange during the period of 1999-2002. We find that the interaction of the foreign investor with local business groups may have both positive and negative consequences on performance, depending on the nature of the collaboration. In the case of local firms, there is a positive relationship between performance and the presence of a chairman who is a member of the family that owns the business group. Having such a chairman seems to have a negative effect on performance when foreign investors are involved. However, equity partnership with a local family business group contributes positively to the performance of foreign-involved companies.
机译:这项研究调查了外国投资者与当地家族企业集团合作的性质,并提出了一系列可能对业绩的影响。采用多理论方法,我们对1999-2002年期间在伊斯坦布尔证券交易所上市的非金融公司样本进行了面板数据回归分析。我们发现,外国投资者与本地企业集团的互动可能会对绩效产生正面和负面影响,这取决于合作的性质。就本地公司而言,业绩与董事长的存在之间存在正相关关系,董事长是拥有该业务组的家庭成员。当外国投资者参与时,拥有这样的董事长似乎会对业绩产生负面影响。但是,与当地家族企业集团的股权合作关系对涉外公司的业绩有积极贡献。

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