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Foreign Ownership and Firm Value: Evidence from Australian Firms

Anil Mishra ()

Asia-Pacific Financial Markets, 2014, vol. 21, issue 1, 67-96

Abstract: The paper employs various measures of foreign ownership and investigates impact of foreign ownership on value of firms in Australia. We find that both, traditional measure and free float measure of foreign ownership has a positive and significant impact on firm value. We also find that foreign institutional holdings in Australian firms’ have a significant and positive impact on firm value. Results are robust to various econometric estimation techniques. Our results have implications for investors and corporate financial policies. Copyright Springer Japan 2014

Keywords: Firm value; Free float foreign ownership; Foreign institutional holding; Domestic cross holding; Employee held share (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:kap:apfinm:v:21:y:2014:i:1:p:67-96