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Cited by 664

The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.

Do Foreigners Invest Less in Poorly Governed Firms?

Open access
Leuz, Christian, Lins, Karl V., Warnock, Francis E.·2009·Review of Financial Studies
DOI 10.1093/rfs/hhn089
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Abstract

As domestic sources of outside finance are limited in many countries around the world, it is important to understand factors that influence whether foreign investors provide capital to a country's firms. We study 4,409 firms from 29 countries to assess whether and why concerns about corporate governance result in fewer foreign holdings. We find that foreigners invest less in firms that reside in countries with poor outsider protection and disclosure and have ownership structures that are conducive to governance problems. This effect is particularly pronounced when earnings are opaque, indicating that information asymmetry and monitoring costs faced by foreign investors likely drive the results.

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Crossref · 10.1093/rfs/hhn089

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Metadata

Authors
Leuz, C., Lins, K. V., & Warnock, F. E.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2008-10-08
Volume
22
Issue
8
Pages
3245-3285
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhn089
OpenAlex
W3124821938
Cited by
664
References
7
FWCI
118.47
Type
journal article
Language
en
Open access
gold

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CoChat. (2026). Citation check: Do Foreigners Invest Less in Poorly Governed Firms? https://app.cochat.ai/papers/10.1093/rfs/hhn089
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Leuz, C., Lins, K. V., & Warnock, F. E. (2009). Do Foreigners Invest Less in Poorly Governed Firms? Review of Financial Studies. https://doi.org/10.1093/rfs/hhn089

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.