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Institutional Structures and the Prevalence of Foreign Ownership of Firms: Empirical Evidence From Africa

Institutional Structures and the Prevalence of Foreign Ownership of Firms: Empirical Evidence From Africa
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Author(s): Otuo Serebour Agyemang (University of Cape Coast, Ghana)
Copyright: 2018
Pages: 25
Source title: Handbook of Research on Sustainable Development and Governance Strategies for Economic Growth in Africa
Source Author(s)/Editor(s): Kassa Teshager Alemu (Ethiopian Civil Service University, Ethiopia) and Mulunesh Abebe Alebachew (Bahir Dar University, Ethiopia)
DOI: 10.4018/978-1-5225-3247-7.ch024

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Abstract

This chapter examines how country-level institutional structures influence the prevalence of foreign ownership of firms in Africa. It reinforces the new institutional economics perspective by empirically highlighting that institutional structures influence the prevalence of foreign ownership of companies in an economy. Using archival data from 39 African economies, the authors 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, the authors found that countries with high voice and accountability structures are associated with low foreign ownership prevalence.

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