Impact of foreign ownership on firm performance: evidence from listed banks and NBFIs of Bangladesh Online publication date: Thu, 22-Feb-2024
by Md. Kutub Uddin; Quazi Nur Alam; Janifar Alam; Abu Kalam
International Journal of Critical Accounting (IJCA), Vol. 13, No. 3, 2023
Abstract: This study investigates the impact of foreign ownership structure and firm-specific factors on firm performance using data from 53 banks and NBFIs listed in DSE, Bangladesh. With the help of linear regression analysis, the relationship that has developed between firm performance (measured by Tobin's Q) and independent variables, firm-specific factors and foreign ownership are examined. From the analysis, it is found that foreign ownership has a positive impact on listed banks and NBFIs of Bangladesh. However, minor or major foreign ownership only significantly affects the firm performance. Total assets are positive, and the number of employees (a proxy for firm size) is negatively related to firm performance. The relationship of leverage level with firm performance is negative. A higher level of leverage in capital structure increases the firm's financial risks. Liquidity has a negative relationship with the firm performance of listed banks and NBFIs of Bangladesh.
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