カシフ　アハマド   Kashif Ahmed   カシフ・アハマド    所属   京都外国語大学  外国語学部 英米語学科    職種   講師
言語種別	英語
発行・発表の年月	2021/05
形態種別	論文
標題	Individual Investments Biased by the Size of a Foreign Investor: An Experimental Study
執筆形態	共著
掲載誌名	Organizations and Markets in Emerging Economies
掲載区分	国外
巻・号・頁	12(1),pp.27-50
国際共著	国際共著
著者・共著者	Umer, H.*, Ahmed, K., & Jadoon, M. N.
概要	Behavioral finance has long examined psychological factors affecting individual investor choices. This study adds to that literature by analyzing how increases in a foreign firm’s partial ownership affect local individual investment decisions. Using a controlled lab experiment with Pakistani investors, we compare investment choices between a fully Pakistani firm and a Pakistani firm with three levels of Chinese ownership: portfolio, minority, and majority. Results show that, relative to minority ownership, investors are 47% less likely to invest when Chinese ownership is at the portfolio level and 61% less likely when it is at the majority level, compared to a purely Pakistani firm. The study identifies foreign partial ownership as a significant non-monetary factor shaping investor behavior. It also contributes to research on Chinese investment in Pakistan by showing how local investors may react to rising Chinese stakes in domestic firms.
DOI	https://doi.org/10.15388/omee.2021.12.46
researchmap用URL	https://doi.org/10.15388/omee.2021.12.46