Chapter

New States, New State Involvement

Kathryn C. Lavelle

in The Politics of Equity Finance in Emerging Markets

Published in print November 2004 | ISBN: 9780195174090
Published online April 2005 | e-ISBN: 9780199835287 | DOI: http://dx.doi.org/10.1093/0195174097.003.0003
 New States, New State Involvement

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This chapter argues that stock exchanges organized in the post-colonial era were created to indigenize a degree of foreign direct investment. Transnational corporations listing shares on exchanges in the developing world sought a quotation for the benefit of local employees and recognition as a truly transnational firm. Generally these listings were expensive and illiquid, and managerial control remained foreign. However, states found them attractive in an era of “anti”-foreign investment since they dampened criticism of foreign investment, and the capital raised usually remained in the country in question.

Keywords: foreign direct investment; transnational corporations; post-colonial era; stock exchange; managerial control

Chapter.  6484 words.  Illustrated.

Subjects: Economic Development and Growth

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