Abstract
This study is designed to provide strategic inspiration in multinational institutions’ investment behavior in Cambodia. Most factors affecting the investment decisions of South Korean and Chinese institutional investors in Cambodia are investigated based on UTAUT theory. Perceived asset price and perceived asset quality proves to have a significant effect on perceived asset value, whereas perceived financial risk proves to have a significant negative effect on the relationship between perceived asset value and investment decision for the Chinese group, but not for the South Korean group. Facilitating conditions proves to have an important effect in investment decisions for the South Korean group, but not for the Chinese group. Furthermore, perceived asset value, social influence and performance expectancy prove to have a significant effect on investment decisions for both groups. Although both South Korean and Chinese institutional investors are plentiful in Cambodia, the investigation indicates that they maintain symmetry in investment competition due to their different preferences in investment objects and types. The results reinforce major implications in offering a more symmetrical and fair competition environment for both Cambodian regulators and multinational institutions.
Highlights
In the past two decades a significant development in multinational international investment business has been the rise of investment in emerging markets, such as Cambodia
As international investment in the least-developed countries involves potential financial risk that is important and difficult to find, and risk concerns may be a barrier to investment decisions in Cambodia, perceived financial risk is necessary in our model to offer better comprehension of risk factors that could explain South Korean and Chinese institutional investors’ actual institutional investment behavior in Cambodia
The Chinese group is in brackets and the South Korean group is outside the brackets
Summary
In the past two decades a significant development in multinational international investment business has been the rise of investment in emerging markets, such as Cambodia. Discussing factors affecting institutional investors from different countries can effectively develop and manage investment field in Cambodia and is necessary and important for further investigation This research investigates both the indirect and direct effects of the determinations on South. As international investment in the least-developed countries involves potential financial risk that is important and difficult to find, and risk concerns may be a barrier to investment decisions in Cambodia, perceived financial risk is necessary in our model to offer better comprehension of risk factors that could explain South Korean and Chinese institutional investors’ actual institutional investment behavior in Cambodia. The study hopes to offer practical implications that can help the institutional investors from different countries retrieve the relative institutional investors’ decision behavior on investment in Cambodia, and provide a reference for the Cambodian government to attract more foreign investment by offering a more symmetrical and fair competition environment
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