Significant Positive Moderating Effect Research Articles

How Does Tie Strength Dispersion within Inter-Organizational Networks Affect Agricultural Technological Innovation? Evidence from China

Agricultural technology is key to ensuring food security. Innovation in agricultural technology plays a vital role in increasing national food production. Collaborative innovation has become an essential form of technological innovation in the new era. Although there has been a large body of literature exploring the influencing factors on technological innovation, how tie strength dispersion within inter-organizational networks affects agricultural technological innovation has not been systematically studied. In this research, we use a cooperative network to investigate how relational divisive faultlines caused by the uneven distribution of the strength of inter-organizational relationships affects agricultural technological innovation through the subgroup structure, and the moderating role of position embeddedness. This article uses the Derwent Innovations Index to select agricultural technology joint patent applications from 2000 to 2018 to build a cooperation network, and uses multiple linear regression to conduct an empirical analysis. The empirical results show that the relational divisive faultlines have a positive effect on the subgroup structure. There is an inverted U-shaped relationship between the subgroup structure and agricultural technological innovation. The initial stage of subgroup formation can transmit the information between the subgroups in time and promote the efficiency of agricultural technological innovation. However, as the degree of subgroup cohesion increases, the phenomenon of “in-group” and “out-of-group” will be formed, which will inhibit information exchange, having a negative impact on agricultural technological innovation. In addition, positional embeddedness has a significant positive moderating effect between relational divisive faultlines and agricultural technological innovation. This research provides a theoretical basis for understanding how the overall network relationship strength distribution affects technological innovation by exploring the micro-process of the structural changes of the cooperation network. Moreover, it has specific guiding significance for the organization to participation in a cooperation network to improve the efficiency of agricultural technological innovation.

Ethical behavior perceptions in Russia: Do ethics‐related programs and individual characteristics matter?

AbstractThis paper aims to analyze how individual differences and ethics‐related programs predict Russian business students and working adults' perception of personal business ethics. This research evaluates the business ethics perceptions based on surveys of 1,207 managers, employees, and business students in Russia. This study finds the significant correlations between individual differences (gender, age, education level, and management experience), ethics‐related programs (business ethics courses taught in universities, ethics and diversity professional development training), and personal business ethics' perceptions of Russian business students and working adults. We also find that individual differences moderate the relationship between ethics‐related programs and how the personal business ethics of Russian business students and working adults are perceived. These findings advance current literature by revealing that age moderates the relationship between ethics‐related programs (formal ethic courses, ethics, and diversity trainings) and personal ethical behavior perceptions of working adults and business students in Russia. Our study found that gender had a significant positive moderating effect on relationship of organizational code of ethics, formal ethic courses, and diversity professional development with personal ethical behavior perceptions. The relation between personal ethical behavior perceptions and the presence of an organizational code of ethics was negative and marginally moderated by age and managerial experience. This study contributes to business ethics research by deepening the understanding of the impact of individual differences on the relationship between ethics‐related programs and personal business ethics' perceptions.

CORPORATE VENTURE CAPITAL DIVERSIFICATION, PARENT COMPANY VALUE SPILLOVERS AND VALUE CREATION OF START-UPS

Corporate venture capital (CVC) not only promotes value creation for CVC parent companies but also brings rich entrepreneurial resources to invested start-ups. This paper explores the mechanisms through which CVC portfolio diversification promotes value creation for both parent companies as well as the invested start-ups. Focusing on 142 start-ups in China from 2003 to 2015, invested in by 49 companies listed on the Shanghai and Shenzhen Main Boards, we find that CVC portfolio diversification has a positive impact on the value of invested start-ups and CVC parent company value spillovers play a mediating role in this effect. In addition, CVC portfolio diversification has a nonlinear U-shaped relationship with the value of parent companies. Finally, geographical proximity between parent companies and their invested start-ups renders a significant reciprocal positive moderating effect on the relationship between CVC diversification and the value of parent companies, as well as the relationship between the value of parent companies and the value of invested start-ups.

Green product innovation and competitive advantage: an empirical study of chemical industrial plants in Jordanian qualified industrial zones

PurposeGreen product innovation is a global industrial concern. This research examines the possible impact of green product innovation on firms' competitive advantage in industrial enterprises operating in qualified industrial zones (QIZs).Design/methodology/approachThis research follows a descriptive analytical methodology, testing two hypotheses formulated based on the reviewed literature among chemical industrial plants of the three Jordanian QIZs (Amman, Zarqa and Irbid) in Jordan. Following a preliminary scoping study of all 219 Jordanian chemical manufacturers, a quantitative five-point Likert scale questionnaire was administered to firms applying green product activities.FindingsIn total, 20 firms were found to be utilizing green product innovation, representing only 9.13% of the overall population. The hypothesis testing results indicated that green product innovation has a statistically significant positive impact on competitive advantage. The results also showed that the factor “firm resources” has a statistically significant positive moderation effect on the relationship between green product innovation and competitive advantage.Research limitations/implicationsThe vast majority of Jordanian chemical manufacturers were not implementing green innovation or practices; further study is needed to identify barriers. Findings are limited to managers of chemical industrial plants in Jordan, excluding the demand side (e.g. plant customers who purchase final products), which leaves a different research angle to be explored.Originality/valueThis is a pioneering study of green product innovation implications for firm competitive advantage in manufacturing enterprises, especially in QIZs of Jordan (which offer tax exemptions to foreign and local investors and sell products to regional and international markets).

조절초점과 적응수행의 관계에서 조직유효성의 영향

This study examined the effect of regulatory focus on adaptative performance for pilots and co-pilots engaged in domestic civil airlines, and verified the moderating effect of organizational commitment in the process of regulatory focus on adaptative performance. For study, the scale developed by Lockwood Penelope and others validated and developed to measure the regulatory focus was adapted to suit the aviation scene and examined through this. As a result of the study, among the sub-variables of the regulatory focus scale, the promotion focus had a statistically significant and positive effect on the adaptative performance. and derived that the prevention focus had a statistically significant negative effect on the adaptative performance. In order to examine the moderating effect of organizational commitment in the relationship between regulatory focus and adaptative performance, the results of hierarchical regression analysis were conducted after controlling the rank, background, and career. Organizational commitment showed a statistically significant positive moderating effect in the relationship of adaptative performance. In addition, as a result of the verification according to the level of organizational commitment, prevention focus and adaptative performance showed statistically significant negative effects when organizational commitment was high.

Management Ability, Innovation Input and Enterprise Performance

This paper studies the endogenous relationship between innovation investment and enterprise performance through the three-stage least square method, taking the companies listed on the Main board of A-shares in Shanghai and Shenzhen stock Exchanges from 2014 to 2018 as research samples, and explores whether the improvement of management ability can effectively promote the transformation of enterprise innovation investment into enterprise performance from the perspective of innovation. The research results show that there is a two-way influence between innovation input and enterprise performance. The innovation input can significantly promote the growth of enterprise performance, but its promotion effect is relatively lagged. The growth of performance may weaken the enterprise's innovation motivation and reduce the future innovation input. Management competence has a significant positive moderating effect on the relationship between innovation input and performance. This paper provides an important reference for balancing innovation and enterprise performance and improving the transformation efficiency of enterprise innovation investment to increase enterprise value.

The moderating effect of absorptive capacity on transnational knowledge spillover and the innovation quality of high-tech industries in host countries: Evidence from the Chinese manufacturing industry

A considerable literature has grown up around the theme of the impact of knowledge spillover on the firm's innovation performance. Nevertheless, few literatures draw on any research into the impact of transnational knowledge spillover on innovation quality, especially from conscious and unconscious perspectives. What's more, it has been proven that absorptive capacity plays a crucial role on innovation quality, while the relationship between knowledge spillover and absorptive capacity and its impact on innovation quality have yet to be identified. This study therefore defines the transnational knowledge spillover and distinguishes it from involuntary to voluntary, analyzes their impact on the innovation quality of high-tech industries in host countries, and builds a theoretical model that involves absorptive capacity as the moderating variable. Meanwhile, this study collects data on China's high-tech manufacturing industries from 2010 to 2017 to conduct an empirical analysis and the main results were described as following: with an increase in unconscious transnational knowledge spillover, the innovation quality of high-tech manufacturing industries firstly decreases and then increases. Conversely, with an increase in conscious transnational knowledge spillover, the innovation quality of high-tech manufacturing industries firstly increases and then decreases. Impressively, absorptive capacity has a significant positive moderating effect on the relationship between transnational knowledge spillover and the innovation quality of high-tech industries in host countries.

Sense of Presence and Subjective Well-Being in Online Pet Watching: The Moderation Role of Loneliness and Perceived Stress.

Watching videos/livestreams concerning pets is becoming an increasingly popular phenomenon among youth in China, thus the social dynamics and psychological impacts of this pet-centred online activities worth in-depth exploration. This study investigates the sensual experiences of the audiences who have watched pet videos/livestreams and examines how these online experiences influence their subjective well-being. We develop a conceptual model that bases on the relationships between telepresence, social presence, flow experience, and subjective well-being to comprehend this mechanism. The result of 439 samples indicates that both telepresence and social presence have significant positive effects on flow experience, and social presence also has a positive impact on subjective well-being. We also examine the role of loneliness and perceived stress in moderating the effects of online pet watching on subjective well-being, showing that loneliness has a significant positive moderating effect on the relationship between social presence and flow experience, while perceived pressure has a negative moderating effect on the relationship between telepresence and flow experience. This study not only demonstrates the positive effect of an online pet on subjective well-being and but also uses interview data to comprehend the social processes underlying this effect. We also discuss the theoretical and practical values of this study in improving public health in the digital age.

Research on the influence of anthropomorphic design on the consumers' express packaging recycling willingness:the moderating effect of psychological ownership

The change of consumers' shopping mode has caused massive express packaging waste, which results in resource waste and environmental pollution. Therefore, the recycling of express packaging has become an important environmental protection requirements as well as social issue and it requires an urgent solution. At the same time, the impact of anthropomorphism on consumer behavior is increasingly prominent. Built on the "A Three-Factor Theory of Anthropomorphism" and the "Theory of Perspective-Taking", this article established a psychological dynamic theoretical model about the effect of anthropomorphic design on consumers' recycling willingness. Through four experiments, variance analysis and regression analysis, it can be concluded that: (1) Anthropomorphic design has a significant positive impact on the consumers' express packaging recycling willingness, and empathy plays a mediating effect between them. (2) Compared with anthropomorphic language design, anthropomorphic shape design has a more significant impact on consumers' express packaging recycling willingness. (3) High psychological ownership has a significant positive moderating effect on the relationship between anthropomorphic design and empathy, i.e., the higher the consumer's psychological ownership, the stronger the mediating effect of empathy. Low psychological ownership has no significant moderating effect on the relationship between anthropomorphic design and empathy. Therefore, consumers' willingness to recycle express packaging can be promoted by improving their psychological ownership and the anthropomorphic design of express packaging.

Strategic entrepreneurship and performance: an institutional perspective on Indian family businesses

PurposeThere is a growing consensus that entrepreneurial activity is essentially a collective family endeavour, with some configuration of family involvement in business (FIB) working better than others. This paper aims to examine the effects of FIB on strategy and financial performance (FP), drawing from the institutional theory for the Indian family businesses.Design/methodology/approachThe sample comprises of 105 pharmaceutical companies listed on the Bombay Stock Exchange for FY2013–2017. A two-way random effects panel model was invoked to examine the relationship between FIB and strategy, as well as the intermediating effect that strategy has on the FIB-FP link.FindingsOn average, the family has a high ownership concentration, with the founders predominantly holding the chief executive officer (CEO) and chair positions. The econometric results highlight that the founder’s descendants adopt a conservative strategy. A significant positive moderating effect of strategy on FIB-FP link was observed for the descendants as the largest owners, CEO and board chair. The presence of a professional CEO and independent chair, however, leads to an intervening adverse impact on FP. The ownership-management-governance configurations highlight that some combinations of family and non-FIB leads to better performance than others.Originality/valueThe study provides a plausible explanation for the conflicting evidence on the direct FIB-FP relationship through the strategy intermediation. The institutional perspective emphasizing the identity and role family members play in terms of strategy provides an unconventional epistemological underpinning to the present research.

Dividend Decisions, Economic Growth and Firm’s Value of Firms Listed at Nairobi Securities Exchange Kenya

The declining and highly volatile firm value observed in the NSE over the last decade has raised concern among scholars and financial practitioners. A declining and turbulent firm value implies lost and unstable shareholders wealth which in turn increases risk to the stock holders. It is therefore important to ensure that the firm value is enhanced to ensure growth and stable wealth of the shareholders. The study was carried out to determine the effect of dividend decisions, economic growth and firms’ value of selected firms listed at Nairobi securities exchange Kenya. The target population was the 46 non-financial companies listed in the NSE. A census of all non-financial firms listed in the Nairobi Securities Exchange was done. The study utilized secondary data from financial reports as published in the NSE handbook and Kenya National Bureau of Statistics for the period between 2008 and 2016. Panel regressions analysis and Pearson’s product moment correlation analysis were used for inferential analysis while means and standard deviations were used for purposes of descriptive analysis. Feasible Generalized Least Square (FGLS) regression results indicated that dividend decisions (p=0.012, <0.05) had a statistically significant positive effect on firm value. Whisman test of moderation further indicated that GDP had significant positive moderation effect on the relationship between each of the dividend decisions and the firm value. The study concludes that; dividend yield has a very strong positive relationship with firm value. That is, increases/decreases in dividend yield will be accompanied by increases/decreases in firm value. The study therefore recommends that corporate managers increase the dividend payout in times of profitability Keywords : Dividend Decisions, Economic, Growth, Firm Value DOI: 10.7176/RJFA/11-18-06 Publication date: September 30 th 2020

Effects of Depression, Experience of Ageism or Abuse of the Elderly People Living Alone and Living Together on Suicidal Ideation

본 연구는 2017년 노인실태조사를 이용하여 노인의 우울, 차별경험, 학대경험이 노인의 자살생각에 미치는 영향을 검증하고, 이 과정에서 노인의 생활습관인 흡연, 음주, 운동, 그리고 식사조절의 조절효과를 검증하였다. 또 독거노인과 비독거노인으로 분류하여 각각 독립적으로 분석하였다. 분석 결과는 다음과 같다. 첫째, 독거노인과 비독거노인 모두 우울, 차별경험, 그리고 학대경험에서 노인의 자살생각에 유의적인 정적 효과가 있었다. 또 비독거노인이 독거노인보다 그 영향력이 큰 것으로 나왔다. 둘째, 흡연에서는 독거노인의 경우 우울에서 유의적인 정적 조절효과가 있는 반면 비독거노인의 경우 차별에서 유의적인 부적 조절효과가 있었다. 음주여부의 경우 독거노인은 유의적인 조절효과가 없는 반면 비독거노인의 경우 음주여부의 정적 주효과가 있었고, 또 차별에서 부적 조절효과가 있었다. 셋째, 운동여부에서는 독거노인과 비독거노인 모두 유의적인 주효과와 조절효과가 없었다. 넷째, 식사조절 여부에서는 독거노인의 경우 학대에서 유의적인 부적 조절효과가 있었으나 비독거노인의 경우 유의적인 조절효과가 없었다.This study examined survey data of 10.299 senior citizens in the ‘2017 Korean national survey on the older adults aged 65 or older’ to verify the effects of depression, experience of ageism or abuse of the elderly people on the suicidal ideation. and in the process, the moderating effects of the lifestyle of the elderly people such as smoking, drinking alcohol, exercise and meal control was verified. In addition, the elderly people was classified to two categories such as the elderly people living alone and the elderly people living together and the analysis was carried out on them independently. The results of the analysis are as follows. First, both the elderly people living alone and the elderly people living together had significant positive effects of depression, ageism, and abuse on the suicidal ideation. It also showed that the elderly people living alone had more influence of them on the their suicidal ideation than the elderly people living alone. Second, smoking had a significant positive moderating effect on depression in the case of the elderly people living alone, while in the case of the elderly people living together there was a significant negative moderation effect on ageism. Third, while drinking alcohol had no significant moderating effect in the case of elderly living alone, it had significant main effect of drinking alcohol, and moderating effect on ageism. Forth, there is no significant moderation effect of exercise on the both the elderly people living alone and living together. Firth, there was a significant negative moderating effect of meal control on abuse in the elderly people living alone, but there was no significant moderating effect in the elderly living together.

Exploring the innovation efficiency of new energy vehicle enterprises in China

How to utilize human, financial, and material resources reasonably in the technological innovation of new energy vehicles to obtain the maximum benefit with the least investment is an important issue that needs to be solved urgently. This paper employs the stochastic frontier model to analyze the innovation efficiency and its influencing factors of new energy vehicles in China. The investment of innovation is divided into four dimensions: human resource input, R&D input, technology acquirement input and environment support input. The results demonstrate that the mean of innovation efficiency of the new energy vehicle industry is low in general. The Yangtze River Delta and Pearl River Delta regions have the highest innovation efficiency comparable to that of other regions. There is a significant positive impact of asset turnover ratio, per capita compensation of management, and education level on innovation efficiency. The effects of asset-liability ratio and government support on innovation efficiency are not significant. But the government support has a significant positive moderation effect on innovation efficiency through financial factors. Based on the conclusions, this paper proposes insights to promote the development of the new energy vehicle industry.

How perceived value of feedback influences its impact on self-efficacy

We tested the effect of feedback on the self-efficacy of 317 people from other countries who were teaching English in China, to establish the influence of their perceived value of feedback on the relationship between feedback seeking and receiving and self-efficacy. We used hierarchical regression to analyze the data and found that participants' perceived value of feedback seeking had a significant positive moderating effect on their feedback seeking and self-efficacy. In addition, value perceptions played a critical role in determining behavior through feedback. A practical implication of these results is that managers and employees should cultivate a positive feedbackseeking and receiving attitude to enhance self-regulation.

Family firms, banks and firm value: Evidence from Malaysia

PurposeThis paper examines the relationship between the number of domestic banks that the firm engages with and firm value and how this relationship is moderated by ownership concentration at low and very high level on a sample of Malaysian family and non-family firms.Design/methodology/approachFor hypotheses testing, panel data analysis using the fixed effects model (FEM) is used because the FEM can address any endogeneity problems effectively (Chi, 2005). The panel data regression is conducted on both family firms and non-family firms.FindingsWe find that there is a significant negative relationship between the number of domestic banks engaged by family firms, operating in industries where these firms do not have absolute monopoly, and firm value. However, there is no evidence that this significant negative firm value effect is stronger in family firms compared to non-family firms. Furthermore, the significant positive moderating effect of ownership concentration on this relationship within family firms in such industries is evident only at low level of ownership concentration. Interestingly, at very high level of ownership concentration, this significant positive moderating effect becomes negative. There is no evidence that these significant moderating effects are stronger in family firms compared to non-family firms.Research limitations/implicationsThis research has focused only on family and non-family firms.Practical implicationsAn implication of this research is that there is a need for the capital market regulators to introduce appropriate policies to deter family firms from having a close relationship with domestic banks as well as monitor the number of domestic banks engaged by such firms. There may be policy implications for consideration by the Central Bank of Malaysia as well.Originality/valueThis research provides some insights to both academia and industry regarding the consequences of domestic banking relationship and different levels of concentrated ownership in family firms in an emerging market. These insights can help improve the corporate governance as well as ownership structure of Malaysian public-listed family firms which dominate the capital market. Our findings refute the argument by Peng and Jiang (2010) by demonstrating that corporate reputational effects may be a substitute for institutional deficiencies.

Sticking to common values: Neighbourhood social cohesion moderates the effect of value congruence on life satisfaction

AbstractThis article aims to explicate the role of social cohesion in the relationship between adherence to common values and life satisfaction. Shared values are often assumed to be a constitutive element of social cohesion and are used in measurement of the concept. However, sociopsychological theory of values sees social cohesion rather as a moderator of the link between value congruence and life satisfaction, not as a constituent of value congruence. Based on a representative survey of the city of Bremen, Germany (N = 2605), we predict life satisfaction from person‐group value congruence and neighbourhood social cohesion. We find no relationship between value congruence and social cohesion, but a significant positive moderating effect of social cohesion on the relationship between value congruence and life satisfaction. The findings suggest that sticking to common values does not increase social cohesion, but that positive effects of value congruence are more pronounced in high‐cohesion neighbourhoods.

Positive Peers-The Neglected Stepchildren of Social Influence Theories of Crime.

Despite being one of the least studied components of social influence, positive peer associations have much to offer social learning theories of crime. The purpose of the current investigation was to determine whether positive peer associations moderate the peer influence effect central to social learning theory. Data provided by 3869 (1970 boys, 1899 girls) members of the Longitudinal Study of Australian Children (LSAC) were used to test the hypothesis that positive peer associations interact with components of peer influence to protect adolescents against future delinquency. A simple mediation analysis confirmed the existence of a significant indirect effect running from peer delinquency, to low empathy, to participant delinquency. When positive peer associations were added to the model as moderators, they achieved a significant negative moderating effect on the peer delinquency-low empathy path and a significant positive moderating effect on the low empathy-participant delinquency path. In this study, positive peer associations increased empathy in children with fewer delinquent peer associations and decreased offending in children with lower levels of empathy. Given evidence of their ability to inhibit negative peer influence and promote empathy in the service of reduced delinquency, positive peer associations deserve more attention from social learning theories of crime than they have thus far received.

Nexus between Family Socioeconomic Status and Alcohol Consumption Moderated by Religiosity among Secondary School Adolescents in Uganda

This paper focuses on the relationship between family socioeconomic status and alcohol consumption. It further covers the moderation effect of religiosity on the relationship between family socioeconomic status and alcohol consumption among secondary school adolescents in Bushenyi Ishaka Municipality in Uganda. The study employed a cross-sectional survey with quantitative method of data collection and analysis. The schools for the study were selected through a stratified proportionate sampling method. Schools were categorised into two strata; government and private secondary schools from which 6 of them were sampled and simple random sampling techniques were used to arrive at the final sample study of 404 participants from six schools. Data was collected using a self-administered questionnaire with standardised scales. The instrument comprised biodata, SES scale, religiosity, spiritual scale for Youth, and AUDIT Test for Alcohol use. Responses were obtained from a total of 404 participants who included females as the majority (54.7%). The mean age of the students was 15.91. Results show that there was a significant relationship between family socioeconomic status (SES) and alcohol consumption. Religiosity had significant positive moderation effect on the relationship between family socioeconomic status and alcohol consumption among secondary school adolescents. Religiosity is a strong resilience and deters adolescents from consuming alcohol regardless of their family socioeconomic status.

Family Firms, Banks And Firm Value: Evidence From Malaysia

This paper examines the relationship between the number of domestic banks that the firm engages with and firm value and how this relationship is moderated by ownership concentration at low and very high level on a sample of Malaysian family and non-family firms. We find that there is a significant negative relationship between the number of domestic banks engaged by family firms, operating in industries where these firms do not have absolute monopoly, and firm value. However, there is no evidence that this significant negative firm value effect is stronger in family firms compared to non-family firms. Furthermore, the significant positive moderating effect of ownership concentration on this relationship within family firms in such industries is evident only at low level of ownership concentration. Interestingly, at very high level of ownership concentration, this significant positive moderating effect becomes negative. There is no evidence that these significant moderating effects are stronger in family firms compared to non-family firms. An implication of this research is that there is a need for the capital market regulators to introduce appropriate policies to deter family firms from having a close relationship with domestic banks as well as monitor the number of domestic banks engaged by such firms. There may be policy implications for consideration by the Central Bank of Malaysia as well.

Foreign Shareholdings Impact on Banks Efficiency and Moderating Role of Corporate Governance

The research investigate the impact of foreign shareholding originated from developed and developing countries on the efficiency of acquired local banks in Indonesia during 2007-2017 by including Corporate Governance as a moderating variable. Methodology: Using the secondary aggregate data of 29 commercial banks acquired by foreign shareholders, a panel regression model using econometrics methods of GLS, and DEA were applied to examine the effects of percentage of foreign shareholdings on efficiency of the acquired local banks. The main findings; First, percentage of foreign shareholdings positively affecting efficiency of acquired local banks only if the foreign shareholders is originated from developed countries. Second, the level of economic advancement of the country of origin of foreign shareholders has significant effects on the efficiency of the acquired local banks. Third, the increase in the size of the Board of Directors tends to decrease the efficiency of the acquired local banks and fourth, the presence of Foreign Director has a positive moderating effect on strengthening the effect of percentage of foreign shareholdings on the efficiency of the acquired local banks. Overall, the originality of this studies is that the percentage of foreign shareholdings and its country of origin are two combined factors that cannot be separated in affecting the level of efficiency of its acquired local bank and the fact of significant positive moderating effect of Foreign Director. As policy consideration, monetary authority need to perform strict due diligence on prospective foreign shareholders specifically originated from developing countries, advise banks to maintain the existence of Foreign Director and to encourage small local banks to be merged prior to the acquisition by foreign shareholders.