Purpose – This study analyzed the effect of the Trump Government’s protectionist trade policies on foreign ownership. Specifically, this study empirically analyzes the hypothesis that foreign ownership will decrease after the Trump Government rather than before the Trump Government. Design/methodology – The hypothesis of this study is based on the expectation that US protection trade policy will negatively affect the profitability of Korean companies. The dependent variable in this study is the foreign ownership ratio, and the independent variable is a dummy variable representing before and after the Trump Government. Multiple regression analysis was performed, including the control variables suggested in previous studies related to foreign ownership. Findings – As a result, foreign ownership increased after the Trump Government rather than before the Trump Government. This study further analyzes whether the main variables affecting foreign investor’s decision-making are differences before and after Trump Government. The export ratio, profitability and dividends did not differ before and after Trump Government. However, the level of information asymmetry decreased after the Trump Government than before the Trump Government. This suggests that US protection trade policies do not adversely affect the profitability of Korean companies. However, Korean firms are improving their information environment because US protectionist trade policies can lower profitability and negatively impact capital raising. In this regard, the foreign ownership ratio seems to differ before and after the Trump Government. Originality/value – This study contributes in that it presents data that US protectionist policies can affect Korean corporate governance. This study has implications from the short-term analysis of US protection trade policy.

中文翻译：

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美国贸易保护主义贸易政策对外国所有制的影响：韩国数据集研究

目的–这项研究分析了特朗普政府的贸易保护主义贸易政策对外国所有制的影响。具体而言，本研究从经验上分析了以下假设：在特朗普政府之后而不是在特朗普政府之前，外国所有权将减少。设计/方法论–本研究的假设基于对美国保护贸易政策将对韩国公司的盈利能力产生负面影响的预期。在这项研究中，因变量是外资持股比例，而自变量是代表特朗普政府前后的虚拟变量。进行了多元回归分析，包括先前研究中与外国所有权有关的控制变量。结果–结果，在特朗普政府之后而不是在特朗普政府之前，外国所有权有所增加。这项研究进一步分析了影响外国投资者决策的主要变量是否为特朗普政府前后的差异。特朗普政府前后，出口比率，盈利能力和股息没有差异。但是，特朗普政府之后的信息不对称程度比特朗普政府之前有所降低。这表明美国的保护贸易政策不会对韩国公司的利润产生不利影响。但是，韩国公司正在改善其信息环境，因为美国的贸易保护主义贸易政策可能降低获利能力并对集资产生不利影响。在这方面，特朗普政府前后的外国所有权比例似乎有所不同。原创性/价值–这项研究的贡献在于它提供了美国贸易保护主义政策可能影响韩国公司治理的数据。这项研究对美国保护贸易政策进行了短期分析。