The purpose of this study is to examine the effect of board characteristics on foreign equity ownership (FEO) in the listed public limited companies of Bangladesh.,The study collected data from 418 annual reports of listed companies of Bangladesh for the years 2015, 2016 and 2017 to examine the effect of board characteristics on FEO. Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods are used to test the hypotheses of the study.,The results show that board size has significant negative influence on FEO. Other board characteristics variables such as board independence and female directorship appear to have an insignificant influence on FEO. However, several firm characteristics variables such as return on assets, market-to-book ratio, firm size and firm age have a significant positive relationship with FEO. While presenting the regression results separately for manufacturing and non-manufacturing firms, the findings reveal a number of differences in the results between the two sectors.,The major limitation of the study is that it concentrates only on three years annual report data in analyzing the hypothesized relationships.,Policy makers, regulators and top management can get meaningful insights with respect to optimal board structure and firm characteristics to attract foreign investors as the results revealed significant effects of several board and firm characteristics variables on FEO.,The present study includes the presence of female directors on the board to represent board characteristics. No other study has examined the relationship between FEO and female directors.

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董事会特征和外资股权：孟加拉国的证据

这项研究的目的是研究董事会特征对孟加拉国上市公共有限公司的外资股权（FEO）的影响。该研究收集了孟加拉国418家2015年，2016年和2016年上市公司年度报告中的数据2017年，考察董事会特征对FEO的影响。普通最小二乘（OLS）和两阶段最小二乘（2SLS）回归方法用于检验研究假设。结果表明，董事会规模对FEO有显着负面影响。其他董事会特征变量，例如董事会独立性和女性董事职位，似乎对FEO的影响很小。但是，一些公司特征变量，例如资产回报率，市净率，公司规模和公司年龄与FEO有显着正相关。虽然分别给出了制造业和非制造业企业的回归结果，但研究结果揭示了两个部门之间的结果存在许多差异。该研究的主要局限性在于，它仅集中于三年期的年度报告数据来分析制造商和非制造商。假设的关系。政策制定者，监管者和最高管理者可以从最佳董事会结构和公司特征方面获得有意义的见解，以吸引外国投资者，因为结果揭示了几个董事会和公司特征变量对FEO的显着影响。董事会中女性董事的存在代表董事会特征。没有其他研究检查FEO与女性董事之间的关系。