On institutional ownership and firm performance: A disaggregated view

被引：28

作者：

Bhattacharya, Prasad S. ^{[1
]}

Graham, Michael A. ^{[2
]}

机构：

[1] Deakin Univ, Sch Accounting Econ & Finance, Burwood, Vic 3125, Australia

[2] RMIT Univ, Royal Melbourne Inst Technol, Sch Econ Finance & Mkt, 239 Bourke St, Melbourne, Vic 3000, Australia

来源：

JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2009年 / 19卷 / 05期

关键词：

Institutional ownership; Firm performance; 3SLS; System of equations; Two-way feedback;

D O I：

10.1016/j.mulfin.2009.07.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the relationship between institutional ownership and firm performance in Finland. A systems approach is employed to investigate the potential two-way causality between firm performance and ownership structure. Three-stage least squares estimation technique is used to solve for the systems. The evidence suggests an endogeneity problem between firm performance and institutional ownership. However, the magnitude of the problem differs with respect to the concentration of ownership measure used. Our results show that a more equal distribution of the voting power among the largest institutional stakeholder may exert positive effects on firm performance. We also find a significant difference relating to firm performances and equity ownerships between the two classes of institutional investor. Consistent with the ownership structure in Finland, we find that a simple ownership concentration index does not influence firm performance. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：370 / 394

页数：25

共 57 条

[1] Active institutional shareholders and costs of monitoring: Evidence from executive compensation [J].

Almazan, A ;

Hartzell, JC ;

Starks, LT .

FINANCIAL MANAGEMENT, 2005, 34 (04) :5-34

[2] Founding-family ownership and firm performance: Evidence from the S&P 500 [J].

Anderson, RC ;

Reeb, DM .

JOURNAL OF FINANCE, 2003, 58 (03) :1301-1328

[3]

[Anonymous], 2006, BUSINESS WEEK

[4] Inside the family firm: The role of families in succession decisions and performance. [J].

Bennedsen, Morten ;

Nielsen, Kasper Meisner ;

Perez-Gonzalez, Francisco ;

Wolfenzon, Daniel .

QUARTERLY JOURNAL OF ECONOMICS, 2007, 122 (02) :647-691

[5] THE EFFECTS OF OWNERSHIP STRUCTURE ON CORPORATE RESTRUCTURING [J].

BETHEL, JE ;

LIEBESKIND, J .

STRATEGIC MANAGEMENT JOURNAL, 1993, 14 :15-31

[6]

BLACK B, 1999, CORP GOV ADVISOR JAN, P14

[7] OWNERSHIP STRUCTURE AND VOTING ON ANTITAKEOVER AMENDMENTS [J].

BRICKLEY, JA ;

LEASE, RC ;

SMITH, CW .

JOURNAL OF FINANCIAL ECONOMICS, 1988, 20 (1-2) :267-291

[8]

Bushee BJ, 1998, ACCOUNT REV, V73, P305

[9] INSTITUTIONAL OWNERSHIP, CAPITAL STRUCTURE, AND FIRM PERFORMANCE [J].

CHAGANTI, R ;

DAMANPOUR, F .

STRATEGIC MANAGEMENT JOURNAL, 1991, 12 (07) :479-491

[10]

Chen X., 2005, WORKING PAPER

← 1 2 3 4 5 6 →