Foreign Institutional Ownership and Liquidity: Evidence from Thailand

Thanatawee, Yordying

doi:10.2139/ssrn.3321620

Cited by 36 publications

(68 citation statements)

References 28 publications

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“…Institutional ownership did not affect on PBV, so hypothesis 11 was rejected. This finding supported Shahid (2003), but it was in contrary to research conducted by Arouri et al (2014) and Thanatawee (2014), who proved that institutional ownership had positive effect on the firm value.…”

Section: Discussionsupporting

confidence: 71%

“…Arouri et al (2014) proves a positive relationship between institutional ownership and bank performance. Thanatawee (2014) proves institutional investors provide oversight role effectively, thereby improving corporate governance and firm value. Belkhir (2009) proves there is a positive relationship between board size and firm perfor-mance due to the board size identical to the firm size.…”

Section: Effect Of Institutional Ownership Board Independent and Boamentioning

confidence: 99%

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Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Umar¹

2017

Jurnal Keuangan Dan Perbankan

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The purpose of this research was to determine the causal relationship among GCG mechanism, financial performance, CSR and firm's value. The model of the research was constructed by using financial performance and CSR as intervening variables on the effect of GCG mechanism to firm's value. This research was accomplished on companies listed in Jakarta Islamic Index (JII) in Indonesia Stock Exchange for the period of 2007-2013. The result showed that GCG mechanism tended to reject every CSR financing. CSR was positively affected by Return on Investment (ROI). GCG mechanism represented by institutional ownership (INWN) had a positive effect to ROI. ROI had a positive effect to return on equity (ROE), and ROE had a positive effect to firm's value. This study proved that ROI was mediating significantly the effect of INWN to CSR, and ROE was mediating significantly the effect of ROI to firm's value. ABSTRAKTujuan penelitian ini adalah untuk menguji hubungan kausalitas antara mekanisme GCG, kinerja keuangan, CSR dan nilai perusahaan. Model penelitian dibangun dengan menempatkan kinerja keuangan dan CSR sebagai variabel intervening pada pengaruh mekanisme GCG terhadap nilai perusahaan. Penelitian dilalukan pada perusahaan Jakarta Islamic Index (JII) di Bursa Efek Indonesia untuk periode tahun 2007 penelitian menunjukkan bahwa mekanisme GCG cenderung menolak berbagai pembiayaan CSR. CSR dipengaruhi positif Return on Invesment (ROI). Mekanisme GCG yang diproksi Institutional Ownership (INWN) berpengaruh positif terhadap ROI. ROI berpengaruh positif terhadap Return on Equity (ROE), dan ROE berpengaruh positif terhadap nilai perusahaan. Penelitian ini membuktikan bahwa ROI memediasi secara signifikan pengaruh INWN terhadap CSR, dan ROE memediasi secara signifikan pengaruh ROI terhadap nilai perusahaan.

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Section: Discussionsupporting

confidence: 71%

Section: Effect Of Institutional Ownership Board Independent and Boamentioning

confidence: 99%

Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Umar¹

2017

Jurnal Keuangan Dan Perbankan

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“…Outside investors (institutions) will mitigate agency problems through their strengths and supervision (Susilowati, Puspitasari, & Yuseno, 2017), so it will make management to work by improving company performance through strategic decisions namely intellectual capital. Furthermore, previous researches conducted by Ruiz-mallorquí & Santana-martín (2011), Thanatawee (2014, Abukosim, Mukhtaruddin, Ferina, & Nurcahaya (2014) and Chen, Blenman, & Chen (2014) also found a significant positive effect between the structure of institutional ownership and company performance. Therefore, the relations between institution ownership structure as the moderating variable and the influence of intellectual capital towards company value is that the institution as the owner will work based on company's objectives, so they will use strategy that can escalate company value, one of it is by using intellectual capital.…”

Section: Introductionmentioning

confidence: 79%

Does institutional ownership moderate the effect of intellectual capital and company value?

Paputungan¹,

Subroto²,

Ghofar³

2020

IJRBS

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This study aims to empirically examine the influence of intellectual capital towards company value and also its influence while being moderated by institutional ownership. This study uses purposive sampling to determine samples from manufacturing companies listed in Indonesia Stock Exchange during the year of 2014–2018. The total sample obtained in this study is 301 from the 720 population of data throughout the research year. Data analysis techniques use multiple regression and moderated regression analysis (MRA) methods. The results of this study show that Intellectual Capital has a positive significant effect on company value while institutional ownership does not have a significant effect on moderating the influence of intellectual capital towards company value. The practical implication of this study is to provide information to managers or owners of public manufacturing companies and investors about the importance of intangible assets investment like intellectual capital as the competitive strategies to achieve more optimal company value, as well as for regulator to make clear regulations about the disclosures of intangible assets.

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“…In addition, institutional investors are considered to have the power to influence board decisions, reduce oversight costs, engage in active ownership so that their presence affects the company's performance (Shleifer andVishny, 1997 in Alfaraih, et.al, 2012). According to Thanatawee (2014), along with the high agency problem, institutional investors act more actively in supervision of management performance which will increase the company's value. Viewed from the perspective of agency theory, institutional ownership that is a big shareholder tends to be alert to agency problems, because with large investments they will more closely supervise the actions of management.…”

Section: H1: the Board Of Directors Has A Positive Effect Firm Valuementioning

confidence: 99%

THE EFFECT OF BOARD OF DIRECTOR, AUDIT COMMITTEE, INSTITUTIONAL OWNERSHIP TO FIRM VALUE, WITH FIRM SIZE, FINANCIAL LEVERAGE AND INDUSTRIAL SECTOR AS CONTROL VARIABLES (Study on Listed Companies in Indonesian Stock Exchange Period 2011-2015)

Samasta

Muharam

Haryanto

2018

JBS

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This study aims to examine the effect of corporate governance's mechanism to firm value which is proxied by Tobin's Q. This mechanism is divided into two, internal mechanism which is proxied by board of director and audit committee and external mechanism which is proxied by institutional ownership. This study is using control variables such as firm size, financial leverage and industrial sector. Sample used in this study are 40 companies which incorporated in several industrial sector in Indonesia which are listed in Indonesia Stock Exchange during [2011][2012][2013][2014][2015]. Hypothesis testing in this study is using multiple regression analysis.The result of this study shows that board of director has positive but insignificant effect to firm value in Indonesia, audit committee has positive and significant effect to firm value in Indonesia and institutional ownership has negative but insignificant effect to firm value in Indonesia. The control variables used in this study provide mixed results, where firm size has negative and insignificant effect to firm value, financial leverage has positive and significant effect to firm value and the whole industrial sector in Indonesia has no effect to firm value. From simultaneous test, this study shows that simultaneously independent variables significantly affect to firm value.

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Foreign Institutional Ownership and Liquidity: Evidence from Thailand

Cited by 36 publications

References 28 publications

Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Does institutional ownership moderate the effect of intellectual capital and company value?

THE EFFECT OF BOARD OF DIRECTOR, AUDIT COMMITTEE, INSTITUTIONAL OWNERSHIP TO FIRM VALUE, WITH FIRM SIZE, FINANCIAL LEVERAGE AND INDUSTRIAL SECTOR AS CONTROL VARIABLES (Study on Listed Companies in Indonesian Stock Exchange Period 2011-2015)

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