The effects of institutional investor objectives on firm valuation and governance

Borochin, Paul; Yang, Jie

doi:10.1016/j.jfineco.2017.06.013

Cited by 155 publications

(28 citation statements)

References 43 publications

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“…The first empirical implication is for tourism firms that seek to enhance governance and increase financial performance. The major objective of institutional investors is to look for gains on their investment (Borochin and Yang, 2017). Foreign institutional investors are one type of institutional investors.…”

Section: Discussionmentioning

confidence: 99%

The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms

Yeh

2019

Tourism Economics

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Corporate governance is a critical component relevant to firm performance. In the tourism sector, corporate governance is an underexamined issue. The purpose of the current study is to bridge this gap by examining the influence of foreign institutional investors, institutional directors, and shares pledged by directors on tourism firms’ financial performance. Data are derived from listed tourism firms in Taiwan. Ordinary least square regressions and two-stage least square regressions are used to examine the hypotheses. Results show that the presence of foreign institutional investors and a low share pledge ratio of directors have significant effects on return on assets and Tobin’s Q. The presence of institutional directors has a positive effect on Tobin’s Q. Implications for owners, policy makers, and investors are discussed.

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Section: Discussionmentioning

confidence: 99%

The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms

Yeh

2019

Tourism Economics

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“…Their findings indicated that the pressure-resistant group is more likely to set as its goal the overall shareholders' value maximization, since this group has fewer business relations with the company. More recent study by Borochin and Yang (2017) found that dedicated investors are associated with better governance system, while transient investors are not.…”

Section: Literature Reviewmentioning

confidence: 97%

Institutional Investors and Firms’ Cash Dividend Payments: Evidence from Non-Financial Firms in Indonesia

2019

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This paper investigates whether an institutional presence influences the level of a firm's cash dividend payments.Using data from all non-financial firms listed on the Indonesian Stock Exchange (IDX) during the research period of 2010 to 2015, this research performs regression analysis. The results show that institutional investors can influence cash dividend payments. However, different types of institutional investors have different impacts on dividends. While foreign investors have a significant impact on the level of dividends, local institutional investors do not have a significant effect. Also, this research reveals that free cash flow and leverage have a negative influence on cash dividend policies, while firm size, market-to-book value of equity, and return on assets have a positive influence on cash dividend policies. ABSTRAKKajian ini menyiasat sama ada kehadiran institusi bebas mempengaruhi tahap pembayaran dividen tunai firma. Menggunakan data semua syarikat bukan kewangan yang tersenarai di Bursa Saham Indonesia (IDX) bagi tempoh penyelidikan 2010 hingga 2015, kajian ini melakukan analisis regresi. Hasilnya menunjukkan bahawa pelabur institusi bebas boleh mempengaruhi pembayaran dividen tunai. Walaubagaimanapun, perbezaan jenis pelabur institusi mempunyai kesan yang berbeza ke atas dividen. Selain itu, pelabur institusi bebas asing mempunyai keupayaan yang lebih besar dan lebih banyak insentif untuk mempengaruhi pembayaran dividen tunai berbanding pelabur institusi bebas tempatan. Kajian ini juga menunjukkan bahawa aliran tunai bebas dan leveraj mempunyai pengaruh negatif ke atas dasar dividen tunai, manakala saiz firma, nilai pasaran-kepada-nilai buku bagi ekuiti dan pulangan ke atas aset mempunyai pengaruh positif terhadap dasar dividen tunai. Kata kunci: Pelabur bebas; dividen; Bursa Saham Indonesia (IDX)

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“…The ownership structure is a topic that is part of corporate governance research, of which the literature is relatively recent (Borochin & Yang, 2017;Chaganti & Damanpour, 1991;Graves & Waddock, 1994). This topic has been the subject of research by several researchers since the last century and has been investigated from several complementary and contradictory viewpoints.…”

Section: Introductionmentioning

confidence: 99%

“…First, several works study the relationship between the concentration of capital and the performance of firms. Berle and Means (1933) were the ones who first launched this debate on the ownership structure of firms and their impact on the performance of the firm. They showed that the ownership structure was considered an exogenous variable in their research and argued that the link between the diffusion of ownership and the performance of the firm should be studied in a negative way.…”

Section: Introductionmentioning

confidence: 99%

Ownership Structure and Performance of Companies: Exploratory Study via a Systematic Review of the Literature

KOUIRI

Agouram

Kadouri

2021

International Journal of Social Sciences Perspectives

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This article aims to understand the general context of research on the impact of ownership structure and performance of firms through a systematic review of references that include the keywords "ownership structure" and "performance" in their titles and that are published in English between 1990 and June 2020. For this purpose, we used articles published in journals indexed in the Scopus database. The uploaded articles are organized by the Mendeley Desktop tool and then transferred to the NVivo10 tool, in order to make a textual analysis of the elements contained in the articles. Data concerning the article, the characteristics of the study population, were collected. Our initial bibliographic search covered 229 articles published in 141 journals registered in more than 30 databases. It was found that the journals have published on this subject belongs to several disciplines related to governance, finance, and management and that they come from Anglo-Saxon countries. Our work can be considered as a support in the study of the scientific literature review related to ownership structure and performance.

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The effects of institutional investor objectives on firm valuation and governance

Cited by 155 publications

References 43 publications

The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms

The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms

Institutional Investors and Firms’ Cash Dividend Payments: Evidence from Non-Financial Firms in Indonesia

Ownership Structure and Performance of Companies: Exploratory Study via a Systematic Review of the Literature

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