The effect of institutional ownership on firm performance: the case of US-listed shipping companies

被引：23

作者：

Tsouknidis, Dimitris A. ^{[1
]}

机构：

[1] Cyprus Univ Technol, Dept Commerce Finance & Shipping, 115 Spyrou Araouzou Str,POB 50329, CY-3036 Limassol, Cyprus

来源：

MARITIME POLICY & MANAGEMENT | 2019年 / 46卷 / 05期

关键词：

Institutional ownership; firm performance; dynamic panel data; dynamic endogeneity; US listed shipping companies; CORPORATE GOVERNANCE; PANEL-DATA; INVESTORS; IMPACT; DISCLOSURE; TESTS; SPECIFICATION; INDUSTRIES; DECISIONS; HOLDINGS;

D O I：

10.1080/03088839.2019.1584408

中图分类号：

U [交通运输];

学科分类号：

08 ; 0823 ;

摘要：

This paper examines the relationship between institutional ownership and firm performance for U.S.-listed shipping companies using quarterly 13F reports of institutional holdings over the period 2002 to 2016. Traditionally, public shipping companies exhibit a large concentration of ownership as specific individuals and families hold large percentages of the total shares outstanding. However, institutional investors also hold a substantial percentage of ownership of U.S.-listed shipping firms, whose effects on firm performance have not been examined previously in the literature. Results reveal a negative relationship between the percentage of institutional ownership and firm performance, which is primarily attributed to non-strategic rather than strategic institutional investors. This result survives a set of panel data estimators which take into account the presence of dynamic endogeneity in the relationship examined.

引用

页码：509 / 528

页数：20

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