Institutional ownership stability and BHC performance

被引：76
作者：
Elyaslani, Elyas [1 ]
Jia, Jingyi Jane [2 ]
机构：
[1] Temple Univ, Dept Finance, Fox Sch Business & Management, Philadelphia, PA 19122 USA
[2] So Illinois Univ, Dept Econ & Finance, Sch Business, Edwardsville, IL 62026 USA
来源：
JOURNAL OF BANKING & FINANCE | 2008年 / 32卷 / 09期
关键词：
BHC performance; institutional ownership stability; regulation; market discipline;
D O I：
10.1016/j.jbankfin.2007.12.010
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this study, the association between performance of BHCs and institutional ownership stability is investigated and contrasted to those found for the less regulated utility and industrial firms in Order to determine whether regulation displaces owner monitoring. We employ a simultaneous equations model treating firm performance and institutional Ownership stability as endogenous variables. Several results are obtained. First, BHC performance is positively associated with institutional ownership stability. Second. this association is weaker for BHCs than for comparable utility and industrial firms, possibly because Of the Substitution of regulation For owner monitoring in banking. Third. this association is stronger in the recent deregulated years and for BHCs with lower likelihood of regulatory intervention. (C) 2007 Elsevier B.V. All rights reserved.
引用
收藏
页码：1767 / 1781
页数：15
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