The impact of institutional ownership on corporate operating performance

被引：456

作者：

Cornett, Marcia Millon ^{[1
]}

Marcus, Alan J.

Saunders, Anthony

Tehranian, Hassan

机构：

[1] So Illinois Univ, Coll Business & Adm, Carbondale, IL 62901 USA

[2] Boston Coll, Wallace E Carroll Sch Business, Chestnut Hill, MA 02467 USA

[3] NYU, Stern Sch Business, Salomon Ctr, New York, NY 10020 USA

来源：

JOURNAL OF BANKING & FINANCE | 2007年 / 31卷 / 06期

关键词：

corporate governance; financial performance; institutional ownership;

D O I：

10.1016/j.jbankfin.2006.08.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the relation between institutional investor involvement in and the operating performance of large firms. We find a significant relation between a firm's operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, this relation is found only for a subset of institutional investors: those less likely to have a business relationship with the firm. These results suggest that institutional investors with potential business relations with the firms in which they invest are compromised as monitors of the firm. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：1771 / 1794

页数：24

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