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Institutional Investors and Institutional Environment: A Comparative Analysis and Review

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  • Richard A. Johnson
  • Karen Schnatterly
  • Scott G. Johnson
  • Shih‐Chi Chiu

Abstract

We provide a review of the literature surrounding institutional investor classifications, and we extend this research by examining the aforementioned classification systems and relate this to the three predominant financial systems (market‐based, family‐centred, and bank‐centred systems). After integrating this literature we propose that future research can contribute to the corporate governance field in three main ways: through improved measurement of the central constructs, through more complex research designs (through moderated and/or longitudinal relationships), and through asking new types of questions. We suggest several questions and approaches for future research on institutional investors and their interrelationship with country financial systems.

Suggested Citation

  • Richard A. Johnson & Karen Schnatterly & Scott G. Johnson & Shih‐Chi Chiu, 2010. "Institutional Investors and Institutional Environment: A Comparative Analysis and Review," Journal of Management Studies, Wiley Blackwell, vol. 47(8), pages 1590-1613, December.
    • Handle: RePEc:bla:jomstd:v:47:y:2010:i:8:p:1590-1613
    DOI: 10.1111/j.1467-6486.2010.00930.x
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    1. Farzan Yahya & Ghulam Abbas & Ammar Ahmed & Muhammad Sadiq Hashmi, 2020. "Restrictive and Supportive Mechanisms for Female Directors’ Risk-Averse Behavior: Evidence From South Asian Health Care Industry," SAGE Open, , vol. 10(4), pages 21582440209, October.
    2. Shaleen Gopal & K. S. Manikandan & J. Ramachandran, 2021. "Are There Limits to Diversification in Emerging Economies? Distinguishing between Firm‐Level and Business Group Strategies," Journal of Management Studies, Wiley Blackwell, vol. 58(6), pages 1532-1568, September.
    3. Wang, Zhonghui “Hugo” & Randolph, Robert & Su, Emma & Memili, Esra, 2023. "How does the founding family matter in corporate governance? A study of the entrenchment heterogeneity among S&P 1,500 firms," Journal of Business Research, Elsevier, vol. 154(C).
    4. Sha, Yezhou & Zhang, Ping & Wang, Yiru & Xu, Yifan, 2022. "Capital market opening and green innovation——Evidence from Shanghai-Hong Kong stock connect and the Shenzhen-Hong Kong stock connect," Energy Economics, Elsevier, vol. 111(C).
    5. Maria Goranova & Lori Verstegen Ryan, 2022. "The Corporate Objective Revisited: The Shareholder Perspective," Journal of Management Studies, Wiley Blackwell, vol. 59(2), pages 526-554, March.
    6. Hutchinson, Marion & Seamer, Michael & Chapple, Larelle (Ellie), 2015. "Institutional Investors, Risk/Performance and Corporate Governance," The International Journal of Accounting, Elsevier, vol. 50(1), pages 31-52.
    7. Brian L. Connelly & Robert E. Hoskisson & Laszlo Tihanyi & S. Trevis Certo, 2010. "Ownership as a Form of Corporate Governance," Journal of Management Studies, Wiley Blackwell, vol. 47(s2), pages 1561-1589, December.
    8. Ernest Ezeani & Rami Salem & Frank Kwabi & Khalid Boutaine & Bilal & Bushra Komal, 2022. "Board monitoring and capital structure dynamics: evidence from bank-based economies," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 473-498, February.
    9. Ann†Kristin Achleitner & André Betzer & Marc Goergen & Bastian Hinterramskogler, 2013. "Private Equity Acquisitions of Continental European Firms: the Impact of Ownership and Control on the Likelihood of Being Taken Private," European Financial Management, European Financial Management Association, vol. 19(1), pages 72-107, January.
    10. Constantinos Alexiou & Abdulkadir Mohamed & Joe Nellis, 2021. "The impact of institutional investors on firms' performance in the context of financialization," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 290-309, January.
    11. Abdioglu, Nida & Bamiatzi, Vassiliki & Cavusgil, S.Tamer & Khurshed, Arif & Stathopoulos, Konstantinos, 2015. "Information asymmetry, disclosure and foreign institutional investment: An empirical investigation of the impact of the Sarbanes-Oxley Act," International Business Review, Elsevier, vol. 24(5), pages 902-915.
    12. Christian Engelen, 2015. "The effects of managerial discretion on moral hazard related behaviour: German evidence on agency costs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(4), pages 927-960, November.
    13. Wai Fong Boh & Cheng‐Jen Huang & Anne Wu, 2020. "Investor experience and innovation performance: The mediating role of external cooperation," Strategic Management Journal, Wiley Blackwell, vol. 41(1), pages 124-151, January.
    14. Jana Oehmichen & Sebastian Firk & Michael Wolff & Franz Maybuechen, 2021. "Standing out from the crowd: Dedicated institutional investors and strategy uniqueness," Strategic Management Journal, Wiley Blackwell, vol. 42(6), pages 1083-1108, June.
    15. Sun Hyun Park & Yanlong Zhang, 2020. "Cultural Entrepreneurship in Corporate Governance Practice Diffusion: Framing of “Independent Directors” by U.S.-Listed Chinese Companies," Organization Science, INFORMS, vol. 31(6), pages 1359-1384, November.
    16. Strange, Roger, 2018. "Corporate ownership and the theory of the multinational enterprise," International Business Review, Elsevier, vol. 27(6), pages 1229-1237.
    17. Maureen Muller-Kahle, 2015. "The impact of dominant ownership: the case of Anglo-American firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 71-89, February.
    18. Saptarshi Purkayastha & Vikas Kumar & Jane Wenzhen Lu, 2017. "Business group heterogeneity and the internationalization-performance relationship: Evidence from Indian business groups," Asia Pacific Journal of Management, Springer, vol. 34(2), pages 247-279, June.
    19. Asma Fattoum-Guedri & Zied Guedri & Frédéric Delmar, 2018. "Multiple Blockholder Structures and Family Firm Performance," Entrepreneurship Theory and Practice, , vol. 42(2), pages 231-251, March.
    20. Ducassy, Isabelle & Montandrau, Sophie, 2015. "Corporate social performance, ownership structure, and corporate governance in France," Research in International Business and Finance, Elsevier, vol. 34(C), pages 383-396.
    21. Marc Essen & J. Oosterhout & Michael Carney, 2012. "Corporate boards and the performance of Asian firms: A meta-analysis," Asia Pacific Journal of Management, Springer, vol. 29(4), pages 873-905, December.
    22. Caselli, Stefano & Gatti, Stefano & Chiarella, Carlo & Gigante, Gimede & Negri, Giulia, 2023. "Do shareholders really matter for firm performance? Evidence from the ownership characteristics of Italian listed companies," International Review of Financial Analysis, Elsevier, vol. 86(C).
    23. Mike W. Peng & Garry D. Bruton & Ciprian V. Stan & Yuanyuan Huang, 2016. "Theories of the (state-owned) firm," Asia Pacific Journal of Management, Springer, vol. 33(2), pages 293-317, June.

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