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Do institutional investors exacerbate managerial myopia?

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  • Wahal, Sunil
  • McConnell, John J.
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    File URL: http://www.sciencedirect.com/science/article/B6VFK-40X8H9S-3/2/feaf81bae7cf536bcc7d654ea4e6f947
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Corporate Finance.

    Volume (Year): 6 (2000)
    Issue (Month): 3 (September)
    Pages: 307-329

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    Handle: RePEc:eee:corfin:v:6:y:2000:i:3:p:307-329

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    Web page: http://www.elsevier.com/locate/jcorpfin

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    References

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    1. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. Stein, Jeremy C, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 655-69, November.
    3. Jennifer E. Bethel & Julia Porter Liebeskind & Tim Opler, 1998. "Block Share Purchases and Corporate Performance," Journal of Finance, American Finance Association, vol. 53(2), pages 605-634, 04.
    4. McConnell, John J. & Servaes, Henri, 1995. "Equity ownership and the two faces of debt," Journal of Financial Economics, Elsevier, vol. 39(1), pages 131-157, September.
    5. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
    6. Thakor, Anjan V, 1990. "Investment "Myopia" and the Internal Organization of Capital Allocation Decisions," Journal of Law, Economics and Organization, Oxford University Press, vol. 6(1), pages 129-54, Spring.
    7. Stein, Jeremy C., 1988. "Takeover Threats and Managerial Myopia," Scholarly Articles 3708937, Harvard University Department of Economics.
    8. Raghuram G. Rajan & Luigi Zingales, 1998. "Which Capitalism? Lessons from the East Asian Crisis," CRSP working papers 486, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    9. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    10. Brian J. Hall & David E. Weinstein, 1996. "The Myth of the Patient Japanese: Corporate Myopia and Financial Distress in Japan and the U.S," Harvard Institute of Economic Research Working Papers 1770, Harvard - Institute of Economic Research.
    11. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    12. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
    13. Benjamin M. Friedman, 1996. "Economic Implications of Changing Share Ownership," NBER Working Papers 5141, National Bureau of Economic Research, Inc.
    14. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    15. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, vol. 26(1), pages 3-27, July.
    16. Narayanan, M. P., 1996. "Form of Compensation and Managerial Decision Horizon," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(04), pages 467-491, December.
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    Cited by:
    1. Santanu Mitra & Mahmud Hossain & Barry R. Marks, 2012. "Corporate ownership characteristics and timeliness of remediation of internal control weaknesses," Managerial Auditing Journal, Emerald Group Publishing, vol. 27(9), pages 846-877.
    2. Hirschey, Mark & Skiba, Hilla & Wintoki, M. Babajide, 2012. "The size, concentration and evolution of corporate R&D spending in U.S. firms from 1976 to 2010: Evidence and implications," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 496-518.
    3. Kondor, Péter, 2011. "The more we know on the fundamental, the less we agree on the price," CEPR Discussion Papers 8455, C.E.P.R. Discussion Papers.
    4. Josep A. Tribó, 2004. "Ownership Structure And Inventory Policy," Business Economics Working Papers wb043211, Universidad Carlos III, Departamento de Economía de la Empresa.
    5. Bhattacharya, Prasad S. & Graham, Michael A., 2009. "On institutional ownership and firm performance: A disaggregated view," Journal of Multinational Financial Management, Elsevier, vol. 19(5), pages 370-394, December.
    6. Ahn, Seoungpil & Walker, Mark D., 2007. "Corporate governance and the spinoff decision," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 76-93, March.
    7. Elyasiani, Elyas & Jia, Jingyi Jane, 2008. "Institutional ownership stability and BHC performance," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1767-1781, September.
    8. Dong, Min & Ozkan, Aydin, 2008. "Institutional investors and director pay: An empirical study of UK companies," Journal of Multinational Financial Management, Elsevier, vol. 18(1), pages 16-29, February.
    9. Olivier Brossard & Stéphanie Lavigne & Mustafa Erdem Sakinc, 2013. "Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders," Post-Print halshs-00843984, HAL.
    10. George Christodoulakis, 2012. "Conditions for rational investment short-termism," Annals of Finance, Springer, vol. 8(1), pages 15-29, February.
    11. Mitra, Santanu & Hossain, Mahmud, 2007. "Ownership composition and non-audit service fees," Journal of Business Research, Elsevier, vol. 60(4), pages 348-356, April.
    12. Robinson, W.T. & Min, S., 1998. "Is the First to Market the First to fail?: Empirical Evidence for Manufacturing Business," Purdue University Economics Working Papers 1115, Purdue University, Department of Economics.
    13. Pascual Berrone & Jordi Surroca & Josep A. Tribó, 2005. "The Influence of Blockholders on R&D Investments Intensity: Evidence From Spain," Business Economics Working Papers wb054611, Universidad Carlos III, Departamento de Economía de la Empresa.
    14. Alexander, John C. & Barnhart, Scott W. & Rosenstein, Stuart, 2007. "Do investor perceptions of corporate governance initiatives affect firm value: The case of TIAA-CREF," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(2), pages 198-214, May.
    15. Elyasiani, Elyas & Jia, Jingyi, 2010. "Distribution of institutional ownership and corporate firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 606-620, March.
    16. Ameer, Rashid, 2010. "The role of institutional investors in the inventory and cash management practices of firms in Asia," Journal of Multinational Financial Management, Elsevier, vol. 20(2-3), pages 126-143, July.
    17. Effiezal Aswadi Abdul Wahab & Mazlina Mat Zain & Kieran James & Hasnah Haron, 2009. "Institutional investors, political connection and audit quality in Malaysia," Accounting Research Journal, Emerald Group Publishing, vol. 22(2), pages 167-195, September.
    18. Goldman, Eitan & Strobl, Günter, 2013. "Large shareholder trading and the complexity of corporate investments," Journal of Financial Intermediation, Elsevier, vol. 22(1), pages 106-122.
    19. Callen, Jeffrey L. & Fang, Xiaohua, 2013. "Institutional investor stability and crash risk: Monitoring versus short-termism?," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 3047-3063.
    20. Sellami Basma, 2008. "Gouvernement D'Entreprise Et Investissement En R&D : Une Etude Sur Le Sbf 250," Post-Print halshs-00525983, HAL.
    21. Rose, Morgan J., 2009. "Heterogeneous impacts of staggered boards by ownership concentration," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 113-128, February.

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