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Economic policy uncertainties and institutional ownership in India

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  • Chada, Swechha

Abstract

Extant literature has widely examined the role of various antecedents of institutional ownership across the world. Majorly, literature has examined the role of corporate governance and firm-level characteristics on institutional ownership. However, scarce empirical literature exists on the role of economic policy uncertainty (EPU) on institutional ownership. In this study, I examine the effect of various EPU measures on institutional ownership, using longitudinal data of Indian listed firms from 2001 to 2019. I find that the firm level exposure to both global and country-level economic policy uncertainties affect institutional ownership in India. Further, this study observes the contagion effect of uncertainties in developed economies like the USA and peer emerging economies like China on the institutional ownership in India. Various EPU measures are constructed following Baker et al. (2016). Further, I find that foreign institutional ownership in India is majorly driven by the global EPU.

Suggested Citation

  • Chada, Swechha, 2023. "Economic policy uncertainties and institutional ownership in India," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).
    • Handle: RePEc:eee:joecas:v:27:y:2023:i:c:s1703494923000051
    DOI: 10.1016/j.jeca.2023.e00293
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    Keywords

    Institutional ownership; Economic policy uncertainty; Emerging economies; Global EPU; Indian EPU; Foreign institutional ownership;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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