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Institutional ownership and firm performance in the global shipping industry

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  • Drobetz, Wolfgang
  • Ehlert, Sebastian
  • Schröder, Henning

Abstract

We examine the effect of institutional investors on the valuation of listed shipping firms. Institutional investors have a positive influence on the market value of shipping firms, confirming that institutional ownership is a “universal” corporate governance mechanism. This valuation effect is more pronounced in firms dominated by institutional investors with a short-term investment horizon. It is also stronger in firms with high stock liquidity, suggesting that short-term investors, through the threat of exit, are able to mitigate agency conflicts and improve corporate governance. Investment regressions indicate that shipping firms with a larger fraction of short-term investors are better able to exploit growth opportunities.

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  • Drobetz, Wolfgang & Ehlert, Sebastian & Schröder, Henning, 2021. "Institutional ownership and firm performance in the global shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 146(C).
    • Handle: RePEc:eee:transe:v:146:y:2021:i:c:s1366554520307985
    DOI: 10.1016/j.tre.2020.102152
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    Keywords

    Institutional investor; Investment horizon; Shipping industry; Corporate governance; Firm value;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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