How does ownership of insiders and institutions affect future value? Influence of country-level governance
Author
Abstract
Suggested Citation
DOI: 10.1057/s41310-024-00249-0
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
- Klapper, Leora F. & Love, Inessa, 2004.
"Corporate governance, investor protection, and performance in emerging markets,"
Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
- Klapper, Leora F. & Love, Inessa, 2002. "Corporate governance, investor protection, and performance in emerging markets," Policy Research Working Paper Series 2818, The World Bank.
- Arellano, Manuel & Bover, Olympia, 1995.
"Another look at the instrumental variable estimation of error-components models,"
Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
- M Arellano & O Bover, 1990. "Another Look at the Instrumental Variable Estimation of Error-Components Models," CEP Discussion Papers dp0007, Centre for Economic Performance, LSE.
- David Roodman, 2009.
"How to do xtabond2: An introduction to difference and system GMM in Stata,"
Stata Journal, StataCorp LLC, vol. 9(1), pages 86-136, March.
- David Roodman, 2006. "How to Do xtabond2: An Introduction to "Difference" and "System" GMM in Stata," Working Papers 103, Center for Global Development.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000.
"Investor protection and corporate governance,"
Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, "undated". "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Scholarly Articles 29408126, Harvard University Department of Economics.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Schleifer, Andrei & Vishny, Robert, 2001. "Investor Protection and Corporate Governance," Working Paper Series rwp01-017, Harvard University, John F. Kennedy School of Government.
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer & Robert Vishny, 2002.
"Investor Protection and Corporate Valuation,"
Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, June.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, 1999. "Investor Protection and Corporate Valuation," Harvard Institute of Economic Research Working Papers 1882, Harvard - Institute of Economic Research.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2002. "Investor Protection and Corporate Valuation," Scholarly Articles 30747191, Harvard University Department of Economics.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
- Shleifer, Andrei & Vishny, Robert W, 1997.
"A Survey of Corporate Governance,"
Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
- Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
- Shleifer, Andrei & Vishny, Robert W., 1997. "A Survey of Corporate Governance," Scholarly Articles 30728046, Harvard University Department of Economics.
- Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
- 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.
- Shleifer, Andrei & Vishny, Robert W, 1986.
"Large Shareholders and Corporate Control,"
Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
- Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
- Doidge, Craig & Andrew Karolyi, G. & Stulz, Rene M., 2007.
"Why do countries matter so much for corporate governance?,"
Journal of Financial Economics, Elsevier, vol. 86(1), pages 1-39, October.
- Rene M. Stulz & Craig Doidge & Andrew Karolyi, 2004. "Why Do Countries Matter So Much for Corporate Governance?," NBER Working Papers 10726, National Bureau of Economic Research, Inc.
- Doidge, Craig & Karolyi, G. Andrew & Stulz, Rene M., 2004. "Why Do Countries Matter So Much for Corporate Governance?," Working Paper Series 2004-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- McConnell, John J. & Servaes, Henri & Lins, Karl V., 2008. "Changes in insider ownership and changes in the market value of the firm," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 92-106, April.
- Blundell, Richard & Bond, Stephen, 1998.
"Initial conditions and moment restrictions in dynamic panel data models,"
Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
- R Blundell & Steven Bond, "undated". "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
- Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
- Richard Blundell & Stephen Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- Bena, Jan & Ferreira, Miguel A & Matos, Pedro & Pires, Pedro, 2017. "Are foreign investors locusts? The long-term effects of foreign institutional ownership," Journal of Financial Economics, Elsevier, vol. 126(1), pages 122-146.
- Thierry Poulain-Rehm & Xavier Lepers, 2013. "Does Employee Share Ownership benefit Value Creation? The Case of France (2001-2005), vol 112, n°2," Post-Print hal-02126659, HAL.
- Jayati Sarkar & Subrata Sarkar, 2000. "Large Shareholder Activism in Corporate Governance in Developing Countries: Evidence from India," International Review of Finance, International Review of Finance Ltd., vol. 1(3), pages 161-194, September.
- Dhammika Dharmapala & Vikramaditya Khanna, 2013. "Corporate Governance, Enforcement, and Firm Value: Evidence from India," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 29(5), pages 1056-1084, October.
- Aggarwal, Reena & Erel, Isil & Ferreira, Miguel & Matos, Pedro, 2011.
"Does governance travel around the world? Evidence from institutional investors,"
Journal of Financial Economics, Elsevier, vol. 100(1), pages 154-181, April.
- Aggarwal, Reena & Erel, Isil & Ferreira, Miguel & Matos, Pedro, 2009. "Does Governance Travel around the World? Evidence from Institutional Investors," Working Paper Series 2009-8, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- 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.
- Basu, Nilanjan & Paeglis, Imants & Rahnamaei, Mohammad, 2016. "Multiple blockholders, power, and firm value," Journal of Banking & Finance, Elsevier, vol. 66(C), pages 66-78.
- Shahab Ud Din & Muhammad Arshad Khan & Majid Jamal Khan & Muhammad Yar Khan, 2021. "Ownership structure and corporate financial performance in an emerging market: a dynamic panel data analysis," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 17(8), pages 1973-1997, February.
- David Roodman, 2009.
"A Note on the Theme of Too Many Instruments,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(1), pages 135-158, February.
- David Roodman, 2007. "A Note on the Theme of Too Many Instruments," Working Papers 125, Center for Global Development.
- Art Durnev & E. Han Kim, 2005.
"To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation,"
Journal of Finance, American Finance Association, vol. 60(3), pages 1461-1493, June.
- Durnev, Art & Kim, E. Han, 2004. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," CEI Working Paper Series 2004-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Alon Brav & Wei Jiang & Frank Partnoy & Randall Thomas, 2008. "Hedge Fund Activism, Corporate Governance, and Firm Performance," Journal of Finance, American Finance Association, vol. 63(4), pages 1729-1775, August.
- Gupta, C.P. & Bedi, Prateek, 2020. "Corporate cash holdings and promoter ownership," Emerging Markets Review, Elsevier, vol. 44(C).
- Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January.
- Short, Helen & Keasey, Kevin, 1999. "Managerial ownership and the performance of firms: Evidence from the UK," Journal of Corporate Finance, Elsevier, vol. 5(1), pages 79-101, March.
- Bolaji Tunde Matemilola & Bany-Ariffin A. N. & Annuar Md. Nassir, 2018. "Interaction Effects of Country-Level Governance Quality and Debt on Stock Returns in Developing Nations," Capital Markets Review, Malaysian Finance Association, vol. 26(1), pages 19-35.
- Kang, Young-Sam & Kim, Byung-Yeon, 2012. "Ownership structure and firm performance: Evidence from the Chinese corporate reform," China Economic Review, Elsevier, vol. 23(2), pages 471-481.
- Iftekhar Hasan & Nada Kobeissi & Liang Song, 2014.
"Corporate governance, investor protection, and firm performance in MENA countries,"
Middle East Development Journal, Taylor & Francis Journals, vol. 6(1), pages 84-107, January.
- Iftekhar Hasan & Nada Kobeissi & Liang Song, 2011. "Corporate Governance, Investor Protection, and Firm Performance in MENA Countries," Working Papers 600, Economic Research Forum, revised 07 Jan 2011.
- Nancy Huyghebaert & Lihong Wang, 2019. "Value creation and value distribution in Chinese listed firms: the role of ownership structure, board characteristics, and control," The European Journal of Finance, Taylor & Francis Journals, vol. 25(6), pages 465-488, April.
- Wintoki, M. Babajide & Linck, James S. & Netter, Jeffry M., 2012. "Endogeneity and the dynamics of internal corporate governance," Journal of Financial Economics, Elsevier, vol. 105(3), pages 581-606.
- 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.
- Noni Symeonidou & Dawn R. DeTienne & Francesco Chirico, 2022. "The persistence of family firms: How does performance threshold affect family firm exit?," Small Business Economics, Springer, vol. 59(2), pages 477-489, August.
- Claessens, Stijn & Yurtoglu, B. Burcin, 2013. "Corporate governance in emerging markets: A survey," Emerging Markets Review, Elsevier, vol. 15(C), pages 1-33.
- Luzi Hail & Christian Leuz, 2006. "International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?," Journal of Accounting Research, Wiley Blackwell, vol. 44(3), pages 485-531, June.
- Ekta Selarka, 2005. "Ownership Concentration and Firm Value: A Study from the Indian Corporate Sector," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 41(6), pages 83-108, November.
- Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
- Alberto de Miguel & Julio Pindado & Chabela de la Torre, 2004. "Ownership structure and firm value: new evidence from Spain," Strategic Management Journal, Wiley Blackwell, vol. 25(12), pages 1199-1207, December.
- Alex Edmans & Gustavo Manso, 2011. "Governance Through Trading and Intervention: A Theory of Multiple Blockholders," The Review of Financial Studies, Society for Financial Studies, vol. 24(7), pages 2395-2428.
- Aman Srivastava & Shikha Bhatia, 2022. "Influence of Family Ownership and Governance on Performance: Evidence from India," Global Business Review, International Management Institute, vol. 23(5), pages 1135-1153, October.
- Ruiz-Mallorquí, María Victoria & Santana-Martín, Domingo J., 2011. "Dominant institutional owners and firm value," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 118-129, January.
- Purkayastha, Saptarshi & Veliyath, Rajaram & George, Rejie, 2019. "The roles of family ownership and family management in the governance of agency conflicts," Journal of Business Research, Elsevier, vol. 98(C), pages 50-64.
- Lin, Yongjia Rebecca & Fu, Xiaoqing Maggie, 2017. "Does institutional ownership influence firm performance? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 49(C), pages 17-57.
- Bhabra, Gurmeet Singh, 2007. "Insider ownership and firm value in New Zealand," Journal of Multinational Financial Management, Elsevier, vol. 17(2), pages 142-154, April.
- Fich, Eliezer M. & Harford, Jarrad & Tran, Anh L., 2015. "Motivated monitors: The importance of institutional investors׳ portfolio weights," Journal of Financial Economics, Elsevier, vol. 118(1), pages 21-48.
- Liu, Ningyue & Laing, Elaine & Cao, Yue & Zhang, Xiaofei, 2018. "Institutional ownership and corporate transparency in China," Finance Research Letters, Elsevier, vol. 24(C), pages 328-336.
- Ming-Feng Hsu & Kehluh Wang, 2014. "The Level and Stability of Institutional Ownership and Firm Performance: Evidence from Taiwan," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(2S), pages 159-173, March.
- Saona, Paolo & San Martín, Pablo, 2016. "Country level governance variables and ownership concentration as determinants of firm value in Latin America," International Review of Law and Economics, Elsevier, vol. 47(C), pages 84-95.
- Richard W. Sias & Laura T. Starks, 2006. "Changes in Institutional Ownership and Stock Returns: Assessment and Methodology," The Journal of Business, University of Chicago Press, vol. 79(6), pages 2869-2910, November.
- Wouter Broekaert & Petra Andries & Koenraad Debackere, 2016. "Innovation processes in family firms: the relevance of organizational flexibility," Small Business Economics, Springer, vol. 47(3), pages 771-785, October.
- repec:bla:jfinan:v:58:y:2003:i:3:p:1301-1327 is not listed on IDEAS
- Anusha Chari & Paige P. Ouimet & Linda L. Tesar, 2010. "The Value of Control in Emerging Markets," The Review of Financial Studies, Society for Financial Studies, vol. 23(4), pages 1741-1770, April.
- Vikramaditya Khanna & E. Han Kim & Yao Lu, 2015. "CEO Connectedness and Corporate Fraud," Journal of Finance, American Finance Association, vol. 70(3), pages 1203-1252, June.
- Pindado, Julio & Requejo, Ignacio & de la Torre, Chabela, 2014. "Family control, expropriation, and investor protection: A panel data analysis of Western European corporations," Journal of Empirical Finance, Elsevier, vol. 27(C), pages 58-74.
- Ming-Feng Hsu & Kehluh Wang, 2014. "The Level and Stability of Institutional Ownership and Firm Performance: Evidence from Taiwan," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S2), pages 159-173.
- Benamraoui, Abdelhafid & Jory, Surendranath Rakesh & Mazouz, Khelifa & Shah, Neeta & Gough, Orla, 2019. "The effect of block ownership on future firm value and performance," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
- Ronald C. Anderson & David M. Reeb, 2003. "Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1328, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Daniel Ferreira Caixe & Pedro Cesar Pestana Pavan & Natália Diniz Maganini & Hsia Hua Sheng, 2024. "Foreign Institutional Ownership and Firm Value: Evidence of “Locust Foreign Capital” in Brazil," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 60(2), pages 310-327, January.
- Mai, Nhat Chi, 2017. "Ownership concentration, state ownership and firm performance: Empirical evidence from the Vietnamese stock market," OSF Preprints zgvsw, Center for Open Science.
- Panda, Brahmadev & Tripathy, Sasikanta & Kumar, Gaurav, 2024. "Does US financial crisis influence the relationship between ownership holdings and stock performance? The case of a developing economy," The Journal of Economic Asymmetries, Elsevier, vol. 29(C).
- Omar Farooque & Wonlop Buachoom & Nam Hoang, 2019. "Interactive effects of executive compensation, firm performance and corporate governance: Evidence from an Asian market," Asia Pacific Journal of Management, Springer, vol. 36(4), pages 1111-1164, December.
- Gupta, C.P. & Bedi, Prateek, 2020. "Corporate cash holdings and promoter ownership," Emerging Markets Review, Elsevier, vol. 44(C).
- Paolo Saona & Laura Muro & Pablo San Martín & Carlos Cid, 2020. "Ibero-American corporate ownership and boards of directors: implementation and impact on firm value in Chile and Spain," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 33(1), pages 2138-2170, January.
- Almaskati, Nawaf & Bird, Ron & Lu, Yue, 2020.
"Corporate governance, institutions, markets, and social factors,"
Research in International Business and Finance, Elsevier, vol. 51(C).
- Nawaf Almaskati & Ron Bird & Susanna Lu, 2019. "Corporate Governance, Institutions, Markets and Social Factors," Working Papers in Economics 19/09, University of Waikato.
- Mukhopadhyay, Jhuma & Chakraborty, Indrani, 2017. "Foreign institutional investment, business groups and firm performance: Evidence from India," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 454-465.
- Mona Mortazian & Seyedeh Asieh H. Tabaghdehi & Bryan Mase, 2019. "Large Shareholding and Firm Value in the Alternative Investment Market (AIM)," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 26(2), pages 229-252, June.
- Caixe, Daniel Ferreira, 2022. "Corporate governance and investment sensitivity to policy uncertainty in Brazil," Emerging Markets Review, Elsevier, vol. 51(PB).
- Pombo, Carlos & De la hoz, María Camila, 2015.
"Institutional Investors and Firm Valuation: Evidence from Latin America,"
Galeras. Working Papers Series
040, Universidad de Los Andes. Facultad de Administración. School of Management.
- Maria Camila De-La-Hoz & Carlos Pombo, 2015. "Institutional Investors and Firm Valuation: Evidence from Latin America," Documentos CEDE 12849, Universidad de los Andes, Facultad de Economía, CEDE.
- Yusheng Kong & Takuriramunashe Famba & Grace Chituku-Dzimiro & Huaping Sun & Ophias Kurauone, 2020. "Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms," IJFS, MDPI, vol. 8(2), pages 1-26, April.
- Nam Hoai Tran & Chi Dat Le, 2022. "Ownership concentration and firm valuation in a typical frontier market," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 12(4), pages 427-454.
- Ruiz-Mallorquí, María Victoria & Santana-Martín, Domingo J., 2011. "Dominant institutional owners and firm value," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 118-129, January.
- Nam Hoai Tran & Chi Dat Le & David McMillan, 2020. "Ownership concentration, corporate risk-taking and performance: Evidence from Vietnamese listed firms," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1732640-173, January.
- Aziz Jaafar & Lynn Hodgkinson & Mao-Feng Kao, 2019. "Ownership Structure, Board of Directors and Firm Performance: Evidence from Taiwan," Working Papers 19011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
- Paolo Saona & Pablo San Martín, 2018. "Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors," Review of Managerial Science, Springer, vol. 12(1), pages 65-112, January.
- Manuel Ammann & David Oesch & Markus Schmid, 2013. "The construction and valuation effect of corporate governance indices," Chapters, in: Adrian R. Bell & Chris Brooks & Marcel Prokopczuk (ed.), Handbook of Research Methods and Applications in Empirical Finance, chapter 13, pages 314-340, Edward Elgar Publishing.
- Stavros E. Arvanitis & Theodoros V. Stamatopoulos & Dimitris Terzakis, 2018. "Is There a Non-linear Relationship of Market Value with Cash and Ownership?," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 68(1), pages 3-25, January-M.
- 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).
More about this item
Keywords
Insider ownership; Institutional ownership; Country-level governance; Future value; Emerging markets;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:ijodag:v:22:y:2025:i:1:d:10.1057_s41310-024-00249-0. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.