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The effect of institutional ownership on firm performance: the case of U.S.-listed shipping companies

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  • Dimitris A. Tsouknidis

Abstract

This paper examines the relationship between institutional ownership and firm performance for U.S.-listed shipping companies using quarterly 13F reports of institutional holdings over the period 2002 to 2016. Traditionally, public shipping companies exhibit a large concentration of ownership as specific individuals and families hold large percentages of the total shares outstanding. However, institutional investors also hold a substantial percentage of ownership of U.S.-listed shipping firms, whose effects on firm performance have not been examined previously in the literature. Results reveal a negative relationship between the percentage of institutional ownership and firm performance, which is primarily attributed to non-strategic rather than strategic institutional investors. This result survives a set of panel data estimators which take into account the presence of dynamic endogeneity in the relationship examined.

Suggested Citation

  • Dimitris A. Tsouknidis, 2019. "The effect of institutional ownership on firm performance: the case of U.S.-listed shipping companies," Maritime Policy & Management, Taylor & Francis Journals, vol. 46(5), pages 509-528, July.
    • Handle: RePEc:taf:marpmg:v:46:y:2019:i:5:p:509-528
    DOI: 10.1080/03088839.2019.1584408
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    Cited by:

    1. Syeda Humayra Abedin & Humaira Haque & Tanjina Shahjahan & Md Nurul Kabir, 2022. "Institutional Ownership and Firm Performance: Evidence from an Emerging Economy," JRFM, MDPI, vol. 15(12), pages 1-17, November.
    2. 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).
    3. Othman Hel Al-Dhaimesh, 2020. "Ownership Structure as One of the Corporate Governance Tools and Banking Risks," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 60-69.
    4. Dyana Novita Taristy & Nadia Asandimitra & Ulil Hartono, 2023. "Moderation Analysis of Company Size and Capital Structure on the Influence of Liquidity, Corporate Governance, and Business Risk on Financial Performance," Technium Social Sciences Journal, Technium Science, vol. 45(1), pages 222-239, July.
    5. Andrikopoulos, Andreas & Merika, Anna & Merikas, Andreas & Sigalas, Christos, 2021. "Related party transactions and principal-principal conflicts in public companies: Evidence from the maritime shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 145(C).
    6. Geeta Duppati & Rachita Gulati & Neha Matlani & Ploypailin Kijkasiwat, 2023. "Institutional Ownership, Capital Structure and Performance of SMEs in China," South Asian Journal of Macroeconomics and Public Finance, , vol. 12(2), pages 135-159, December.
    7. Andreas A. Kouspos & Photis M. Panayides & Dimitris A. Tsouknidis, 2023. "The relationship between technical innovation and financial performance in shipping firms," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(4), pages 698-727, December.
    8. Doğan, Mesut, 2020. "Institutional Ownership and Firm Value: A Study on the Bist Manufacturing Index," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 99(2), pages 59-75.

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