Relationships Between Institutional Ownership Capital Structure And Research And Development Investment
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Relationships Between Institutional Ownership Capital Structure And Research And Development Investment
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Author : Hsueh-En Hsu
language : en
Publisher:
Release Date : 2016
Relationships Between Institutional Ownership Capital Structure And Research And Development Investment written by Hsueh-En Hsu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Research and development (R&D) is vital for an information technology (IT) firm's innovation. This study investigates the relationship among institutional ownership, capital structure, and research and development investment for 336 listed information technology firms from 2006 to 2009. Empirical evidence shows that there is no significant relationship between institutional ownership and research and development investment. The finding suggests that institutional investors may not influence management decision making on research and development investment. This study also finds that capital structure has a negative relationship with research and development investment. The result indicates that information technology firms may use less debt when the investment outcome is uncertain.
Institutional Ownership Tender Offers And Long Term Investments
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Author :
language : en
Publisher:
Release Date : 1985
Institutional Ownership Tender Offers And Long Term Investments written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Corporations categories.
Ownership Structure And R D
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Author : Fabrizio Rossi
language : en
Publisher:
Release Date : 2016
Ownership Structure And R D written by Fabrizio Rossi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The objective of this study is to explore the relationship between Research and Development outlays (R&D) and firm ownership structure for public corporations listed on the Italian exchange. Using a sample of 369 firm-year observations over the period 2005-2013 and estimating with the Fixed-Effects model and then a dynamic panel data system-GMM estimator, we empirically investigate the relationship between R&D outlays and ownership structure, taking into consideration various indicator, such as ownership concentration, board ownership, and institutional investors. Our findings are of interest because they reveal a negative relationship between R&D outlays and ownership concentration. Furthermore, we find a positive relationship between R&D investments and institutional investors and a positive relationship between R&D outlays on the one hand and both firm size and firm age on the other hand. Moreover, we find a negative relationship between R&D outlays and the debt-to-capital ratio.
The Implications Of Managerial Incentives And Institutional Ownership For Firms Research And Development R D Investments
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Author : Li Li Eng
language : en
Publisher:
Release Date : 1995
The Implications Of Managerial Incentives And Institutional Ownership For Firms Research And Development R D Investments written by Li Li Eng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Corporations categories.
Institutional Investors Corporate Ownership And Corporate Governance
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Author : Stuart L. Gillan
language : en
Publisher:
Release Date : 2002
Institutional Investors Corporate Ownership And Corporate Governance written by Stuart L. Gillan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate governance categories.
The Relationship Between Institutional Ownership And Firm Performance
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Author :
language : en
Publisher:
Release Date : 2014
The Relationship Between Institutional Ownership And Firm Performance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Finance categories.
The Help That May Hurt
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Author : Ashley Wang
language : en
Publisher:
Release Date : 2008
The Help That May Hurt written by Ashley Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Recent literature has documented a link between institutional equity ownership (IO) to cost of debt capital, and interpreted it as a corporate governance effect. However, separate literature has also interpreted IO as information asymmetry proxy. Given the heterogeneity among IO and their different association with corporate governance and information asymmetry effects, here we look at equity ownership by various types of institutional investors, which allows us to distinguish between the two effects. Based on a most update-to-date and comprehensive bond pricing data spanning the past 20 years, we find that yield spreads narrow (widen) with an increase in the equity institutional group that is more (less) sensitive to information asymmetry and is least (most) expected to help improve corporate governance. The contrasting patterns between yield spreads and various IO persist after controlling for potential endogeneity and other information asymmetry measures. Overall, our findings provide strong support for information asymmetry effect on cost of debt, and highlight the importance of distinguishing various types of institutional investors.
Institutional Ownership And Firm Performance
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Author : Yusheng Cen
language : en
Publisher:
Release Date : 2020
Institutional Ownership And Firm Performance written by Yusheng Cen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
In this thesis, I analyze the roles of different institutional investors and how they affect firm performance based on a global dataset of 31 countries (regions) from 2007 to 2016. Breaking down institutions by geographic information (domestic or foreign) and type (such as mutual fund or pension funds), I first find that all institutions share preference for large firms, firms that experienced negative stock returns, and firms with lower leverage and high liquidity. I also find that various types of institutional investors affect firms' operating performance differently. The relation is convex for foreign institutions, while the opposite is true for domestic institutions. This indicates that foreign institutional investors exert better corporate governance when ownership is high, while domestic institutions are subject to business ties with firms when they hold substantial amounts of voting rights. Further analysis reveals a U-shaped relationship between firms' operating performance and the ownership level of investment advisors/bank trusts/pension funds, indicating a monitoring effect with high levels of ownership. However, mutual funds exhibit a concave influence on firm value, signifying negative impact of business ties when ownership is high. The findings for other types of institutions (hedge fund and insurance companies) are inconclusive.
Institutional Ownership And Firm Performance
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Author : Michael Farrell
language : en
Publisher:
Release Date : 2014
Institutional Ownership And Firm Performance written by Michael Farrell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This study examines the relationship between institutional ownership and firm performance using a sample of 567 Canadian firms in 2011. The focus on the Canadian firms provides additional insight towards the topic of institutional ownership as a remedial measure towards agency problems, since Canada has shared legal traditions with the United States, but has ownership concentration more comparable to levels in Western Europe and Asia. A distinguishing feature of this study's analysis involves the consideration of institutional investor by type as well as the inclusion of the number of such investors as a measure of ownership. The effects of institutional ownership on performance measures Tobin's Q, Industry-Adjusted Tobin's Q, and Return on Assets are estimated using ordinary least squares (OLS) and two-stage least squares (2SLS) methodology, where the latter is employed to offset the endogeneity bias to which the OLS method is susceptible. Although several relationships emerged between institutional ownership levels and measures of Tobin's Q in the OLS regression, only a negative relationship between both the percentage and the number of insurance company investors, was observed to be significant once estimated simultaneously under the 2 SLS method. For all measures of performance, Hausman tests reveal that OLS results are biased in multiple instances; meaningful interpretation must rely on the 2 SLS results.
Institutional Investors
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Author : E. Philip Davis
language : en
Publisher: MIT Press
Release Date : 2004-01-30
Institutional Investors written by E. Philip Davis and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-30 with Business & Economics categories.
One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years. This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan.