標題: The Level and Stability of Institutional Ownership and Firm Performance: Evidence from Taiwan
作者: Hsu, Ming-Feng
Wang, Kehluh
交大名義發表
資訊管理與財務金融系 註:原資管所+財金所
National Chiao Tung University
Department of Information Management and Finance
關鍵字: firm performance;institutional ownership;ownership stability
公開日期: 1-Mar-2014
摘要: The purpose of this paper is to investigate the influence of shareholding stability of institutional investors on firm performance. We analyze 647 sample companies listed in the Taiwan Stock Exchange from 2005 to 2009 using the coefficient of variance of institutional holding proportion as the measure for ownership stability. The empirical results show that increasing stability of institutional holdings is related to better firm performance. The low-risk and younger firms with higher CEO incentive compensation, larger insider holdings, and higher growth usually have better performance. Furthermore, when the long-term institutional shareholdings, particularly of foreign institutions, are higher, the firm performance is better.
URI: http://dx.doi.org/10.2753/REE1540-496X5002S211
http://hdl.handle.net/11536/25267
ISSN: 1540-496X
DOI: 10.2753/REE1540-496X5002S211
期刊: EMERGING MARKETS FINANCE AND TRADE
Volume: 50
Issue: 
起始頁: 159
結束頁: 173
Appears in Collections:Articles