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On institutional ownership and firm performance : a disaggregated view Bhattacharya, Prasad and Graham, Michael 2009, On institutional ownership and firm performance : a disaggregated view, Journal of multinational financial managment, vol. 19, no. 5, pp. 370-394. Attached Files Name Description MIMEType Size Downloads Title On institutional ownership and firm performance : a disaggregated view Author(s) Bhattacharya, Prasad Graham, Michael Journal name Journal of multinational financial managment Volume number 19 Issue number 5 Start page 370 End page 394 Publisher Elsevier B. V. Place of publication Amsterdam, The Netherlands Publication date 2009-12 ISSN 1042-444X 1873-1309 Keyword(s) institutional ownership firm performance 3SLS system of equations two-way feedback Summary We study the relationship between institutional ownership and firm performance in Finland. A systems approach is employed to investigate the potential two-way causality between firm performance and ownership structure. Three-stage least squares estimation technique is used to solve for the systems. The evidence suggests an endogeneity problem between firm performance and institutional ownership. However, the magnitude of the problem differs with respect to the concentration of ownership measure used. Our results show that a more equal distribution of the voting power among the largest institutional stakeholder may exert positive effects on firm performance. We also find a significant difference relating to firm performances and equity ownerships between the two classes of institutional investor. Consistent with the ownership structure in Finland, we find that a simple ownership concentration index does not influence firm performance. Language eng Field of Research 140207 Financial Economics 140301 Cross-Sectional Analysis 140399 Econometrics not elsewhere classified Socio Economic Objective 970114 Expanding Knowledge in Economics HERDC Research category C1 Refereed article in a scholarly journal Copyright notice ©2009, Elsevier B.V. Persistent URL http://hdl.handle.net/10536/DRO/DU:30022720 Document type: Journal Article Collections: Faculty of Business and Law School of Accounting, Economics and Finance Related Links Link Description Connect to published version (restricted access) Go to link with your DU access privileges     Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Versions Version Filter Type Fri, 22 Jan 2010, 15:33:08 EST Wed, 27 Jan 2010, 11:24:23 EST Wed, 27 Jan 2010, 11:25:29 EST Fri, 29 Jan 2010, 09:50:51 EST Fri, 29 Jan 2010, 09:51:55 EST Wed, 24 Feb 2010, 15:47:28 EST Fri, 23 Sep 2011, 11:24:30 EST Fri, 23 Sep 2011, 11:25:57 EST Wed, 15 Feb 2012, 13:44:39 EST Mon, 05 Mar 2012, 15:40:18 EST Mon, 05 Mar 2012, 15:42:09 EST Filtered Full Citation counts: Cited 5 times in Scopus Search Google Scholar Access Statistics: 464 Abstract Views, 5 File Downloads  -  Detailed Statistics Created: Fri, 22 Jan 2010, 15:33:06 EST by Katrina Fleming

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