The Impact of Institutional Ownership on Corporate Operating Performance

Marcia Millon Cornett, A. Marcus, A. Saunders, H. Tehranian
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引用次数: 735

Abstract

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institution al investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms.
机构持股对公司经营绩效的影响
本文考察了机构投资者参与与大型企业经营绩效之间的关系。我们证实了公司的经营性现金流回报与机构持股比例和机构股东数量之间的显著关系。然而,持有股票的机构投资者数量与经营现金流回报率之间的正相关关系仅存在于压力不敏感的机构投资者(与公司没有业务关系的机构投资者)。对压力敏感的机构投资者(那些与公司有现有或潜在业务关系的人)的数量对业绩没有影响。这些结果表明,机构投资者需要保护他们所投资的公司的实际或促进潜在的业务关系,作为公司的监督者受到了损害,并为要求董事会成员更大程度上独立于公司的呼声提供了证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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