吸引机构投资进入新兴市场:土耳其案例

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
S. Burcu Avci
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引用次数: 0

摘要

了解机构投资者在新兴市场的投资标准至关重要,因为他们通常在没有控制权或法治保护的情况下进行大额投资。本研究对土耳其机构投资者的投资标准进行了调查。样本涵盖实体和金融行业公司,以调查 2010-2021 年伊斯坦布尔证券交易所上市企业的行业差异。通过使用面板数据方法,我们发现增长选择权的存在、慷慨的支付政策、有吸引力的公司估值以及外部治理机制的质量是实体行业公司吸引机构投资者的重要因素。只有公司规模大和外部治理机制的质量才是金融行业公司吸引机构投资者的重要因素。此外,在危机期间,机构持股对实体企业中机构投资者所占的比例有积极影响,而对金融企业则没有影响。实体企业和金融企业可以利用我们的研究结果来提高机构持股比例。我们的研究结果对于机构投资者、个人投资者和市场监管者要求关键的公司治理实践具有重要意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Attracting institutional investments to emerging markets: The case of Turkiye

Understanding institutional investors' investment criteria in emerging markets is essential because they typically make large investments without control rights or protection of the rule of law. This study undertakes an investment criteria investigation of institutional investors in Turkiye. The sample covers real and financial sector companies to investigate sectoral differences in Borsa Istanbul-listed firms for 2010–2021. Using a panel data approach, we show that the presence of growth options, generous payout policy, attractive firm valuation, and quality of the external governance mechanisms are important factors in attracting institutional investors by real sector firms. Only a large firm size and the quality of the external governance mechanisms arise as important factors for financial sector firms. Moreover, institutional holdings positively impact the percentage shares of institutional investors during crisis periods among real sector firms, whereas they do not affect financial sector firms. Real-sector and financial-sector firms can use our findings to increase institutional ownership. Our results have important implications for institutional investors, individual investors, and market regulators to demand critical corporate governance practices.

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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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