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引用次数: 0
摘要
本研究通过代理理论的视角，探讨了公司层面的治理，特别是内部人和机构所有权影响未来价值的方式。然后，我们评估国家层面的治理如何影响内部人和机构的价值影响。我们的分析采用了 NIFTY-500 上市公司从 2010 年到 2020 年 11 年的数据。研究结果表明，内部人所有权对未来价值的影响是非线性的，而机构所有权对整个样本的影响是不利的。然而，内部人和机构对内部人公司和非内部人公司的价值影响是不同的。我们观察到内部人对内部人公司和非内部人公司未来价值的影响分别呈倒 U 型和 U 型。内部人公司的价值影响呈下降趋势，而非内部人公司则受到机构投资者的增量价值影响。进一步的研究结果表明，虽然国家层面的治理对机构投资者的影响不大，但它能有效降低内部人的征用效应，从而提高未来价值。
How does ownership of insiders and institutions affect future value? Influence of country-level governance
This research explores the ways in which firm-level governance, specifically insider and institutional ownership, affects future value through the lens of agency theory. Then, we evaluate how country-level governance influences the value impact of insiders and institutions. Our analysis employs NIFTY-500 listed companies for 11 years, from 2010 to 2020. Findings suggest that the effect of insider ownership on future value is nonlinear, and the impact of institutional ownership is detrimental for the entire sample. Nonetheless, differential value impacts of insiders and institutions are observed between the insider and noninsider firms. We observe an inverted U-shaped and U-shaped effect of insiders on future value for insider and noninsider firms, respectively. Insider firms witness a declining value impact, while noninsider firms experience an incremental value impact from institutional investors. Further findings indicate that though country-level governance has little bearing on institutional investors, it effectively reduces insiders’ expropriation effect that enhances future value.
期刊介绍：
The International Journal of Disclosure and Governance publishes a balance between academic and practitioner perspectives in law and accounting on subjects related to corporate governance and disclosure. In its emphasis on practical issues, it is the only such journal in these fields. All rigorous and thoughtful conceptual papers are encouraged.
To date, International Journal of Disclosure and Governance has published articles by a former general counsel and a former commissioner of the SEC, practitioners from Cleary Gottlieb, Skadden Arps, Wachtell Lipton, and Latham & Watkins as well as articles by academics from Harvard, Yale and NYU. The readership of the journal includes lawyers, accountants, and corporate directors and managers.
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