This paper examines the relationship between firm performance and ownership structure for listed and OTC manufacturing firms in Taiwan. By classifying ownership into three categories (managerial owners, institutional owners and the control group), the study addresses two related empirical issues—the commonly examined piecewise and the Granger causality relationships between ownership and perfor...

Using the high-power setting of newly privatized firms from 64 countries, we examine the relationship between ownership type and firm-level capital allocations as captured by investment sensitivity to stock price. Consistent with our predictions that government and foreign institutional owners are associated with different levels of information asymmetry and agency problems, we find strong and ...

Unlike previous empirical work concerning investment behavior and the determinants of liquidity constraints, we use a switching regression framework when sample separation is unknown and endogenous and firms are assumed to operate either in the financially constrained or in the financially unconstrained regime. By using new panel data for Estonian companies during 1993 through 2002 we find that...

Corporate Governance deals with the issue of how the suppliers of finance to various corporations assure themselves of getting a return on their investment. Several Studies have examined the relationship between ownership structure and firm performance. Using different data samples from different countries, most of the studies provide evidence that ownership influence firm performance. This stu...

investment institutions with substantial shareholdings in a firm have the resources and incentives to monitor and influence management decisions. whether the institutions actually monitor and exert pressure on managers is an empirical question.this study is designed to provide insights into the monitoring role of institutional investors by examining whether institutional ownership affects the i...