摘要：One of the major factors influencing a company’s performance is undoubtedly the level of risk-taking. As owners of a great deal of company stock, institutional investors can play an important role in determining this level. Therefore, this study has investigated the influence of institutional ownership on the risk-taking behavior of companies that are listed in the Tehran stock exchange. The study has used the standard deviation of monthly return and systematic risk (β) as market risk criteria, and research and development expense and capital expenditure as company risk criteria. This research includes 58 companies from 2004 to 2008, in which ordinary least squares regression models (panel data) and a tobit model have been used. The results show that no meaningful relationship exists between the percentage and concentration of institutional ownership by stockholders and risk-taking behavior.
关键词：Institutional ownership; risk-taking behavior; market risk; company risk
