期刊名称：Practical management, journal of management in theory and practice
印刷版ISSN：1847-8107
出版年度：2015
卷号：6
期号：1
页码：41-49
语种：English
出版社：Visoka škola za menadžment u turizmu i informatici u Virovitici
摘要：The study aims to explore the relationship between institutional ownership and firm performance. To obtain the targeted objectives, the required data, ranging from 2008 to 2013 were collected from annual reports and financial statements of concerned firms. Such type of data contains endogeneity problems. In order to deal with endogeneity problem, Durbin-Wu-Houseman test was applied. Among many advance econometric techniques, OLS and 2SLS were found appropriate to estimate the coefficient of interest. Institutional ownership being endogenous variable was found significantly and positively related with firm performance. Firm performance was found negatively related with debt ratio and fix expenditures. Finally it was found that institutional investors take more interest in firms having higher dividend payout ratio.
关键词：Institutional ownership; Firm performance; Agency Problem; Endogeneity; DW and 2SLS
