scholarly journals A Study on the Relationship between the Institutional Ownership and Accounting Information Transparency - The Influence of Different Types of Institutional Investors -

2016 ◽  
Vol null (67) ◽  
pp. 139-158
Author(s):  
Jin Lan ◽  
ChunSooKim
Keyword(s):  
Institutional Investors ◽  
Accounting Information ◽  
Institutional Ownership ◽  
Information Transparency ◽  
Different Types ◽  
The Relationship

scholarly journals Study of the effect of institutional ownership on accounting quality and cost of capital

2021 ◽  
Vol 9 (SPE2) ◽  
Author(s):  
Reza Fallah
Keyword(s):  
Significant Relationship ◽  
Cost Of Capital ◽  
Accounting Information ◽  
Institutional Ownership ◽  
Test Results ◽  
Accounting Quality ◽  
Quality Of Accounting Information ◽  
The Relationship

The test results of the research hypotheses showed that there is a significant relationship between institutional ownership and quality of accounting information and cost of capital debt, but institutional ownership has not been able to moderate the relationship between quality of accounting information and cost of capital debt.

scholarly journals The Influences of Live Streaming Affordance in Cross-Border E-Commerce Platforms

2022 ◽  
Vol 30 (2) ◽  
pp. 1-24
Author(s):  
Yujing Xu ◽  
Wenqian Jiang ◽  
Yu Li ◽  
Jia Guo
Keyword(s):  
Consumer Behavior ◽  
Purchase Intention ◽  
Live Streaming ◽  
Information Transparency ◽  
Cross Border ◽  
Different Types ◽  
Unique Nature ◽  
The Cross ◽  
Types Of Information ◽  
The Relationship

Despite the promise of cross-border e-commerce, attracting consumers is still a worldwide challenge. Many cross-border e-commerce platforms have responded to the challenges by embracing innovative tools like live streaming. However, there has been limited understandings of the unique nature of live streaming and its empirical influence. Taking an affordance view of live streaming, this study defines affordance of live streaming as the capacities provided by live streaming and examines how affordance of live streaming affect consumer behavior in the cross-border e-commerce context based on information transparency perspective. Results show that although live streaming does not directly affect consumers’ cross-border purchase intention, it can increase consumers’ purchase intention through increasing perceived information transparency. In addition, affordance of live streaming can further moderate the relationship between different types of information transparency and consumers’ cross-border purchase intention. The findings provide a much-needed contribution to academia and business.

Institutional Investors’ Monitoring and Stock Price Crash Risk: Evidence from Politically Connected Firms

2018 ◽  
Vol 21 (04) ◽  
pp. 1850028 ◽  
Author(s):  
Chwee Ming Tee ◽  
Angelina Seow Voon Yee ◽  
Aik Lee Chong
Keyword(s):  
Institutional Investors ◽  
Stock Price ◽  
Positive Association ◽  
Institutional Ownership ◽  
Political Connections ◽  
Crash Risk ◽  
Different Types

Motivated by recent studies on political connections and stock price crash risk, this study investigates whether there is an association between politically connected (POLCON) firms and stock price crash risk. Further, we examine whether institutional investors’ ownership can moderate this association. Using a dataset of Malaysian firms for the period 2002–2012, we show that POLCON firms are associated with higher risk of stock price crashes. However, the positive association between POLCON and stock crashes is attenuated by higher institutional ownership, implying effective monitoring. Finally, we find that only local institutional investors can significantly mitigate the positive association between POLCON firms and stock price crash risk. This suggests that different types of institutional investors can produce different monitoring outcomes in POLCON firms.

scholarly journals Do sustainable institutional investors contribute to firms’ environmental performance? Empirical evidence from Europe

2021 ◽  
Author(s):  
Othar Kordsachia ◽  
Maximilian Focke ◽  
Patrick Velte
Keyword(s):  
Institutional Investors ◽  
Environmental Performance ◽  
Institutional Ownership ◽  
Institutional Investor ◽  
Research Area ◽  
Business Practices ◽  
Responsible Investment ◽  
Green Business ◽  
The Relationship

AbstractIn light of current climate change discussions, this paper analyzes the effect of ownership structure on a firm’s environmental performance with a subsequent focus on corporate emission reduction. Based on a cross-national European sample consisting of 7384 firm-year observations between 2008 and 2017, this study explores the relationship between sustainable institutional investors and environmental performance. In line with prior research and embedded in an agency theoretical framework, the nature of institutional investors may act as a stimulating driver towards green business practices. Sustainable institutional investors are defined based on their signatory status to the UN Principles for Responsible Investment and their (long-term) investment horizons. The first classification stems from a content-driven sustainability perspective, while the second is derived from temporal sustainability. The results indicate that sustainable institutional ownership is positively associated with a firm’s environmental performance. Further investigations reveal that sustainable institutional investor ownership is also positively associated with firms’ willingness to respond to the Carbon Disclosure Project. These results indicate a higher carbon-risk awareness in firms with greater sustainable institutional investor ownership. Our paper significantly contributes to prior empirical research on institutional ownership and environmental performance and offers useful theoretical and practical implications. It focusses on a still-underdeveloped research area, namely organizations and their relationships with the natural environment, including institutional equity ownership as a driver towards greener practices on a corporate level.

Institutional Ownership and Corporate Social Performance in Emerging Economies Multinationals: Evidence from India

2020 ◽  
Vol 13 (2) ◽  
pp. 227-252
Author(s):  
Sandeep Yadav
Keyword(s):  
Institutional Investors ◽  
Multinational Firms ◽  
Corporate Social Performance ◽  
Social Performance ◽  
Institutional Ownership ◽  
Risk Behaviour ◽  
The Social ◽  
Corporate Social ◽  
Institutional Owners ◽  
The Relationship

This study fills the gap in the literature by considering the heterogeneous impact of institutional ownership on various dimensions of corporate social performance (CSP). Using the behavioural risk agency perspective, we argue that the risk behaviour of various institutional owners is not the same towards the CSP. We have taken a balanced panel sample of 61 Indian multinational firms for the span of 2013–2018 to test the proposed hypotheses. Results show a negative association of pressure-sensitive institutional investors’ ownership with social and governance dimensions of CSP. Mutual funds ownership is positively associated with the social and governance dimensions of CSP. Foreign institutional investors ownership has no significant impact on CSP. We found that the environmental dimension of CSP is ignored by institutional owners. The moderating effect of firm internationalisation on the relationship between institutional ownership and CSP is also examined.

The Influences of Live Streaming Affordance in Cross-border E-commerce Platform

2022 ◽  
Vol 30 (2) ◽  
pp. 0-0
Keyword(s):  
Consumer Behavior ◽  
Purchase Intention ◽  
Live Streaming ◽  
Information Transparency ◽  
Cross Border ◽  
Different Types ◽  
Unique Nature ◽  
The Cross ◽  
Types Of Information ◽  
The Relationship

Despite the promise of cross-border e-commerce, attracting consumers is still a worldwide challenge. Many cross-border e-commerce platforms have responded to the challenges by embracing innovative tools like live streaming. However, there has been limited understandings of the unique nature of live streaming and its empirical influence. Taking an affordance view of live streaming, this study defines affordance of live streaming as the capacities provided by live streaming and examines how affordance of live streaming affect consumer behavior in the cross-border e-commerce context based on information transparency perspective. Results show that although live streaming does not directly affect consumers’ cross-border purchase intention, it can increase consumers’ purchase intention through increasing perceived information transparency. In addition, affordance of live streaming can further moderate the relationship between different types of information transparency and consumers’ cross-border purchase intention. The findings provide a much-needed contribution to academia and business.

Do institutional investors stabilize stock returns? Evidence from emerging IPO markets

2020 ◽  
Vol 32 (4) ◽  
pp. 585-600
Author(s):  
Konpanas Dumrongwong
Keyword(s):  
Initial Public Offerings ◽  
Institutional Investors ◽  
Stock Return ◽  
Emerging Market ◽  
Institutional Ownership ◽  
Growth Potential ◽  
Return Volatility ◽  
Content Type ◽  
Stock Return Volatility ◽  
The Relationship

Purpose The purpose of this paper is to investigate how institutional ownership is related to the stock return volatility of initial public offerings (IPOs) in an emerging market and to examine the relationship between institutional ownership and underpricing. Design/methodology/approach This paper investigates these relationships using White’s (1980) regression and 2 × 3 portfolios sorted by firm size and institutional holdings. The regression method examines the relationships across firms with different characteristics such as size, stock price, growth potential, firm age and type of investors. The data were chosen for this sample to cover the new equity issuances listed on the Thailand Stock Exchange for the period 2001–2019. Findings The empirical results suggest that institutional ownership is negatively associated with initial stock return volatility. This highlights the importance of institutional investors in maintaining stability in emerging stock markets. Additionally, it was found that institutional holding and underpricing are negatively correlated. The results are robust after controlling for potential heteroskedasticity and differences in firm characteristics. Originality/value To the best knowledge of the author, this paper is the first to study the relationship between institutional investors and volatility in Thai IPOs, and hence provides a deeper understanding of how investors influence the price formation and volatility of stock prices in emerging markets. Furthermore, besides academics, the results presented in this paper could be useful for market regulators and policymakers in designing future market regulations to efficiently stabilize equity markets.

Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India

2018 ◽  
Vol 17 (1_suppl) ◽  
pp. S54-S82 ◽  
Author(s):  
Chacko Jacob ◽  
Jijo Lukose P.J.
Keyword(s):  
Institutional Investors ◽  
Positive Relationship ◽  
Institutional Ownership ◽  
Jel Classification ◽  
Large Firms ◽  
Dividend Payout ◽  
Financial Firms ◽  
The Us ◽  
Propensity To Pay ◽  
The Relationship

We examine the relationship between institutional investor ownership and dividend payouts using a large sample of NSE-listed non-financial firms during the period 2001 to 2016. Consistent with the evidence from the US market, institutional investors, on average, have larger holdings in dividend-paying firms and are seen to prefer dividend payers over non-payers among larger firms. However, among smaller firms, institutional investors seem to prefer non-paying firms. Consistent with it, logistic regression results reveal that institutional investors do improve a firms’ propensity to pay dividends, primarily across large firms. Further, among dividend-paying firms, institutional investors, on average, are observed to have relatively lesser holdings in firms with higher payouts than those with lower payouts. In line with these observations, regression analysis also provides no evidence to support a positive relationship between total institutional ownership and payout level. However, across investor categories, we do find evidence for domestic institutional investors (DII) in improving payouts. Further, we use a dynamic panel GMM estimator to correct for endogeneity and find that the relationship is robust among large firms. Our results highlight the role of DII in improving dividend payout and provide support to models that predict a positive relationship. JEL Classification: G23, G32, G34, G35

scholarly journals Institutional Ownership Composition and Earnings Management

2012 ◽  
Vol 15 (04) ◽  
pp. 1250022 ◽  
Author(s):  
Ling Lin ◽  
Pavinee Manowan
Keyword(s):  
Earnings Management ◽  
Institutional Investors ◽  
Institutional Ownership ◽  
High Turnover ◽  
Management Scenario ◽  
Accounting Accruals ◽  
Block Holders ◽  
Ownership Composition ◽  
The Impact ◽  
The Relationship

This paper examines the impact of outside block-holders on earnings management, using discretionary accounting accruals as the measure of earnings management. For the income-decreasing earnings management scenario, we do not find significant results. This may be attributable to the different natures and time horizons of outside block-holders. Since the majority of outside block-holders are institutional investors, we then investigate the relationship between ownership by institutional investors with different natures and earnings management. Specifically, we find a significant positive relationship between ownership by transient institutional investors (holding diversified portfolios with high turnover) and discretionary accounting accruals. However, we do not find a significant relationship between ownership by dedicated institutional investors (holding concentrated portfolios with low turnover) and discretionary accounting accruals. Therefore, due to the differing natures of institutional investors, we may not treat them as a homogeneous group.

scholarly journals Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China

2020 ◽  
Vol 12 (6) ◽  
pp. 2311
Author(s):  
Ramiz ur Rehman ◽  
Zahid Riaz ◽  
Charles Cullinan ◽  
Junrui Zhang ◽  
Fanghua Wang
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Institutional Investors ◽  
Firm Value ◽  
Value Relevance ◽  
Market Value ◽  
Institutional Ownership ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Relationship

We examine the relationship between corporate social responsibility (CSR) disclosure and firm value in China. Using a sample of listed companies on the Shanghai Stock Exchange from 2008 to 2012, we find that market value of a firm is higher when a company makes a lower level of CSR disclosure. Other things being equal, this relationship becomes positive when the CSR disclosure is moderated with the institutional ownership. With regard to the CSR disclosure, we found consistent results with respect to the little evidence that the amount of CSR disclosure is significantly associated with market value among those companies who chose to provide CSR disclosures. Taken together, these results indicate that the decision to disclose or not to disclose CSR information is value relevant to the level of institutional investors. These findings are important as they have made an attempt to resolve the earlier contradictory findings with respect to the relationship between market value and CSR disclosure. Furthermore, it has highlighted the value relevance of CSR disclosure regarding the type of shareholders/institutional investors.

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