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首页> 外文期刊>International Journal of Economics and Finance >Institutional Ownership Heterogeneity and Firm Performance: Evidence from Malaysia
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Institutional Ownership Heterogeneity and Firm Performance: Evidence from Malaysia

机译：机构所有权异质性和公司绩效：来自马来西亚的证据

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The roles of institutional owners in alleviating agency problem and its effect on firms have been studied extensively in corporate finance. However, these researches have mixed results because most have treated institutional owners as a homogenous group. Drawing on previous research, this study differentiates institutional owners as transient or dedicated owners. These two groups of institutional owners differ significantly in terms of size of holdings, purposes, goals as well as monitoring efforts. The objective of this study is to determine how the institutional ownership structure i.e. transient or dedicated ownership affect firm performance within the context of agency theory. To determine whether treating the sample homogenously or heterogeneously has different effects on firm performance, this study also examine the effect of total ownership (whereby the sample is treated homogeneously) on firm performance. Using panel data that span from 2002 to 2006, several hypotheses are tested based on data of firms listed on Bursa Malaysia’s Kuala Lumpur Composite Index (KLCI) using hierarchical regression analysis methodology. The empirical results indicate that total institutional ownership and dedicated ownership have no significant effect towards firm performance. Transient ownership, however, has statistically significant effect on firm performance. These results show that institutional ownership is heterogeneous with transient ownership structure monitor the management themselves. The establishment of the differing effect of institutional ownership due to the heterogeneous nature of ownership suggests that future research in this area must take into account the heterogeneity.
机译：制度业主在减轻机构问题方面的作用及其对企业的影响已经在企业融资中进行了广泛研究。然而，这些研究具有混合的结果，因为大多数人都对其作为均质组的制度业主。借鉴以前的研究，这项研究将机构所有者与瞬态或专用所有者区分开来。这两组机构所有者在持有人的规模，目的，目标和监测努力方面有显着差异。本研究的目的是确定机构所有权结构如何，即暂行或专用所有权影响机构理论的背景下的公司性能。为了确定是否对均匀或异均相对实质性效果进行了不同的影响，研究了本研究还研究了总体所有权的效果（在均匀地处理样本）对公司性能的影响。使用跨越2002年至2006年的面板数据，使用分层回归分析方法基于Bursa Malaysia的Kuala Lumpure综合指数（KLCI）上市的公司数据进行了几个假设。经验结果表明，总机制所有权和专用所有权对公司绩效没有显着影响。然而，短暂的所有权对公司性能有统计学上显着影响。这些结果表明，机构所有权是异构的，瞬态所有权结构本身监控管理层。由于所有权的异质性质，建立机构所有权的不同效果表明，该领域的未来研究必须考虑到异质性。

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