Dynamic behaviour of institutional ownership and firm life cycle: Evidence from Taiwan

IF 1.2 4区经济学 Q3 BUSINESS, FINANCE Investment Analysts Journal Pub Date : 2021-04-03 DOI:10.1080/10293523.2021.1876815

Yung-Jang Wang, M. Mark Walker, Po-Hsiung Huang

引用次数: 1

Abstract

ABSTRACT We find that firms in the growth and maturity stage generally have higher levels of institutional ownership, higher Tobin’s Q ratios, and are more likely to remain in their life cycle stage over the subsequent six-year period. Further analysis indicates a feedback effect between domestic and foreign institutional ownership. Finally, we find that the impact information transmission of foreign institutional ownership is faster than that of domestic institutional ownership. We conclude that Taiwan’s government has been successful in its efforts over the last 20 years to increase economic growth, strengthen corporate governance, and improve the country’s capital markets.

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机构所有权动态行为与企业生命周期——来自台湾的证据

摘要我们发现，处于成长和成熟阶段的企业通常具有更高的机构所有权水平、更高的托宾Q比率，并且在随后的六年期间更有可能保持在其生命周期阶段。进一步分析表明，国内外机构所有权之间存在反馈效应。最后，我们发现外国机构所有制的影响信息传递速度快于国内机构所有制。我们得出的结论是，台湾政府在过去20年中为促进经济增长、加强公司治理和改善国家资本市场所做的努力取得了成功。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Investment Analysts Journal BUSINESS, FINANCE-

CiteScore

1.90

自引率

11.10%

发文量

期刊介绍： The Investment Analysts Journal is an international, peer-reviewed journal, publishing high-quality, original research three times a year. The journal publishes significant new research in finance and investments and seeks to establish a balance between theoretical and empirical studies. Papers written in any areas of finance, investment, accounting and economics will be considered for publication. All contributions are welcome but are subject to an objective selection procedure to ensure that published articles answer the criteria of scientific objectivity, importance and replicability. Readability and good writing style are important. No articles which have been published or are under review elsewhere will be considered. All submitted manuscripts are subject to initial appraisal by the Editor, and, if found suitable for further consideration, to peer review by independent, anonymous expert referees. All peer review is double blind and submission is via email. Accepted papers will then pass through originality checking software. The editors reserve the right to make the final decision with respect to publication.