机构投资者关心运营精益吗?

IF 4.5 2区 管理学 Q1 BUSINESS British Journal of Management Pub Date : 2023-11-27 DOI:10.1111/1467-8551.12779
Daniel Neukirchen, Gerrit Köchling, Peter N. Posch
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引用次数: 0

摘要

我们研究了经营精益和机构所有权之间的关系。基于1998年至2020年12291家美国制造业公司的年度观察样本,我们发现,无论是从所持股份的比例还是从持有公司股份的机构投资者的数量来看,更精简的公司吸引了更多的机构投资者。这一发现在几个解决内生性问题的测试中成立。与调查经营精益与经营绩效或信用评级之间关系的研究相反,我们的结果并没有提供一致的证据表明这种关系也是凹形的。然而,我们提供的证据表明,(i)对于公司治理薄弱、公司特定监控成本高的公司,(ii)对于积极的机构,这种关系更强,这表明,不仅企业绩效考虑,而且感知到的较低代理成本是解释机构投资者为什么更喜欢精益制造企业的重要机制。综上所述,这些发现有助于我们理解机构投资者在总体上和跨机构类型的偏好。
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Do Institutional Investors Care About Operational Leanness?

We investigate the relationship between operational leanness and institutional ownership. Based on a sample of 12,291 firm-year observations of US manufacturing firms from 1998 to 2020, we find leaner firms to attract significantly more institutional investors – both in terms of the fraction of shares held and the number of institutional investors holding shares of the firm. This finding holds in several tests addressing endogeneity concerns. Contrary to studies investigating the relationship between operational leanness and operating performance or credit ratings, our results do not provide consistent evidence that this relationship is also of a concave shape. However, we provide evidence that the relationship is stronger (i) for firms with weak corporate governance and high firm-specific monitoring costs and (ii) for active institutions, suggesting that not only firm performance considerations but also perceived lower agency costs are important mechanisms explaining why institutional investors prefer lean manufacturing firms. Taken together, these findings contribute to our understanding of institutional investors’ preferences in general and across institution types.

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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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