PUBLICACIONES

Does the influence of institutional investors depend on the institutional framework? An international analysis

ISI: Does the influence of institutional investors depend on the institutional framework? An international analysis

MAURICIO JARA B., FELIX LOPEZ I., ÓSCAR LÓPEZ-DE-FORONDA.

2012 - Applied Economics - Vol. 44 , Nº 3, Pp. 265 - 278

Abstract

This article analyses the effect of institutional ownership in alleviating or exacerbating the conflicts of interests among stakeholders in different legal and institutional frameworks. This analysis is carried out based on two characteristics: the concentration of power of institutional ownership and the identification of the main types of institutional investors. In common law countries, consistent with the convergence and entrenchment hypotheses, we find a U-shape relation between ownership structure and firm performance. In civil law countries, consistent with the collusion and contest theories, we find an inverted U-shape relation. We also find that when institutional investors are classified as pressure resistant and pressure sensitive according to the strength of their ties with managers, pressure-resistant investors, who operate more independently, are the most capable of improving the value of the firm.

Keywords

¿Quieres seguir leyendo? [Accede a la publicación completa]

El no utilizar estándares de sostenibilidad significa que algo estamos dejando de hacer

La crisis surgida en Quintero y Puchuncaví deja abiertas varias interrogantes que por ahora parecen estar lejos de resolverse, pues más allá de los episodios concretos que se v...

La Universidad de Chile propone mejorar los sesgos generados hacia las mujeres en el mundo laboral

Es necesario fortalecer y transferir herramientas conceptuales sobre el impacto que generan las diferencias de género en el trabajo. El pasado 09 de Agosto. El Observatorio de Gest...

Todos los Derechos © 2014 | Departamento de Administración - Facultad de Economía y Negocios - Universidad de Chile - Diagonal Paraguay 257, torre 26, oficina 1101, piso 11, Santiago, Chile.