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- Title
Does Institutional Ownership Create Values? The New Zealand Case.
- Authors
Jianguo Chen; Blenman, Lloyd; Dar-Hsin Chen
- Abstract
This study investigates the relationship between institutional ownership and corporate performance of New Zealand non-financial companies. We find that total institutional ownership increases firm values as measured by Tobin's Q and operational return on equity. The top institution's share ratio is negatively related to measurements of firm value. Institutional investors can make a positive contribution by cost-effective monitoring of management's behavior. The results are consistent with Cornett (2004) and the Federal Reserve Financial Economists Roundtable Statement (1998).
- Subjects
NEW Zealand; INSTITUTIONAL ownership (Stocks); CORPORATE finance; EQUITY (Law); CORNETT; COST effectiveness
- Publication
Quarterly Journal of Finance & Accounting, 2008, Vol 47, Issue 4, p109
- ISSN
1939-8123
- Publication type
Article