Ownership structure and firm sustainable investments: evidence from emerging markets

被引:11
|
作者
Qasem, Ameen [1 ,2 ]
Mohammed, Abdulalem [2 ,3 ]
Battisti, Enrico [4 ]
Ferraris, Alberto [4 ,5 ]
机构
[1] Univ Hail, Coll Business Adm, Dept Accounting, Hail, Saudi Arabia
[2] Taiz Univ, Fac Adm Sci, Taizi, Yemen
[3] Shaqra Univ, Coll Sci & Humanities, Shaqra, Saudi Arabia
[4] Univ Turin, Turin, Italy
[5] Ural Fed Univ, Grad Sch Econ & Management, Lab Int & Reg Econ, Ekaterinburg, Russia
关键词
Firm sustainable investment; Institutional investor's ownership; Managerial ownership; Tourism industry; Emerging markets; CORPORATE SOCIAL-RESPONSIBILITY; INSTITUTIONAL INVESTORS; MANAGERIAL OWNERSHIP; EARNINGS MANAGEMENT; MONITORING EVIDENCE; TOURISM INDUSTRY; AUDIT COMMITTEE; AGENCY THEORY; GOVERNANCE; HOSPITALITY;
D O I
10.1108/IJOEM-07-2022-1062
中图分类号
F [经济];
学科分类号
02 ;
摘要
PurposeThe aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor ownership (IIO), managerial ownership (MOWN) and FSIs in the tourism industry in Malaysia.Design/methodology/approachThis study uses a data set of 346 firm-year observations from 2008 to 2020 and applies feasible generalized least squares (FGLS) regression analysis. The study sample is based on tourism firms listed on Bursa Malaysia (the Malaysian Stock Exchange).FindingsThere is a significant positive association between IIO and FSIs. When IIO is classified into foreign (FIIO) and local (LIIO), this significant association is mainly driven by FIIO. In addition, there is a significant, positive association between managerial ownership (MOWN) and firm sustainable investments (FSIs). These findings imply that firm ownership has an influence on FSIs in the tourism industry.Originality/valueThis is the first attempt to consider IIO and MOWN simultaneously in a single model estimation. The findings contribute to emerging capital markets where the involvement of ownership concentration in the governance of publicly listed firms is a common practice.
引用
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页数:29
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