THE IMPACT OF INSTITUTIONAL INVESTORS' OWNERSHIP ON PERFORMANCE AND FINANCIAL POSITION: EVIDENCE FROM FIRMS IN THE REPUBLIC OF CROATIA

被引：2

作者：

Kokotec, Ivana Dundek ^{[1
]}

Orsag, Silvije ^{[2
]}

Calopa, Marina Klacmer ^{[1
]}

机构：

[1] Univ Zagreb, Fac Org & Informat, Pavlinska 2, Varazhdin 42000, Croatia

[2] Univ Zagreb, Fac Econ & Business Zagreb, Varazhdin, Croatia

来源：

SOUTH EAST EUROPEAN JOURNAL OF ECONOMICS AND BUSINESS | 2021年 / 16卷 / 01期

关键词：

institutional investors; corporate governance; investment time horizon; portfolio investment style; business performance; financial position; panel data; GMM estimators; CORPORATE GOVERNANCE; SHAREHOLDER ACTIVISM; COSTS;

D O I：

10.2478/jeb-2021-0005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The research problem of this study is focused on examining the impact of the ownership of institutional investors on the corporate governance of Croatian companies. The problem was approached comprehensively such that institutional investors were analysed as both homogeneous and heterogeneous groups (investment funds, pension funds, insurance companies). The results of this study reveal a statistically significant impact of institutional investor ownership being viewed as both homogeneous and heterogeneous groups on business performance and financial position, which reduces the gap between ownership intentions and management interests, thereby resulting in an increase in shareholder wealth while limiting the satisfaction and social goals of a company.

引用

页码：53 / 69

页数：17

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