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Institutional ownership, capital structure, and firm performance

Strategic management journal, 1991-10, Vol.12 (7), p.479-491 [Peer Reviewed Journal]

Copyright 1991 John Wiley and Sons Limited ;Copyright © 1991 John Wiley & Sons, Ltd. ;1992 INIST-CNRS ;Copyright Wiley Periodicals Inc. Oct 1991 ;ISSN: 0143-2095 ;EISSN: 1097-0266 ;DOI: 10.1002/smj.4250120702 ;CODEN: SMAJD8

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Title:
Institutional ownership, capital structure, and firm performance
Author: Chaganti, Rajeswararao ; Damanpour, Fariborz
Subjects: Applied sciences ; Business executives ; Business ownership ; Business structures ; Capital structure ; Computer science; control theory; systems ; Corporate strategies ; Corporations ; Effects ; Exact sciences and technology ; executive stockholding ; family stockholding ; Financial management ; firm performance ; insider-institutional stockholding ; Institutional ownership ; Investment management companies ; Investment strategies ; Investors ; Software ; Stock ownership ; Stockholders ; Strategic planning ; Studies
Is Part Of: Strategic management journal, 1991-10, Vol.12 (7), p.479-491
Description: In most studies of ownership and firm performance, researchers have assumed different forms of ownership do not interact in their effect on firm strategy or performance. Focusing on the role of institutional owners, this study poses two related questions: (1) What are the relationships between outside institutional shareholdings, on the one hand, and a firm's capital structure and performance, on the other? and; (2) Does the size of stockholdings by corporate executives, family owners, and insider-institutions modify those relationships? The data, collected from 40 pairs of manufacturing firms selected from as many industries over a 3-year period, shows that the size of outside institutional stockholdings has a significant effect on the firm's capital structure. We have also found that family and inside institutional owners' shareholdings moderate the relationship between outside institutional shareholdings and capital structure. Likewise, corporate executives' shareholdings supplement the relationship between outside institutional shareholdings and firms' performance. These findings suggest that internal and external coalitions interact with each other to influence the firm's conduct.
Publisher: Chichester: John Wiley & Sons, Ltd
Language: English
Identifier: ISSN: 0143-2095
EISSN: 1097-0266
DOI: 10.1002/smj.4250120702
CODEN: SMAJD8
Source: Alma/SFX Local Collection
ProQuest Central

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Institutional ownership, capital structure, and firm performance

Copyright 1991 John Wiley and Sons Limited ;Copyright © 1991 John Wiley & Sons, Ltd. ;1992 INIST-CNRS ;Copyright Wiley Periodicals Inc. Oct 1991 ;ISSN: 0143-2095 ;EISSN: 1097-0266 ;DOI: 10.1002/smj.4250120702 ;CODEN: SMAJD8

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