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|Title:||The effect of institutional ownership on firm performance: the case of U.S.-listed shipping companies||Authors:||Tsouknidis, Dimitris||Keywords:||Dynamic endogeneity;Dynamic panel data;Firm performance;Institutional ownership;U.S. listed shipping companies||Category:||Economics and Business||Field:||Social Sciences||Issue Date:||2019||Source:||Maritime Policy and Management, 2019, Latest Articles||Journal:||Maritime Policy and Management||Abstract:||This paper examines the relationship between institutional ownership and firm performance for U.S.-listed shipping companies using quarterly 13F reports of institutional holdings over the period 2002 to 2016. Traditionally, public shipping companies exhibit a large concentration of ownership as specific individuals and families hold large percentages of the total shares outstanding. However, institutional investors also hold a substantial percentage of ownership of U.S.-listed shipping firms, whose effects on firm performance have not been examined previously in the literature. Results reveal a negative relationship between the percentage of institutional ownership and firm performance, which is primarily attributed to non-strategic rather than strategic institutional investors. This result survives a set of panel data estimators which take into account the presence of dynamic endogeneity in the relationship examined.||URI:||http://ktisis.cut.ac.cy/handle/10488/13669||ISSN:||1464-5254||DOI:||10.1080/03088839.2019.1584408||Rights:||© 2019 Informa UK Limited, trading as Taylor & Francis Group.||Type:||Article|
|Appears in Collections:||Άρθρα/Articles|
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