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Title: The effect of institutional ownership on firm performance: the case of U.S.-listed shipping companies
Authors: Tsouknidis, Dimitris 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Dynamic endogeneity;Dynamic panel data;Firm performance;Institutional ownership;U.S. listed shipping companies
Issue Date: 4-Jul-2019
Source: Maritime Policy and Management, 2019, vol. 46, no. 5, pp. 509-528
Volume: 46
Issue: 5
Start page: 509
End page: 528
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.
ISSN: 1464-5254
DOI: 10.1080/03088839.2019.1584408
Rights: © Taylor & Francis
Type: Article
Affiliation : Cyprus University of Technology 
Appears in Collections:Άρθρα/Articles

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