Pregledni rad
INSTITUTIONAL OWNERSHIP AND CORPORATE VALUE: EVIDENCE FROM KARACHI STOCK EXCHANGE (KSE) 30-INDEX PAKISTAN
Safdar Hussain Tahir
orcid.org/0000-0002-2186-1518
; Government College University Aisalabad, Pakistan
Sažetak
The study aims to explore the relationship between institutional ownership and firm performance. To obtain the targeted objectives, the required data, ranging from 2008 to 2013 were collected from annual reports and financial statements of concerned firms. Such type of data contains endogeneity problems. In order to deal with endogeneity problem, Durbin-Wu-Houseman test was applied. Among many advance econometric techniques, OLS and 2SLS were found appropriate to estimate the coefficient of interest. Institutional ownership being endogenous variable was found significantly and positively related with firm performance. Firm performance was found negatively related with debt ratio and fix expenditures. Finally it was found that institutional investors take more interest in firms having higher dividend payout ratio.
Ključne riječi
Institutional ownership; Firm performance; Agency Problem; Endogeneity; DW and 2SLS
Hrčak ID:
144013
URI
Datum izdavanja:
30.6.2015.
Posjeta: 4.436 *