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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/151134

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/151134

Title:	Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom
Authors:	徐政義 Shiu, Cheng-Yi;Nguyen, Nghia Huu
Contributors:	國貿系
Keywords:	Stewardship;Institutional investors;Monitoring;Corporate Governance
Date:	2022-06
Issue Date:	2024-05-08 10:48:19 (UTC+8)
Abstract:	Stewardship encourages institutional investors to perform a monitoring function through cooperation and collective action. The United Kingdom was the first country to publish a Stewardship Code. This motivates us to investigate the monitoring role of institutional investors in the UK. We find that institutional ownership has a positive influence on firms' one-year future valuation and quality of corporate governance practices. The positive relationship identified is mainly driven by independent and long-term (ILT) institutional ownership. We additionally demonstrate that acquirers with higher ILT institutional ownership make better acquisition decisions. The performance of cross-border acquisitions does not differ from the performance of domestic deals. Overall, our results are consistent with the view that ILT institutional investors contribute to firm monitoring and promoting sound corporate governance practices, which can be attributed to their long-term investment horizons and arm’s-length relationships with investee companies.
Relation:	Journal of Multinational Financial Management, Vol.64, Article No: 100732
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.mulfin.2022.100732
DOI:	10.1016/j.mulfin.2022.100732
Appears in Collections:	[國際經營與貿易學系 ] 期刊論文

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