政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/151134

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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

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题名:	Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom
作者:	徐政義 Shiu, Cheng-Yi;Nguyen, Nghia Huu
贡献者:	國貿系
关键词:	Stewardship;Institutional investors;Monitoring;Corporate Governance
日期:	2022-06
上传时间:	2024-05-08 10:48:19 (UTC+8)
摘要:	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.
關聯:	Journal of Multinational Financial Management, Vol.64, Article No: 100732
数据类型:	article
DOI 連結:	https://doi.org/10.1016/j.mulfin.2022.100732
DOI:	10.1016/j.mulfin.2022.100732
显示于类别:	[國際經營與貿易學系 ] 期刊論文

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