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| Title | Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom |
| Creator | 徐政義 Shiu, Cheng-Yi;Nguyen, Nghia Huu |
| Contributor | 國貿系 |
| Key Words | Stewardship; Institutional investors; Monitoring; Corporate Governance |
| Date | 2022-06 |
| Date Issued | 8-May-2024 10:48:19 (UTC+8) |
| Summary | 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 |
| Type | article |
| DOI | https://doi.org/10.1016/j.mulfin.2022.100732 |
| dc.contributor | 國貿系 | |
| dc.creator (作者) | 徐政義 | |
| dc.creator (作者) | Shiu, Cheng-Yi;Nguyen, Nghia Huu | |
| dc.date (日期) | 2022-06 | |
| dc.date.accessioned | 8-May-2024 10:48:19 (UTC+8) | - |
| dc.date.available | 8-May-2024 10:48:19 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-May-2024 10:48:19 (UTC+8) | - |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/151134 | - |
| dc.description.abstract (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. | |
| dc.format.extent | 108 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Journal of Multinational Financial Management, Vol.64, Article No: 100732 | |
| dc.subject (關鍵詞) | Stewardship; Institutional investors; Monitoring; Corporate Governance | |
| dc.title (題名) | Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.mulfin.2022.100732 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.mulfin.2022.100732 |