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Institutional ownership and returns on investment
Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). The Ratio Institute, Stockholm, Sweden .ORCID iD: 0000-0002-0519-2617
Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Centre of Excellence for Science and Innovation Studies (CESIS). Swedish Entrepreneurship Forum, Stockholm, Sweden .
The Swedish Federation of Business Owners, Stockholm, Sweden .
2016 (English)In: Corporate Ownership & Control, ISSN 1727-9232, E-ISSN 1810-3057, Vol. 13, no 4Cont3, 419-430 p.Article in journal (Refereed) Published
Abstract [en]

This paper examines how institutional investors influence investment decisions and returns on investment. To measure investment performance, we use marginal q, which measures the ratio of the return on investment to the cost of capital. Institutional owners are found to have a positive but marginally diminishing effect on performance. Our paper uses longitudinal data on Swedish firms from 1999 to 2005; during this period, the ownership structure of Swedish firms underwent dramatic changes as institutional investors increased their ownership shares, while ownership by Swedish households decreased. However, controlling owners - who were often founding families - maintained their control of firms by resorting to extensive use of dual-class shares. This was an important determinant of firm performance that eradicated the positive influence of institutional ownership.

Place, publisher, year, edition, pages
2016. Vol. 13, no 4Cont3, 419-430 p.
Keyword [en]
Corporate Governance, Institutions, Marginal Q, Ownership, Performance, Tobin’s Average Q
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-32126ScopusID: 2-s2.0-84988378434OAI: oai:DiVA.org:hj-32126DiVA: diva2:1040653
Available from: 2016-10-28 Created: 2016-10-28 Last updated: 2016-10-28Bibliographically approved

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Bjuggren, Per-OlofEklund, Johan E.
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CiteExportLink to record
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Citation style
  • apa
  • harvard1
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  • vancouver
  • Other style
More styles
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  • de-DE
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  • nn-NO
  • nn-NB
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More languages
Output format
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