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Institutional Ownership - the Anonymous Capital: Corporate Governance and Investment Performance
Jönköping University, Jönköping International Business School, JIBS, Economics.
2008 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This thesis consists of five separate essays and an introductory chapter, The essays can be read independently from each other, but they are all in the field of corporate governance and investment performance. Specifically, the focus is on the role of institutional owners in the conflict between controlling shareholders and minority owners. The essays mainly contribute to the empirical literature on corporate governance and investment performance. In four of the five essays, panel data methods are used in the empirical investigation.

The first essay investigates time and industry specific factors in the evaluation of firms’ investment performance, measured by marginal q. Significant differences in valuation is found between firms, depending on the market sentiments and industry affiliation. The second essay focuses on the role of institutional owners in relation to firms’ investment performance. Institutional owners are found to have a positive influence on firms’ investment performance. By studying a large panel of Swedish listed firms the essay also provides evidence on the relationship between control enhancing mechanism, such as vote-differentiated shares, and investment performance.  The third essay looks at the role of institutional owners from the perspective of dividend policy. It is shown that institutional owners demand higher dividends to compensate for aggravated agency conflicts due to vote-differentiated shares. The fourth essay investigates the performance of European firms from a long run perspective. Firm profits converge over time, but this convergence is incomplete. Investment in R&D is put forward as an explanation for persistent profits above the norm. The fifth and last essay looks at individual mutual funds and specifically how to measure risk-adjusted performance. The results show that Swedish bond funds underperform their benchmark, even when risk-adjusted to the same level of risk.

Place, publisher, year, edition, pages
Jönköping: ARK Tryckaren ab , 2008. , p. 181
Series
JIBS Dissertation Series ; 048
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-11479ISBN: 9189164865 (print)OAI: oai:DiVA.org:hj-11479DiVA, id: diva2:289613
Public defence
(English)
Available from: 2010-01-25 Created: 2010-01-25 Last updated: 2010-01-25Bibliographically approved
List of papers
1. Institutional Ownership and Dividends
Open this publication in new window or tab >>Institutional Ownership and Dividends
2009 (English)In: The Modern Firm, Corporate Governance and Investment / [ed] Bjuggren, P-O., and Mueller D. C., Cheltenham: Edward Elgar , 2009, p. 225-252Chapter in book (Other (popular science, discussion, etc.))
Place, publisher, year, edition, pages
Cheltenham: Edward Elgar, 2009
Series
New perspectives on the modern corporation
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-11476 (URN)9781848442252 (ISBN)
Available from: 2010-01-25 Created: 2010-01-25 Last updated: 2010-03-11Bibliographically approved
2. Risk-Adjusted Performance of Swedish Bond Funds in the Years 2000-2003: An Application of the Modigliani-measure
Open this publication in new window or tab >>Risk-Adjusted Performance of Swedish Bond Funds in the Years 2000-2003: An Application of the Modigliani-measure
2006 (English)In: Corporate Ownership & Control, ISSN 1727-9232, Vol. 4, no 1, p. 284-292Article in journal (Refereed) Published
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-5413 (URN)
Available from: 2008-03-19 Created: 2008-03-19 Last updated: 2010-01-25Bibliographically approved
3. Industry Specific Effects in Investment Performance and Valuation of Firms
Open this publication in new window or tab >>Industry Specific Effects in Investment Performance and Valuation of Firms
2008 (English)In: Empirica, ISSN 0340-8744, E-ISSN 1573-6911, Vol. 35, no 3, p. 279-291Article in journal (Refereed) Published
Keywords
Corporate Governance, Marginal q
National Category
Economics and Business
Identifiers
urn:nbn:se:hj:diva-2477 (URN)
Available from: 2007-06-12 Created: 2007-06-12 Last updated: 2017-12-12Bibliographically approved
4. Persistence of Profits and the Systematic Search for Knowledge
Open this publication in new window or tab >>Persistence of Profits and the Systematic Search for Knowledge
2006 (English)Conference paper, Published paper (Other academic)
Identifiers
urn:nbn:se:hj:diva-5424 (URN)
Available from: 2008-03-19 Created: 2008-03-19 Last updated: 2010-01-25Bibliographically approved
5. Institutional Owners and Firm Performance: the Impact of Ownership categories on Investments
Open this publication in new window or tab >>Institutional Owners and Firm Performance: the Impact of Ownership categories on Investments
2007 (English)Conference paper, Published paper (Other academic)
Identifiers
urn:nbn:se:hj:diva-5438 (URN)
Available from: 2008-03-19 Created: 2008-03-19 Last updated: 2010-01-25Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf