دانلود و نمایش مقالات مرتبط با Institutional investors::صفحه 1
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نتیجه جستجو - Institutional investors

تعداد مقالات یافته شده: 21
ردیف عنوان نوع
1 The nexus between capital structure, firm-specific factors, macroeconomic factors and financial performance in the textile sector of Pakistan
رابطه بین ساختار سرمایه ، عوامل خاص شرکت ، عوامل اقتصادی کلان و عملکرد مالی در بخش نساجی پاکستان-2020
The study aimed to analyse the role of the capital structure in the financial performance of 90 textile firms listed in Pakistan Stock Exchange (PSX) during the period 2008–2017. The dependent variable was return on equity as a proxy for financial performance. The independent variables were the debt to equity, total debt to total assets, asset turnover ratios, sales growth, taxation, and export growth, while the firm size was taken as a control variable. The panel regression estimation technique was employed for analysis purposes, and both cross-sectional and time- series data were collected for this study. This study used the random-effect regression estimation model based on the Hausman diagnostic test statistics. The results indicate that the capital structure debt to equity variable has a negative and significant relationship with financial performance while the asset turnover ratio and firm per- formance showed a negative and statistically insignificant relationship. Export growth and sales growth have a considerable positive connection with financial performance; however, firm size has a negative and significant impact on firm performance, in favour of our alternative research hypothesis. The remaining variables include tax payable and the total debt to total assets ratio, which have an insignificant connection with financial performance (ROE) and validate the agency theory. With better corporate governance by putting more pressure on managers or increasing managerial ownership, institutional investors can reduce the capital, leverage risk and the overall firm capital cost that help to improve the firms financial performance and economic stability.
Keywords: Capital structure | Taxation | Exports | Growth | Return on equity (ROE) | Asset turnover | Firm financial performance | Pakistan textile Sector | Pakistan Stock exchange (PSX) | Finance | Corporate finance | Financial economics | Economic growth | Macroeconomics | Microeconomics | Business | Organizational theory | Business management
مقاله انگلیسی
2 Predicting the risk of financial distress using corporate governance measures
پیش بینی خطر پریشانی مالی با استفاده از اقدامات حاکمیت شرکتی-2020
Corporate governance is an important determinant of corporate performance. Poor corporate governance can damage the interests of shareholders, and may lead to business collapse. This paper expands the literature on credit risk management by assessing the effectiveness of aspects of corporate governance for predicting financial distress in a dynamic discrete-time survival analysis model. It is a comprehensive, up-to-date and thorough study, which uses a large range of corporate governance measures, financial ratios and macroeconomic variables in a panel data structure over a 17-year period. Furthermore, the paper addresses the relationship between government ownership and the risk of financial distress in China. The results suggest that although corporate governance alone is not sufficient to accurately predict financial distress, it can add to the predictive power of financial ratios and macroeconomic factors. In addition, the model provides insights into the role of state ownership, independent directors, institutional investors and some personal characteristics of the Chair of the board. Implications are made regarding them and the debt and bankruptcy problem in China and Asia.
Keywords: Corporate governance | Credit risk | Survival analysis | Financial distress | Ownership structure
مقاله انگلیسی
3 Does board governance matter for foreign institutional investors to invest in listed tourism firms?
آیا نظارت بر هیئت برای سرمایه گذاران خارجی سازمانی برای سرمایه گذاری در شرکتهای گردشگری فهرست شده اهمیت دارد؟-2018
Foreign institutional investors perform a critical role in the development of the tourism industry. While board governance is a critical mechanism in firms, few studies have attempted to investigate whether board governance matters when foreign institutional investors buy shares of tourism firms. Based on signaling theory, the current study uses a sample of listed tourism firms in Taiwan. Board size, board independence and director ownership are used as proxies of board governance. Results show that the ownership proportion of foreign institutional investors is higher when tourism firms have a smaller board and higher director ownership. These results offer theoretical and practical implications for researchers and practitioners.
keywords: Foreign institutional investors |Board size |Board independence |Director ownership |Tourism firms
مقاله انگلیسی
4 Does CEO bias escalate repurchase activity?
آیا تمایل CEO فعالیت بازخرید را متشنج می کند؟-2018
We propose and test the hypothesis that overconfident-CEOs, with upwardly-biased estimates of own firm-value, are more predisposed to repurchasing stock. An implication is that the stock-market, recognizing overconfident-CEO behavior, will react less positively to repurchase announcements. The hypothesis is strongly supported: Overconfident managers repurchase stock at lower levels of cash holdings, and respond more to stock-price declines. Entrenchment exacerbates this behavior. Interestingly, institutional investors appear to encourage repurchases, perhaps to curb excessive investment. Overconfident-CEOs are also more likely to substitute repurchases for dividends or capital expenditure. Consistent with our hypothesis, the stock-market reaction to these share repurchase announcements is less positive.
keywords: Overconfidence |Repurchases |Dividend-repurchase substitution |Investment-repurchase substitution |Corporate governance
مقاله انگلیسی
5 Hedge fund vs: non-hedge fund institutional demand and the book-to-market effect
سرمایه های مزایده ای دربرابر تقاضای سرمایه ای سازمانی غیر مزایده ای و تاثیر کتاب بر بازار-2018
Recent studies have documented that institutional investors trade contrary to the predictions of the book-to market anomaly. We examine whether a prominent sub-group of institutional investors, namely hedge funds, differ from other institutions in terms of their trading behavior with respect to the book-to-market effect. We find that hedge funds significantly alter their trading preferences with respect to growth and value stocks, after book-to-market values become public information. More importantly, we show that hedge funds are better able to identify overpriced growth stocks compared to other institutions. Our results contribute to the literature on institutional investors’ trading with respect to stock return anomalies.
keywords: Book-to-market effect |Institutional demand |Hedge funds
مقاله انگلیسی
6 Institutional and individual investors: Saving for old age
سرمایه گذاران سازمانی و فردی: ذخیره سازی برای دوران پیری-2018
This paper brings together the academic literature on individual and institutional investors in order to understand the nature of difficulties faced by them and set the background for the Special Issue. This introductory article and the papers in the Special Issue contribute to the debate on how to support individuals in their savings commitments and investment decision-making and whether and how institutional investors have fulfilled their role in supporting the development of the funded pension industry. There are three main conclusions: (i) individual investors are not ready for the role that has been assigned to them in the pension industry, (ii) institutional investors are a long way short of establishing healthy relational contracts and trustworthy relationships with their clients, and (iii) more effective regulation may be needed.
keywords: Institutional investors |Individual investors |Pension funds |Defined benefits |Defined contributions |Retirement investments
مقاله انگلیسی
7 Skill or effort? Institutional ownership and managerial efficiency
مهارت یا تلاش؟ مالکیت سازمانی و کارآمدی مدیریتی-2018
Using a sample of U.S. firms during the 1989–2015 period, we study whether the efficiency with which managers generate revenue is sensitive to monitoring by institutional shareholders. We find that institutional ownership is positively related to managerial efficiency. Our identification relies on a discontinuity in ownership around the Russell 1000/2000 Index threshold and suggests that the positive effect of institutional ownership on managerial efficiency is causal. Furthermore, we document that monitoring by institutions helps improve managerial efficiency, and that an exogenous increase in institutional ownership leads to higher pay-for-performance sensitivity. Finally, we find consistent results after excluding from our sample forced CEO turnovers, suggesting that institutional shareholders force incumbent managers to exert greater effort rather than influence the replacement of less efficient CEOs. Taken together, our findings highlight the important role played by institutional shareholders in getting the most out of corporate executives.
keywords: Managerial efficiency |Managerial ability |Institutional investors |Agency conflict
مقاله انگلیسی
8 The impact of share pledging regulations on stock trading and firm valuation
تاثیر مقررات ضمانت های مشترک روی تجارت سهامی و ارزش گذاری شرکت-2018
Previous research suggests that insiders’ shareholding pledges are associated with agency problems. However, the ways investors evaluate and react to such behaviors are less clear. By investigating stock market reactions to three regulatory changes related to share pledging in Taiwan, this study shows that firms whose directors make share pledges experience significantly higher stock returns around these events, compared with those without such directors. Institutional investors increase their shareholdings of pledging (i.e., less compliant) firms after the passage of the 2011 amendment to the Company Act, indicating that reduced agency problems increase institutions’ willingness to hold shares of less compliant firms. The results for stock trading and firm valuation also are more significant for firms with controlling shareholders, which are more likely to be expropriated. These results are consistent with the alignment hypothesis, in which firms that are less compliant with the rules benefit more from legislative changes. They also offer important implications, by showing how adjusting legal regulations can help improve investor protections.
keywords: Institutional investment |Investor protection regulation |Ownership structure |Share pledges
مقاله انگلیسی
9 Corporate governance and default risk in financial firms over the post-financial crisis period: International evidence
حاکمیت شرکتی و پیش فرض خطر در شرکت های مالی در دوره بحران پس از بحران: شواهد بین المللی -2018
This paper investigates the relationship between default risk and corporate governance for financial firms in 28 countries outside of North America in the post-financial crisis period, where default risk is measured by both credit default swap (CDS) spreads and estimated by a Merton-type model. Reduced default risk helps the stock market rebound during the post-crisis period. Both internal governance variables, including institutional and insider ownership, board composition and CEO power, and external regulatory factors, are exam ined and they show significant effect on default risk. In addition, the impacts of various governance variables are continent-specific: they have a higher impact on default risk for Asian firms than for European firms. Regulatory factors are important moderators of the governance mechanisms for banks: higher Tier 1 capital ratios reduce both CDS and fundamental default risk; recipients of secret emergency loans from the US Federal Reserve System (the Fed) exhibit lower CDS spreads post-crisis but higher fundamental default probabilities.
Keywords: Institutional investors ، Default risk ، Corporate governance
مقاله انگلیسی
10 Are institutional investors with multiple blockholdings effective monitors?
آیا سرمایه گذاران سازمانی با بلک هلدینگ های چندگانه ناظرانی موثر هستند؟-2018
We examine whether institutions’ monitoring effectiveness is related to the number of their blockholdings. We find that the number of blocks that a firms large institutions hold is positively associated with forced chief executive officer (CEO) turnover-performance sensitivity, abnormal returns around forced CEO turnover announcements and 13D filings, and changes in firm value. These results are particularly evident when institutions have multiple blockholdings in the same industry, when they have activism experience, or when they have long-term blockholdings in their portfolio firms. Our results suggest that information advantages and governance experience obtained from multiple blockholdings are important channels through which institutions perform effective monitoring.
keywords: Corporate governance |Institutional investors |Multiple blockholdings |Monitoring |Experience
مقاله انگلیسی
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