Title: Institutional ownership and simultaneity of strategic financial decisions: an empirical analysis in the case of Pakistan stock exchange
Authors: Sadaf, Rabeea
Oláh, Judit
Popp, József
Máté, Domicián
Citation: E+M. Ekonomie a Management = Economics and Management. 2019, roč. 22, č. 1, s. 172-188.
Issue Date: 2019
Publisher: Technická univerzita v Liberci
Document type: článek
URI: http://hdl.handle.net/11025/33684
ISSN: 2336-5604 (Online)
1212-3609 (Print)
Keywords: strategická rozhodnutí;endogenita;institucionální vlastnictví;3SLS
Keywords in different language: strategic decisions;endogeneity;institutional ownership;3SLS
Abstract in different language: The traditional interpretation of corporate finance is characterized by ownership. Although, their rights are widely distributed among individual stockholders, but can be managed by few managers. Hence, conflict of interest is arisen among managers and shareholders and this results in an agency problem (Fama, 1980; Fama & Jensen, 1983). A number of empirical studies also confirmed the ownership concentration of firms, especially those dominated by few large owners or block-holders (La Porta et al., 1999). The concentrated structure of ownership also contributes towards agency conflict between block-holders and minority shareholders. From another perspective, the block-holders can benefit minority shareholders by their role in monitoring managers and also can be hazardous if they strive to achieve their own private goals (Shleifer & Vishny, 1997).
Rights: CC BY-NC 4.0
Appears in Collections:Číslo 1 (2019)
Číslo 1 (2019)

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