Additional factor in asset-pricing: Institutional ownership

Ugurlu-Yildirim, Ecenur; Şendeniz-Yüncü, İlkay

doi:10.1016/j.frl.2020.101697

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Literature Review and Hypothesis Development1

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2021

2024

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“…However, there is little research to study institutional investors' ownership on corporate cash holding. Institutional investors' ownership may influence many aspects of a firm's decision-making, such as corporate governance and capital structure [18] and asset-pricing [19]. Here we focus on one of the-corporate cash holding.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Does Institutional Investor Ownership Influence Corporate Cash Holding?

Jiang¹,

Li²,

Yan³

2021

Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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Based on a sample of Shenzhen and Shanghai Exchange in 2007-2017, this paper examines the effect of institutional investor ownership on corporate cash holding. We establish the fixed effects model to study the relationship between them, and we use robustness checks and derive our results also have the robustness. Moreover, we do the heterogeneity analysis and find the impact of institutional investor ownership on corporate cash holding is more pronounced in firms with non-state-owned and non-Big 4 auditings. Therefore, the empirical results show that the high institutional ownership improves the level of corporate cash holding and this positive effect is more pronounced in non-state-owned enterprises and firms with low audit quality.

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Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%