2013
DOI: 10.1108/emjb-07-2013-0036
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Foreign ownership and financial information

Abstract: Purpose -The purpose of this paper is to examine the foreign ownership patterns in local stocks in an emerging capital market, i.e. the Istanbul stock exchange (ISE), to derive insights into the linkage between foreign investors' equity-level preferences and the information provided by the corresponding firm's financial statements. Design/methodology/approach -The data consists of foreign ownership share in non-financial stocks over the period 2004-2008 in the ISE. Given the time-series cross-sectional span of… Show more

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Cited by 8 publications
(8 citation statements)
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“…More deeply, domestic institutions pay more attention to highly performing firms (panel B1), while foreign institutions are likely to invest more heavily in large-cap stocks that exhibit lower risk of bankruptcy (Ko et al , 2007) but low performing stocks (panel C1) (consistent with Gompers and Metrick, 2001 and Gillan and Starks, 2003). Overall, the results suggest evidence on the information asymmetry hypothesis between domestic and foreign institutional investors and, thereby, provide useful insights into the equity home bias puzzle (Bolak et al , 2013). As for large shareholders including blockholders and the top largest shareholders, our findings provide evidence that they have tendency to enlarge their stake in leveraged firms).…”
Section: Resultsmentioning
confidence: 69%
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“…More deeply, domestic institutions pay more attention to highly performing firms (panel B1), while foreign institutions are likely to invest more heavily in large-cap stocks that exhibit lower risk of bankruptcy (Ko et al , 2007) but low performing stocks (panel C1) (consistent with Gompers and Metrick, 2001 and Gillan and Starks, 2003). Overall, the results suggest evidence on the information asymmetry hypothesis between domestic and foreign institutional investors and, thereby, provide useful insights into the equity home bias puzzle (Bolak et al , 2013). As for large shareholders including blockholders and the top largest shareholders, our findings provide evidence that they have tendency to enlarge their stake in leveraged firms).…”
Section: Resultsmentioning
confidence: 69%
“…In addition, foreign institutional blockholders exhibit preference for more visible firms consistent with Gompers and Metrick (2001), Ko et al (2007) and Bolak et al (2013) and tend to overweight their portfolio with large-cap stocks. Moreover, we fail to provide evidence of any significant differences in ownership variables among industries (manufacturing, services and technology).…”
Section: Resultsmentioning
confidence: 99%
“…Furthermore, the measurement of variables in the study aims to operationalize each research variable. Institutional ownership was adopted from Velury et al (2003), Managerial ownership adopted Pratama (2013), Board of Commissioners' size adopted Ujiyantho & Pramuka (2007), and Debt adopted (Bolak & Suer, 2013). Data analysis method in this study uses logistic regression.…”
Section: Methodsmentioning
confidence: 99%
“…Leverage. Leverage didefinisikan sebagai leverage keuangan yang mengukur seberapa besar perusahaan menggunakan hutang dalam membiayai assetnya.Leveragediukur menggunakan rasio total kewajiban terhadap total aset (Bolak et al,, 2013) e. Ukuran Perusahaan. Ukuran perusahaan adalah indikasi besar atau kecilnya perusahaan yang dilihat dari total aset yang dimiliki.…”
Section: Metodeunclassified