کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7361778 | 1478893 | 2018 | 63 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Are institutional investors with multiple blockholdings effective monitors?
ترجمه فارسی عنوان
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
We examine whether institutions' monitoring effectiveness is related to the number of their blockholdings. We find that the number of blocks that a firm's 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.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 128, Issue 3, June 2018, Pages 576-602
Journal: Journal of Financial Economics - Volume 128, Issue 3, June 2018, Pages 576-602
نویسندگان
Kang Jun-Koo, Luo Juan, Na Hyun Seung,