| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 1010349 | International Journal of Hospitality Management | 2007 | 14 Pages |
Abstract
This study examined the relationship between institutional ownership and firm performance in the casino industry from 1999–2003. Given the evidence of the endogeneity of institutional ownership in the casino industry, institutional ownership was found to be a significant and positive determinant of casino firm performance as measured by a proxy for Tobin's Q in a simultaneous equations system. This study reveals that investing institutionally in casino firms may help casino industry investors mitigate the agency problem caused by the separation of management from ownership. In addition, financial institutions tend to invest in larger casino firms with lower financial leverage.
Related Topics
Social Sciences and Humanities
Business, Management and Accounting
Strategy and Management
Authors
Henry Tsai, Zheng Gu,