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 article |
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) |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
EM_1_2019_12.pdf | Plný text | 1,14 MB | Adobe PDF | View/Open |
Please use this identifier to cite or link to this item:
http://hdl.handle.net/11025/33684
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.