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The impact of institutional ownership on corporate operating performance |
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| Authors: | Marcia Millon Cornett Alan J Marcus Anthony Saunders Hassan Tehranian |
| Institution: | 1. College of Business and Administration, Southern Illinois University, Carbondale, IL 62901, United States;2. Wallace E. Carroll School of Business, Boston College, Chestnut Hill, MA 02467, United States;3. Salomon Center, Stern School of Business, New York University, New York, NY 10020, United States;4. Wallace E. Carroll School of Business, Boston College, Chestnut Hill, MA 02467, United States |
| Abstract: | This paper examines the relation between institutional investor involvement in and the operating performance of large firms. We find a significant relation between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, this relation is found only for a subset of institutional investors: those less likely to have a business relationship with the firm. These results suggest that institutional investors with potential business relations with the firms in which they invest are compromised as monitors of the firm. |
| Keywords: | G30 G34 |
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