دانلود مقاله ISI انگلیسی شماره 51896
عنوان فارسی مقاله

سرمایه گذاران نهادی، ریسک / عملکرد و اداره امور شرکت

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
51896 2015 22 صفحه PDF سفارش دهید 9490 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Institutional Investors, Risk/Performance and Corporate Governance
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The International Journal of Accounting, Volume 50, Issue 1, March 2015, Pages 31–52

کلمات کلیدی
سرمایه گذاران نهادی؛ حاکمیت شرکتی؛ ریسک و عملکرد
پیش نمایش مقاله
پیش نمایش مقاله سرمایه گذاران نهادی، ریسک / عملکرد و اداره امور شرکت

چکیده انگلیسی

Modern portfolio theory suggests that investors minimize risk for a given level of expected return by carefully choosing the proportions of various assets. This study sets out to determine the role of the institutional investor in monitoring risk and firm performance. Using a sample of Australian firms from 2006 to 2008, our empirical study shows a positive association between firm-specific risk, risk-management policy, and performance for firms with increasing institutional shareholdings. The study also finds that the significance of this association depends on the institutional investor's ability to influence management, which in turn depends on the size of ownership and whether the investee firm does not have potential business dealings with the investor. We also find that when firms are financially distressed, institutional investors engage in promoting short-term performance or exit rather than support long-term value creation. The results are robust while controlling the potential for endogeneity and using sensitivity tests to control for variants of performance and risk. These findings add to the growing body of literature examining institutional ownership and the importance of understanding the role of risk-management in the risk and return relation.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.