| Author: | Yao, Xi |
| Title: | Does shareholder ownership structure matter? Institutional ownership, firm operational efficiency, and its innovativeness |
| Advisors: | Cheng, C. S. Agnes (AF) Jin, Yong Jimmy (AF) |
| Degree: | D.B.A. |
| Year: | 2020 |
| Subject: | Stock ownership -- United States Corporate governance Technological innovations -- Management Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | vi, 100 pages |
| Language: | English |
| Abstract: | The function of institutional ownership in corporate governance has always been discussed a lot in academia. Analyzing the data of the listed enterprises in the United States share stock market, this research aims to explore whether institutional ownership would enhance a firm's operational efficiency and ability of innovation and try to explore potentially relevant channels and discuss why and how institutional ownership works. By applying a fixed effect panel data model, this research finds that institutional ownership can greatly enhance the company's operating efficiency. Besides, this result is robust in the regression of operational efficiency calculated using different metrics. Further research finds that institutional ownership can greatly increase an enterprise's research and development (R&D) expenditures. This thesis proposes four theories to explain this phenomenon. Finally, by providing new micro-level evidence that emphasizes the heterogeneity of effect based on different industries and firm characteristics. Above all, this research contributes to the current studies on promoting the understanding of institutional ownership's crucial function. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 5014.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 716.46 kB | Adobe PDF | View/Open |
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