THE EFFECT OF INSTITUTIONAL OWNERS ON VALUE OF COMPANY

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POORZAMANI Z.; KHARIDAR E.

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2014 | Volume:6 | Issue:20 Page(s): 79-89

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Title

THE EFFECT OF INSTITUTIONAL OWNERS ON VALUE OF COMPANY

Author(s)

POORZAMANI Z. | KHARIDAR E. | Issue Writer Certificate

Keywords

DOMINANT OWNERSQ2

INSTITUTIONAL OWNERSQ3

SECOND AND THIRD SIGNIFICANT SHAREHOLDERSQ3

VALUE OF COMPANYQ3

Abstract

Generally, this species is thought that the presence of INSTITUTIONAL OWNERS may lead to changes incorporate behavior. INSTITUTIONAL OWNERS are large investors such as banks, insurance companies, investment companies and pension funds. This study is an attempt to investigate the effects of different types of dominant INSTITUTIONAL OWNERS on the value of the accepted companies in the Tehran stock exchange. To measure the value of firms, Tobin's Q criterion is used as the dependent variable of research. The different types of dominant INSTITUTIONAL OWNERS (banks, investment funds) and the number of large owners (Second and Third Significant Shareholders) in the ownership structure are assumed as explanatory variables and variables such as firms’ size, firms’ leverage and age of the firm also assumed as control variables.For testing the hypotheses, the statistical "panel data" technique was employed. The statistical population included 63 companies during the period 2004 to 2009. The findings reveal a significant positive relationship between the dominant INSTITUTIONAL OWNERS and firms’ value in each of the types of dominant INSTITUTIONAL OWNERS, and the relationship between the level of voting rights in the hands of the SECOND AND THIRD SIGNIFICANT SHAREHOLDERS and firms’ value is significantly positive in dominant INSTITUTIONAL OWNERS of bank and investment fund.

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APA: Copy

POORZAMANI, Z., & KHARIDAR, E.. (2014). THE EFFECT OF INSTITUTIONAL OWNERS ON VALUE OF COMPANY. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 6(20), 79-89. SID. https://sid.ir/paper/200069/en

Vancouver: Copy

POORZAMANI Z., KHARIDAR E.. THE EFFECT OF INSTITUTIONAL OWNERS ON VALUE OF COMPANY. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2014;6(20):79-89. Available from: https://sid.ir/paper/200069/en

IEEE: Copy

Z. POORZAMANI, and E. KHARIDAR, “THE EFFECT OF INSTITUTIONAL OWNERS ON VALUE OF COMPANY,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 6, no. 20, pp. 79–89, 2014, [Online]. Available: https://sid.ir/paper/200069/en

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