Do institutional investors unbind firm financial constraints? Evidence from emerging markets
Using firm-level information for 11 large emerging economies for the 2003-2014 period, this article analyses the impact of firm investment ratio depending on the presence of institutional ownership and the effects of institutional investor heterogeneity on firm financial constraints. Results show th...
- Autores:
-
Alvarez, Roberto
Jara Bertín, Mauricio
Pombo Vejarano, Carlos
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2016
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/8697
- Acceso en línea:
- http://hdl.handle.net/1992/8697
- Palabra clave:
- Institutional investors
Corporate governance
Financial constraints
Emerging markets
Inversiones de capital
Capitalistas
Gobierno corporativo
Mercados emergentes
C20, G00, G20, G30
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Alvarez, Roberto379edf5b-b268-43bd-a6ae-e8a55c1cf075600Jara Bertín, Mauricio79c24d71-66b8-4453-a984-6a63d110033c600Pombo Vejarano, Carlos98856002018-09-27T16:56:01Z2018-09-27T16:56:01Z20161657-5334http://hdl.handle.net/1992/86971657-719110.57784/1992/8697instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Using firm-level information for 11 large emerging economies for the 2003-2014 period, this article analyses the impact of firm investment ratio depending on the presence of institutional ownership and the effects of institutional investor heterogeneity on firm financial constraints. Results show that the presence of institutional ownership reduces firm cash flow sensitivity for restricted samples using size and the Kaplan and Zingales index. Investor heterogeneity regressions show that independent and foreign institutional investors reduce firm financial constraints explained by direct investor activism, lower monitoring costs and better corporate governance in particular across small and medium-size firms.Usando información a nivel de firma para 11 grandes economías emergentes durante el período 2003-2014, este artículo analiza el impacto que tiene la tasa de inversión de la firma en la presencia de propiedad institucional, y los efectos de la heterogeneidad de los inversionistas institucionales en las limitaciones financieras de las firmas. Los resultados muestran que la presencia de propiedad institucional reduce la sensibilidad de los flujos de caja para muestras restringidas, usando tamaño y los índices Kaplan y Zingales. Las regresiones acerca de la heterogeneidad de los inversionistas muestran que los inversionistas institucionales extranjeros e independientes reducen las limitaciones financieras a través de activismo inversionista directo, disminuyendo así los costos de monitoreo y mejorando la calidad del gobierno corporativo, en particular a través de firmas de pequeño y mediano tamaño.47 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 30 Septiembre de 2016https://ideas.repec.org/p/col/000089/015114.htmlDo institutional investors unbind firm financial constraints? Evidence from emerging markets¿Reducen los inversionistas institucionales las restricciones financieras de las firmas? Evidencia de mercados emergentesDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPInstitutional investorsCorporate governanceFinancial constraintsEmerging marketsInversiones de capitalCapitalistasGobierno corporativoMercados emergentesC20, G00, G20, G30Facultad de EconomíaPublicationORIGINALdcede2016-30.pdfdcede2016-30.pdfapplication/pdf1014260https://repositorio.uniandes.edu.co/bitstreams/a0287c74-fd02-4ab7-86ad-27e74c2ece23/download4f31f3adb915c9dfbd62ca4a4e1cfd9bMD51THUMBNAILdcede2016-30.pdf.jpgdcede2016-30.pdf.jpgIM Thumbnailimage/jpeg33432https://repositorio.uniandes.edu.co/bitstreams/b8d64614-6a0b-4625-b10a-411d6b2b27b8/downloadf603c05add96df08eb0a05033a89127bMD55TEXTdcede2016-30.pdf.txtdcede2016-30.pdf.txtExtracted texttext/plain106049https://repositorio.uniandes.edu.co/bitstreams/83ea7f15-aed7-4e13-81d2-cdceb52d96cf/download7832e444c85284a35b7904c50b06e468MD541992/8697oai:repositorio.uniandes.edu.co:1992/86972024-06-04 15:11:12.572http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |
| dc.title.none.fl_str_mv |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| dc.title.alternative.none.fl_str_mv |
¿Reducen los inversionistas institucionales las restricciones financieras de las firmas? Evidencia de mercados emergentes |
| title |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| spellingShingle |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets Institutional investors Corporate governance Financial constraints Emerging markets Inversiones de capital Capitalistas Gobierno corporativo Mercados emergentes C20, G00, G20, G30 |
| title_short |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| title_full |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| title_fullStr |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| title_full_unstemmed |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| title_sort |
Do institutional investors unbind firm financial constraints? Evidence from emerging markets |
| dc.creator.fl_str_mv |
Alvarez, Roberto Jara Bertín, Mauricio Pombo Vejarano, Carlos |
| dc.contributor.author.none.fl_str_mv |
Alvarez, Roberto Jara Bertín, Mauricio Pombo Vejarano, Carlos |
| dc.subject.keyword.none.fl_str_mv |
Institutional investors Corporate governance Financial constraints Emerging markets |
| topic |
Institutional investors Corporate governance Financial constraints Emerging markets Inversiones de capital Capitalistas Gobierno corporativo Mercados emergentes C20, G00, G20, G30 |
| dc.subject.armarc.none.fl_str_mv |
Inversiones de capital Capitalistas Gobierno corporativo Mercados emergentes |
| dc.subject.jel.none.fl_str_mv |
C20, G00, G20, G30 |
| description |
Using firm-level information for 11 large emerging economies for the 2003-2014 period, this article analyses the impact of firm investment ratio depending on the presence of institutional ownership and the effects of institutional investor heterogeneity on firm financial constraints. Results show that the presence of institutional ownership reduces firm cash flow sensitivity for restricted samples using size and the Kaplan and Zingales index. Investor heterogeneity regressions show that independent and foreign institutional investors reduce firm financial constraints explained by direct investor activism, lower monitoring costs and better corporate governance in particular across small and medium-size firms. |
| publishDate |
2016 |
| dc.date.issued.none.fl_str_mv |
2016 |
| dc.date.accessioned.none.fl_str_mv |
2018-09-27T16:56:01Z |
| dc.date.available.none.fl_str_mv |
2018-09-27T16:56:01Z |
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Documento de trabajo |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/resource_type/c_8042 |
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Text |
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https://purl.org/redcol/resource_type/WP |
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http://purl.org/coar/resource_type/c_8042 |
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1657-5334 |
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http://hdl.handle.net/1992/8697 |
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1657-7191 |
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10.57784/1992/8697 |
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reponame:Repositorio Institucional Séneca |
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http://hdl.handle.net/1992/8697 |
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eng |
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eng |
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Documentos CEDE No. 30 Septiembre de 2016 |
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https://ideas.repec.org/p/col/000089/015114.html |
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47 páginas |
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application/pdf |
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Universidad de los Andes, Facultad de Economía, CEDE |
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Universidad de los Andes, Facultad de Economía, CEDE |
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