Do institutional blockholders influence corporate investment? Evidence from emerging markets

This paper examines the relation between firm investment ratios and institutional blockholder ownership for a sample of 6,300 publicly traded firms of 16 large emerging markets for the 2005-2014 period. Results show that independent, long-term, and local institutional investors boost investment rati...

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Autores:
Alvarez, Roberto
Jara, Mauricio
Pombo Vejarano, Carlos
Tipo de recurso:
Work document
Fecha de publicación:
2017
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/8748
Acceso en línea:
http://hdl.handle.net/1992/8748
Palabra clave:
Institutional investors
Corporate investment
Financial constraints
Corporate governance
Emerging markets
Inversiones institucionales
Mercado de capitales
Mercados emergentes
Gobierno corporativo
C20, G00, G20, G30
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling 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, Mauricio810eaec8-d384-4329-baaf-08b34dd29ea1600Pombo Vejarano, Carlos98856002018-09-27T16:56:41Z2018-09-27T16:56:41Z20171657-5334http://hdl.handle.net/1992/87481657-719110.57784/1992/8748instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper examines the relation between firm investment ratios and institutional blockholder ownership for a sample of 6,300 publicly traded firms of 16 large emerging markets for the 2005-2014 period. Results show that independent, long-term, and local institutional investors boost investment ratios, consistent with the monitoring role and blockholder voice intervention hypotheses. The presence of institutional blockholders, regardless their monitoring involvement, reduces firm cash flow sensitivity ratios and thus decreasing firms' financial constraints.En este trabajo se examina la relación entre la tasa de inversión de las firmas y la propiedad en manos de accionistas institucionales cuando ellos son grandes accionistas y representan bloques de votación (Blockholders), para una muestra de 6.300 empresas que cotizan en bolsa de 16 grandes mercados emergentes para el período 2005-2014. Los resultados muestran que los inversionistas institucionales independientes, de largo plazo y locales aumentan los coeficientes de inversión, de acuerdo con la función de monitoreo y las hipótesis de intervención directa. La presencia de inversionistas institucionales, independientemente de su orientación en realizar un monitoreo directo o de comportarse más pasivamente con las gerencias, reduce de sensibilidad de la inversión del flujo de efectivo -recursos propio líquidos-, disminuyendo de esta forma las restricciones financieras de las empresas.41 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 57 Octubre de 2017https://ideas.repec.org/p/col/000089/015767.htmlDo institutional blockholders influence corporate investment? Evidence from emerging markets¿Los inversionistas institucionales como grandes accionistas influyen en la inversión corporativa? Evidencia de los 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 investmentFinancial constraintsCorporate governanceEmerging marketsInversiones institucionalesMercado de capitalesMercados emergentesGobierno corporativoC20, G00, G20, G30Facultad de EconomíaPublicationTEXTdcede2017-57.pdf.txtdcede2017-57.pdf.txtExtracted texttext/plain91726https://repositorio.uniandes.edu.co/bitstreams/e71b5ec2-c2fe-429f-99a2-03382fa4c4ab/download99afe65b76d7352bd986eecaf2fd581cMD54THUMBNAILdcede2017-57.pdf.jpgdcede2017-57.pdf.jpgIM Thumbnailimage/jpeg11175https://repositorio.uniandes.edu.co/bitstreams/98098506-f800-4101-a8ef-60c48f1db03f/downloadb6e45422b56dcbdac991be8cfe266046MD55ORIGINALdcede2017-57.pdfdcede2017-57.pdfapplication/pdf444757https://repositorio.uniandes.edu.co/bitstreams/e579c577-17d7-4474-994b-5f41bff170b6/download0987a8cce12714f199528dbaa7e4e9d3MD511992/8748oai:repositorio.uniandes.edu.co:1992/87482024-06-04 15:46:16.748http://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 blockholders influence corporate investment? Evidence from emerging markets
dc.title.alternative.none.fl_str_mv ¿Los inversionistas institucionales como grandes accionistas influyen en la inversión corporativa? Evidencia de los mercados emergentes
title Do institutional blockholders influence corporate investment? Evidence from emerging markets
spellingShingle Do institutional blockholders influence corporate investment? Evidence from emerging markets
Institutional investors
Corporate investment
Financial constraints
Corporate governance
Emerging markets
Inversiones institucionales
Mercado de capitales
Mercados emergentes
Gobierno corporativo
C20, G00, G20, G30
title_short Do institutional blockholders influence corporate investment? Evidence from emerging markets
title_full Do institutional blockholders influence corporate investment? Evidence from emerging markets
title_fullStr Do institutional blockholders influence corporate investment? Evidence from emerging markets
title_full_unstemmed Do institutional blockholders influence corporate investment? Evidence from emerging markets
title_sort Do institutional blockholders influence corporate investment? Evidence from emerging markets
dc.creator.fl_str_mv Alvarez, Roberto
Jara, Mauricio
Pombo Vejarano, Carlos
dc.contributor.author.none.fl_str_mv Alvarez, Roberto
Jara, Mauricio
Pombo Vejarano, Carlos
dc.subject.keyword.none.fl_str_mv Institutional investors
Corporate investment
Financial constraints
Corporate governance
Emerging markets
topic Institutional investors
Corporate investment
Financial constraints
Corporate governance
Emerging markets
Inversiones institucionales
Mercado de capitales
Mercados emergentes
Gobierno corporativo
C20, G00, G20, G30
dc.subject.armarc.none.fl_str_mv Inversiones institucionales
Mercado de capitales
Mercados emergentes
Gobierno corporativo
dc.subject.jel.none.fl_str_mv C20, G00, G20, G30
description This paper examines the relation between firm investment ratios and institutional blockholder ownership for a sample of 6,300 publicly traded firms of 16 large emerging markets for the 2005-2014 period. Results show that independent, long-term, and local institutional investors boost investment ratios, consistent with the monitoring role and blockholder voice intervention hypotheses. The presence of institutional blockholders, regardless their monitoring involvement, reduces firm cash flow sensitivity ratios and thus decreasing firms' financial constraints.
publishDate 2017
dc.date.issued.none.fl_str_mv 2017
dc.date.accessioned.none.fl_str_mv 2018-09-27T16:56:41Z
dc.date.available.none.fl_str_mv 2018-09-27T16:56:41Z
dc.type.spa.fl_str_mv Documento de trabajo
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dc.identifier.eissn.none.fl_str_mv 1657-7191
dc.identifier.doi.none.fl_str_mv 10.57784/1992/8748
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
dc.identifier.reponame.spa.fl_str_mv reponame:Repositorio Institucional Séneca
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instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
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url http://hdl.handle.net/1992/8748
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 57 Octubre de 2017
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/015767.html
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
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http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 41 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
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