Article2007

Institutional Ownership and Firm Performance: Empirical Evidence from U.S.-Based Publicly Traded Restaurant Firms

55 citations0/0 files storedJournal of Hospitality & Tourism Research

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This study examined the impact of institutional ownership on firm performance in the restaurant industry during 1999-2003. Taking into consideration the endogeneity of ownership structure, the relationship between the two was investigated in a simultaneous framework, and institutional ownership was found to be a significant and positive determinant of firm performance measured by proxy Q. In the meantime, financial institutions tend to invest in better performing, larger, and more profitable restaurant firms with lower financial leverage. Results support a positive endogenous relationship between institutional ownership and firm performance in the restaurant industry.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1933The Modern Corporation and Private Property 1988Management ownership and market valuation 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?1985The Structure of Corporate Ownership: Causes and Consequences 2003Corporate Governance and Equity Prices 1990Additional evidence on equity ownership and corporate value 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders

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