Article2022

The Mediating Effect of Internal Control for the Impact of Institutional Shareholding on Corporate Financial Performance*

17 citations0/0 files storedAsia-Pacific Journal of Financial Studies

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Abstract This study analyzes the mediating effect of internal control (IC) on corporate financial performance from an information economics perspective. The results show that effective IC has a significant mediating effect for institutional shareholding to improve financial performance. The mediating mechanism of IC is not reflected for institutional holdings other than Pressure‐resistant institutions. In addition, the magnitude of the mediating effect of IC for Stable long‐term institutional shareholding to improve financial performance is higher than that for Transactional short‐term institutional shareholding. Finally, this study provides some recommendations regarding strengthening the synergistic mechanism of external and internal governance on improving financial performance.

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References

2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting 2007The Colors of Investors' Money: The Role of Institutional Investors Around the World 2003Institutional Investors and Executive Compensation 2007Monitoring: Which institutions matter?2010Does governance travel around the world? Evidence from institutional investors 1988Ownership structure and voting on antitakeover amendments 2016Behind the Scenes: The Corporate Governance Preferences of Institutional Investors

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