The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments
Abstract
While financial institutions' aggregate investments have grown substantially worldwide, the size of their individual shareholdings, and ultimately their incentive to monitor, may be limited by the free‐rider problem, regulations, and a preference for diversification and liquidity. We compare institutions' shareholding patterns across countries and find vast differences in the extent to which they are large shareholders. These variations are largely determined by macro corporate governance factors such as shareholder protection, law enforcement, and corporate disclosure requirements. This suggests that strong governance environments act to strengthen monitoring ability such that more institutions are encouraged to hold concentrated equity positions.
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Citations
Cites
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Cited by
The colors of investors’ money: The role of institutional investors around the world
Ferreira, M. A., & Matos, P. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.003 · Cited by 1,975
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
Masulis, R. W., Pham, P. K., & Zein, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr052 · Cited by 523
Self-citationDoes Governance Travel around the World? Evidence from Institutional Investors
Aggarwal, R., Erel, I., Ferreira, M. A., & Matos, P. P. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1361143 · Cited by 365
Metadata
- Authors
- LI, D., MOSHIRIAN, F., PHAM, P. K., & ZEIN, J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-12
- Volume
- 61
- Issue
- 6
- Pages
- 2975-3007
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3123468565
- Cited by
- 227
- References
- 3
- FWCI
- 39.87
- Type
- journal article
- Language
- en
- Open access
- closed
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- LI, D., MOSHIRIAN, F., PHAM, P. K., & ZEIN, J. (2006). When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.01009.x
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