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dc.contributor.authorMuniandy, Puspa
dc.contributor.authorTanewski, George
dc.contributor.authorJohl, Shireenjit K
dc.date.accessioned2021-10-12T02:52:56Z
dc.date.available2021-10-12T02:52:56Z
dc.date.issued2016
dc.identifier.issn0927-538X
dc.identifier.doi10.1016/j.pacfin.2016.01.001
dc.identifier.urihttp://hdl.handle.net/10072/408878
dc.description.abstractThis paper examines whether the presence of institutional investors in Australian publicly listed firms has an impact on firm performance. Our findings provide evidence that institutional investors are not a homogenous group of investors and that it is important to distinguish them by investment objective and their monitoring ability to exert influence. Results show that while institutional investors taken as a homogenous group appear to play an important governance role in terms of future firm performance, our analyses of the three broad typologies of institutional investors and by their respective sub-categories reveal differing conclusions. While pressure-resistant institutional investors (i.e., independent and having only investment relationship) significantly improve the short-term performance of Australian listed firms, they do not show any long-term monitoring ability. The impact of pressure-sensitive institutional investors is less clear, which is consistent with the view that these investors have some existing and potential business ties with the investee firms. More interestingly, we find that “faceless” investors via nominee and trustee institutions play an important monitoring role in creating a long-term firm value. Results have policy implications on the monitoring abilities of institutional investors in Australia.
dc.description.peerreviewedYes
dc.languageEnglish
dc.publisherELSEVIER
dc.relation.ispartofpagefrom266
dc.relation.ispartofpageto288
dc.relation.ispartofjournalPacific-Basin Finance Journal
dc.relation.ispartofvolume40
dc.subject.fieldofresearchAccounting, auditing and accountability
dc.subject.fieldofresearchBanking, finance and investment
dc.subject.fieldofresearchcode3501
dc.subject.fieldofresearchcode3502
dc.subject.keywordsSocial Sciences
dc.subject.keywordsBusiness, Finance
dc.subject.keywordsBusiness & Economics
dc.subject.keywordsInstitutional investors
dc.subject.keywordsOwnership structure
dc.titleInstitutional investors in Australia: Do they play a homogenous monitoring role?
dc.typeJournal article
dc.type.descriptionC1 - Articles
dcterms.bibliographicCitationMuniandy, P; Tanewski, G; Johl, SK, Institutional investors in Australia: Do they play a homogenous monitoring role?, Pacific-Basin Finance Journal, 2016, 40, pp. 266-288
dc.date.updated2021-10-12T02:46:56Z
gro.hasfulltextNo Full Text
gro.griffith.authorJohl, Shireenjit


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