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  • Corporate Investment and Institutional Investors

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    86012_1.pdf (442.1Kb)
    Author(s)
    Chung, Richard Yiu-Ming
    Griffith University Author(s)
    Chung, Richard Yiu-Ming
    Year published
    2013
    Metadata
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    Abstract
    This paper examines corporate governance provided by different types of institutional investors on REIT investment decisions and its impact on firm performance. First, we find that property-type Q (firm-specific stock valuation) positively affects REIT investment decisions and such effect is materially influenced by institutional ownerships. Second, we expand Hartzell, Sun, and Titman (2006), and find negative impacts of investments on future REIT performance. We argue that firms over-invest when they see stock prices in their particular sectors are over-valued, and over-investments subsequently depress firm value. We also ...
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    This paper examines corporate governance provided by different types of institutional investors on REIT investment decisions and its impact on firm performance. First, we find that property-type Q (firm-specific stock valuation) positively affects REIT investment decisions and such effect is materially influenced by institutional ownerships. Second, we expand Hartzell, Sun, and Titman (2006), and find negative impacts of investments on future REIT performance. We argue that firms over-invest when they see stock prices in their particular sectors are over-valued, and over-investments subsequently depress firm value. We also find that the over-investment problem is mitigated by corporate governance and monitoring performed by institutional investors.
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    Journal Title
    Corporate Ownership & Control
    Volume
    10
    Issue
    2
    Publisher URI
    http://www.virtusinterpress.org/-Corporate-Ownership-and-Control-.html
    Copyright Statement
    © 2013 VirtusInterpress. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Finance
    Accounting, Auditing and Accountability
    Banking, Finance and Investment
    Business and Management
    Publication URI
    http://hdl.handle.net/10072/54735
    Collection
    • Journal articles

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