Bibliometric study of institutional ownership
The bibliometric analysis is an efficient technique for carrying out quantitative analysis of academic work to discuss publication patterns in a particular research area by analyzing existing papers. The paper aims to examine the institutional ownership literature to evaluate its development and identify the publication pattern. The author used bibliometric techniques and display a review that brings together academic work categorized in finance, business, accounting management, etc. All research publications on institutional ownership were found using a specialized search system in the Scopus database. The literature search includes journal articles, conferences, book chapters, reviews, and other materials published between 1953 and 2020. The following keywords were used in the initial search to identify international academic publications in the research topic: “institutional ownership and institutional investment”. The results indicate that starting in 1953, as recorded in Scopus as the first duplication, the number of papers published and cited in the literature about institutional ownership research increased very slowly for the next seven years until 2009. Then there was a significant increase from 2010 to 2020; This result could be due to the fact that institutional investors have recently become an essential factor in many current hot topics such as sustainability, innovation, best corporate governance practices, corporate monitoring, and innovation. The global financial crisis could also be one of the reasons for this upward trend. Authors’ collaboration in this field is powerful, both at the international and national level. Wang J. took first place as the essential authors with the highest number of publications and weight of citations, and Shleifer, A as the highest weight of citations. In terms of country co-authorship, United Kingdom, United States, Australia, Canada, and China are the most impactful countries regarding the number of publications and citations. Lastly, according to cited reference analysis, the most often cited reference are Jensen, M.C., Meckling (1976), Shleifer, A. (2007), and Chen, X., (1988). Journal of financial economics and Journal of cooperate finance stood apart from the other journals regarding both citation and total link strength in the journal co-citation network.
The Impact Institutional Ownership On The Firms’ Performance: Evidence From Organization Of Islamic Cooperation (OIC) Countries
The recent spate of corporate failures undermines the credibility of corporate control. Experts from around the world proposed focusing on monitoring management decisions in order to minimize such failure in companies. As a result, corporate ownership structure has become an issue of great concern in increasing management decisions' efficiency and effectiveness. Therefore, the current study investigates the impact of institutional ownership on the performance of OIC (Organization of Islamic Cooperation) firms during 2006 – 2020. The data was collected from Refinitiv Eikon Database and World Bank Database and then analyzed using empirical analysis, which involves a balanced dataset of 6753 observations from 450 firms. The theoretical suggestion of this study is that institutional investors' ability to influence board decisions, to afford the effective monitoring cost, and to involve in active ownership might essentially impact firm performance. Institutional investors, in general, are more powerful and have more resources than individual shareholders. Hence, they can play the mentoring role and further influence the firm's management. However, at the end the theoretical conclusions need empirical analysis to test their validities. Fixed effect panel regression was found the most appropriate technique to estimate the coefficient of interest. Two proxies were employed to measure firms' financial performance, once as ROE and then as ROA. In this analysis, institutional ownership is measured as the percentage of equity, institutional owners' equity shares in total outstanding. Also, a wide range of firms' characteristics and macro factors were employed as controlled variables. These include: (Size, Leverage ratio, dividends payout ratio, Business risk, GDP growth, and inflation). The findings show that institutional ownership is negatively related to firms' performance. Moreover, institutional ownership does not impact performance differently in financial firms, while it positively impacts Islamic firms. Finally, robustness tests were conducted to identify any potential endogeneity problems or sensitivities in the regression models, which indicate the findings are robust.
| Date of Award | 2019 |
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| Original language | American English |
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| Awarding Institution | - HBKU College of Islamic Studies
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