Institutional Ownership and Firm Performance: Empirical Evidence from U.S.-Based Publicly Traded Restaurant Firms

Journal of Hospitality and Tourism Research

Volumn 31, Issue 1, 2007, Pages 19-38

  Tsai, Henry ^a   Gu, Zheng ^b  

^a HONG KONG POLYTECHNIC UNIVERSITY   (Hong Kong)

^b UNIVERSITY OF NEVADA   (United States)

Author keywords

firm performance; institutional ownership; ownership endogeneity; restaurant; two stage least squares

Indexed keywords

EID: 59749098427     PISSN: 10963480     EISSN: 15577554     Source Type: Journal    
DOI: 10.1177/1096348006296056     Document Type: Article

References (46)

1. Firm performance and mechanisms to control agency problems between managers and shareholders.Journal of Financial and Quantitative Analysis. 1996;31 (3): 377-397.
2. Board composition, managerial ownership, and firm performance: An empirical analysis.Financial Review. 1998;33 (4): 1-16.
3. Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective.Financial Management. 1994;23 (3): 38-50.
4. The modern corporation and private property. New York: Macmillan; 1932:.
5. Stock price reaction to dividend increases in the hotel and restaurant sector.Journal of Hospitality & Tourism Research. 1999;23 (1): 40-52.
6. Institutional ownership, capital structure, and firm performance.Strategic Management Journal. 1991;12 (7): 479-491.
7. Ownership structure, investment, and the corporate value: An empirical analysis.Journal of Financial Economics. 1998;47 (1): 103-121.
8. Clay, D. G. (2001). Institutional ownership, CEO incentives, and firm value. Unpublished doctoral dissertation, University of Chicago.
9. Liquidity versus control: the institutional investor as corporate monitor.Columbia Law Review. 1991;91 (6): 1277-1368.
10. How do I test endogeneity? How do I perform a Durbin-Wu-Hausman test?. 2004:.
11. Ownership structure and corporate performance: Australian evidence.Pacific-Basin Finance Journal. 1997;5 (3): 301-323.
12. Changes in corporate debt policy: Information asymmetry and agency factors.Managerial Finance. 1996;22 (2): 1-15.
13. Agency problems and the simultaneity of financial decision making: The role of institutional ownership.International Review of Financial Analysis. 1999;8 (2): 177-197.
14. Estimation and inference in econometrics. New York: Oxford University Press; 1993:.
15. The structure of ownership and the theory of the firm.Journal of Law and Economics. 1983;26 (2): 375-390.
16. The structure of corporate ownership: Causes and consequences.Journal of Political Economy. 1985;93 (6): 1155-1177.
17. Ownership structure and corporate performance.Journal of Corporate Finance. 2001;7 (3): 209-233.
18. Intangible assets and firms' disclosures: An empirical investigation.Journal of Business Finance and Accounting. 2002;29 (3/4): 457-476.
19. Corporate governance and equity prices.Quarterly Journal of Economics. 2003;118 (1): 107-155.
20. Institutional ownership and control: Implications for long-term corporate strategy.Academy of Management Executive. 1990;4 (1): 75-83.
21. Analyzing bankruptcy in the restaurant industry: A multiple discriminant model.International Journal of Hospitality Management. 2002;21 (1): 25-42.
22. Managerial stock holdings and firm performance: Empirical evidence from the restaurant industry.International Journal of Hospitality and Tourism Administration. 2001;2 (1): 49-65.
23. Hotel managerial ownership and firm performance: An empirical investigation.Tourism and Hospitality Research. 1999;1 (2): 145-154.
24. The effect of ownership structure on firm performance: Additional evidence.Review of Financial Economics. 1998;7 (2): 143-155.
25. Effects of institutional ownership.MIT Sloan Management Review. 2003;45 (1): 6-7.
26. The effects of board composition and direct incentives on firm performance.Financial Management. 1991;20 (4): 101-112.
27. Understanding the determinants of managerial ownership and the link between ownership and performance.Journal of Financial Economics. 1999;53 (3): 353-384.
28. Were the good old days that good? Evolution of managerial stock ownership and corporate governance since the great depression.Journal of Finance. 1999;54 (2): 435-469.
29. Institutional investor ownership high.Hotel and Motel Management. 2002;217 (18): 22-22.
30. Simultaneous determination of insider ownership, debt and dividend policies.Journal of Financial and Quantitative Analysis. 1992;27 (2): 247-263.
31. Theory of the firm: Managerial behavior, agency costs and ownership structure.Journal of Financial Economics. 1976;3 (4): 305-360.
32. Do investment-cash flow sensitivities provide useful measures of financing constraints?.Quarterly Journal of Economics. 1997;112 (1): 169-215.
33. Foundations of finance: The logic and practice of financial management. Upper Saddle River, NJ: Prentice Hall; 2003:.
34. Effects of firms' relationship-oriented behaviors on financial performance: A case of the restaurant industry.Journal of Hospitality & Tourism Research. 2006;30 (1): 50-75.
35. The relationship between brand equity and firms' performance in luxury hotels and chain restaurants.Tourism Management. 2005;26 (4): 549-560.
36. Executive stock ownership and performance tracking faint traces.Journal of Financial Economics. 1997;45 (2): 223-255.
37. Additional evidence on equity ownership and corporate value.Journal of Financial Economics. 1990;27 (2): 595-612.
38. Management ownership and market valuation: An empirical analysis.Journal of Financial Economics. 1988;20:293-315.
39. Fortune and folly: The wealth and power of institutional investing. Homewood, IL: Richard D. Irvin; 1992:.
40. Analyst following and institutional ownership.Journal of Accounting Research. 1990;28 (3): 55-82.
41. Proxy contests and the efficiency of shareholder oversight.Journal of Financial Economics. 1988;20:237-265.
42. Using multivariate statistics. Needham Heights, MA: Allyn & Bacon; 2001:.
43. Can big owners make a big difference?.Harvard Business Review. 1990;68 (5): 70-82.
44. Form 13F-Reports filed by institutional investment managers. 2004:.
45. The relationship between ownership structure and performance in listed Australian companies.Australian Journal of Management. 2003;28 (3): 287-305.
46. Introductory econometrics: A modern approach. Mason, OH: South-Western; 2003:.