FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W1560267730> ?p ?o ?g. }

• W1560267730 abstract "This paper examines the revealed preferences of institutional investors for firm policies. I find that institutional investors are a heterogeneous group as they exhibit systematic differences in terms of the financial and investment policies of their shareholdings. The null hypothesis that the preferences for leverage of all institutional investors are the same is strongly rejected both for the raw debt ratios and when the debt ratios are adjusted for industry and firm characteristics. Furthermore, I find an interesting relationship between these revealed preferences and the corporate decisions of the firms they do hold. I find that these preferences are related to subsequent changes in the financial and investment policies of firms. In particular, a firm is more likely to decrease (increase) its leverage ratio if its current leverage is higher (lower) than the aggregated preference of its institutional shareholders. Quantitatively, about 17% of the gap between the firm's current debt ratio and the debt ratio preferred by its institutional shareholders is closed in one year. Similarly, a firm is more likely to increase its investment if its current investment ratio is lower than the preferences of its shareholders. I find systematic evidence that corporate policy changes related to shareholder preferences are more likely to be incorporated when firm managers are more likely to accommodate the preferences of institutional shareholders due to firm characteristics (e.g., smaller and younger firms) or managerial characteristics (CEOs with stronger career concerns, e.g., younger CEOs who do not hold joint CEO-chairman appointments). These corporate policy changes are consistent with an implicit threat of voting with their feet from institutional shareholders: I find evidence that policy changes in the opposite direction of institutional investors' aggregated preference are accompanied by heavier selling activities by current institutional shareholders and negative stock market performance. Overall, the evidence suggests that the (revealed) preferences of institutional shareholders are important determinants of corporate policies." @default.
• W1560267730 created "2016-06-24" @default.
• W1560267730 creator A5000510255 @default.
• W1560267730 date "2010-01-01" @default.
• W1560267730 modified "2023-10-16" @default.
• W1560267730 title "Do Shareholder Preferences Affect Corporate Policies?" @default.
• W1560267730 cites W1516407584 @default.
• W1560267730 cites W1532319077 @default.
• W1560267730 cites W1978031310 @default.
• W1560267730 cites W1980077269 @default.
• W1560267730 cites W1993426893 @default.
• W1560267730 cites W2000300600 @default.
• W1560267730 cites W2000578291 @default.
• W1560267730 cites W2006661389 @default.
• W1560267730 cites W2016020734 @default.
• W1560267730 cites W2020970716 @default.
• W1560267730 cites W2025610165 @default.
• W1560267730 cites W2040460501 @default.
• W1560267730 cites W2051140949 @default.
• W1560267730 cites W2051697130 @default.
• W1560267730 cites W2063313351 @default.
• W1560267730 cites W2071263376 @default.
• W1560267730 cites W2080213483 @default.
• W1560267730 cites W2081113003 @default.
• W1560267730 cites W2096862200 @default.
• W1560267730 cites W2116955982 @default.
• W1560267730 cites W2117399001 @default.
• W1560267730 cites W2127399406 @default.
• W1560267730 cites W2129123189 @default.
• W1560267730 cites W2135241016 @default.
• W1560267730 cites W2144876393 @default.
• W1560267730 cites W2146166809 @default.
• W1560267730 cites W2160860931 @default.
• W1560267730 cites W2582043550 @default.
• W1560267730 cites W2582739879 @default.
• W1560267730 cites W2588636508 @default.
• W1560267730 cites W3121850914 @default.
• W1560267730 cites W3122965193 @default.
• W1560267730 cites W3123208803 @default.
• W1560267730 cites W3123377730 @default.
• W1560267730 cites W3123413558 @default.
• W1560267730 cites W3123446927 @default.
• W1560267730 cites W3123891069 @default.
• W1560267730 cites W3123939938 @default.
• W1560267730 cites W3123986134 @default.
• W1560267730 cites W3124297880 @default.
• W1560267730 cites W3124525953 @default.
• W1560267730 cites W3124559386 @default.
• W1560267730 cites W3124640994 @default.
• W1560267730 cites W3125471220 @default.
• W1560267730 cites W4231625634 @default.
• W1560267730 cites W4232995265 @default.
• W1560267730 cites W4247466157 @default.
• W1560267730 cites W4249800290 @default.
• W1560267730 doi "https://doi.org/10.2139/ssrn.1102005" @default.
• W1560267730 hasPublicationYear "2010" @default.
• W1560267730 type Work @default.
• W1560267730 sameAs 1560267730 @default.
• W1560267730 citedByCount "4" @default.
• W1560267730 countsByYear W15602677302014 @default.
• W1560267730 crossrefType "journal-article" @default.
• W1560267730 hasAuthorship W1560267730A5000510255 @default.
• W1560267730 hasConcept C10138342 @default.
• W1560267730 hasConcept C120757647 @default.
• W1560267730 hasConcept C121955636 @default.
• W1560267730 hasConcept C144133560 @default.
• W1560267730 hasConcept C15744967 @default.
• W1560267730 hasConcept C2776035688 @default.
• W1560267730 hasConcept C39389867 @default.
• W1560267730 hasConcept C46312422 @default.
• W1560267730 hasConceptScore W1560267730C10138342 @default.
• W1560267730 hasConceptScore W1560267730C120757647 @default.
• W1560267730 hasConceptScore W1560267730C121955636 @default.
• W1560267730 hasConceptScore W1560267730C144133560 @default.
• W1560267730 hasConceptScore W1560267730C15744967 @default.
• W1560267730 hasConceptScore W1560267730C2776035688 @default.
• W1560267730 hasConceptScore W1560267730C39389867 @default.
• W1560267730 hasConceptScore W1560267730C46312422 @default.
• W1560267730 hasLocation W15602677301 @default.
• W1560267730 hasOpenAccess W1560267730 @default.
• W1560267730 hasPrimaryLocation W15602677301 @default.
• W1560267730 hasRelatedWork W1038506627 @default.
• W1560267730 hasRelatedWork W2041486518 @default.
• W1560267730 hasRelatedWork W2112404736 @default.
• W1560267730 hasRelatedWork W2559579719 @default.
• W1560267730 hasRelatedWork W2583115960 @default.
• W1560267730 hasRelatedWork W2940039577 @default.
• W1560267730 hasRelatedWork W3122722293 @default.
• W1560267730 hasRelatedWork W3154791643 @default.
• W1560267730 hasRelatedWork W4312217078 @default.
• W1560267730 hasRelatedWork W653399809 @default.
• W1560267730 isParatext "false" @default.
• W1560267730 isRetracted "false" @default.
• W1560267730 magId "1560267730" @default.
• W1560267730 workType "article" @default.