Institutional Investor Heterogeneity: Implications for Strategic Decisions

Hugh Sherman, Sam Beldona and Maheshkumar Joshi

Corporate Governance: An International Review, 1998, vol. 6, issue 3, 166-173

Abstract: There has been much attention given to the growing activism of institutional investors in corporate governance. However, past research has been unable to establish a consistent relationship between institutional investors and firm behavior. This may have occurred because institutional investors have been assumed to be a homogenous group possessing the same objectives and behaviors. For a sample of 271 U.S. Fortune 500 firms for the years 1990 to 1992, we categorized the firms' institutional investors into four distinct types: pension funds, mutual funds, banks, and insurance companies. We found significantly different relationships between these categories of institutional investors and firms' strategic investments.

Date: 1998
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