Ownership structure and firm sustainable investments: evidence from emerging markets

Ameen Qasem, Abdulalem Mohammed, Enrico Battisti and Alberto Ferraris

International Journal of Emerging Markets, 2023, vol. 20, issue 2, 609-637

Abstract: Purpose - The aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor ownership (IIO), managerial ownership (MOWN) and FSIs in the tourism industry in Malaysia. Design/methodology/approach - This study uses a data set of 346 firm-year observations from 2008 to 2020 and applies feasible generalized least squares (FGLS) regression analysis. The study sample is based on tourism firms listed on Bursa Malaysia (the Malaysian Stock Exchange). Findings - There is a significant positive association between IIO and FSIs. When IIO is classified into foreign (FIIO) and local (LIIO), this significant association is mainly driven by FIIO. In addition, there is a significant, positive association between managerial ownership (MOWN) and firm sustainable investments (FSIs). These findings imply that firm ownership has an influence on FSIs in the tourism industry. Originality/value - This is the first attempt to consider IIO and MOWN simultaneously in a single model estimation. The findings contribute to emerging capital markets where the involvement of ownership concentration in the governance of publicly listed firms is a common practice.

Keywords: Firm sustainable investment; Institutional investor's ownership; Managerial ownership; Tourism industry; Emerging markets (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijoemp:ijoem-07-2022-1062

DOI: 10.1108/IJOEM-07-2022-1062

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