Institutional ownership, liquidity and firm performance

Khemaies Bougatef and Sahbi Missaoui

American Journal of Finance and Accounting, 2014, vol. 3, issue 2/3/4, 109-127

Abstract: The study of the relationship between corporate governance and financial performance is an ambiguous theme. Several studies have focused on this topic by defining a relationship between the firm performance and its ownership structure. However, empirical findings did not reach a consensus on the determinants of this relationship. This paper aims to investigate the impact of institutional ownership on the firm performance using a sample of 100 French start-ups for a period from 2004 to 2006. Our findings reveal that market liquidity significantly affects the relationship between institutions' shareholding and firm performance.

Keywords: ownership structure; corporate governance; firm performance; market liquidity; institutional shareholders; shareholder activism; institutional ownership; financial performance; France. (search for similar items in EconPapers)
Date: 2014
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