The effect of institutional ownership on firm performance: the case of U.S.-listed shipping companies

Dimitris Tsouknidis

Maritime Policy & Management, 2019, vol. 46, issue 5, 509-528

Abstract: This paper examines the relationship between institutional ownership and firm performance for U.S.-listed shipping companies using quarterly 13F reports of institutional holdings over the period 2002 to 2016. Traditionally, public shipping companies exhibit a large concentration of ownership as specific individuals and families hold large percentages of the total shares outstanding. However, institutional investors also hold a substantial percentage of ownership of U.S.-listed shipping firms, whose effects on firm performance have not been examined previously in the literature. Results reveal a negative relationship between the percentage of institutional ownership and firm performance, which is primarily attributed to non-strategic rather than strategic institutional investors. This result survives a set of panel data estimators which take into account the presence of dynamic endogeneity in the relationship examined.

Date: 2019
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DOI: 10.1080/03088839.2019.1584408

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