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Do institutional blockholders influence corporate investment? evidence from emerging markets

Autordc.contributor.authorÁlvarez Espinoza, Roberto 
Autordc.contributor.authorJara, Mauricio 
Autordc.contributor.authorPombo, Carlos 
Fecha ingresodc.date.accessioned2018-10-10T20:46:36Z
Fecha disponibledc.date.available2018-10-10T20:46:36Z
Fecha de publicacióndc.date.issued2018
Cita de ítemdc.identifier.citationSeries Documentos de Trabajo No. 469, pp. 1 - 48, Septiembre, 2018es_ES
Identificadordc.identifier.urihttp://repositorio.uchile.cl/handle/2250/152075
Resumendc.description.abstractThis paper examines the relation between firm investment ratios and institutional blockholders for a sample of 6,300 publicly traded firms in 16 large emerging markets for the 2004–2016 period. Results show that independent, long-term, and local institutional investors boost investment ratios, which is consistent with the monitoring role and blockholder voice intervention hypotheses. The presence of institutional blockholders, regardless of their monitoring involvement, reduces firm cash flow sensitivity ratios and thus reduces firms’ financial constraints. Minority institutional investors complement the positive effect of blockholders investors. However, the effect on financial constraints decreases as the quality of the country's institutions increases.es_ES
Idiomadc.language.isoenes_ES
Publicadordc.publisherUniversidad de Chile. Facultad de Economía y Negocioses_ES
Tipo de licenciadc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
Link a Licenciadc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
Fuentedc.sourceSeries Documentos de Trabajoes_ES
Palabras clavesdc.subjectInstitutional Investorses_ES
Palabras clavesdc.subjectCorporate Investmentes_ES
Palabras clavesdc.subjectFinancial Constraintses_ES
Palabras clavesdc.subjectCorporate Governancees_ES
Palabras clavesdc.subjectEmerging Marketses_ES
Títulodc.titleDo institutional blockholders influence corporate investment? evidence from emerging marketses_ES
Tipo de documentodc.typeDocumento de trabajoes_ES
Catalogadoruchile.catalogadorrcaes_ES


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Attribution-NonCommercial-NoDerivs 3.0 Chile
Excepto si se señala otra cosa, la licencia del ítem se describe como Attribution-NonCommercial-NoDerivs 3.0 Chile