Institutional ownership and firm productive efficiency: Is it all about time? Evidence from France (notice n° 488617)
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| fixed length control field | 02213cam a2200301 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121073511.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Allaya, Manel |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Institutional ownership and firm productive efficiency: Is it all about time? Evidence from France |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2023.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 4 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | The French equity market has witnessed the rising power of institutional investors over the past few years. Despite this increase in power, their effect on firm productive efficiency remains complex and worthy of further investigation and empirical analysis. This paper attempts to fill this gap by examining the influence of institutional investors on firm productive efficiency through focusing on their investment horizon. Using a sample of 123 French listed firms over the 2008–2018 period, we employ semi-parametric and non-parametric approaches to estimate firm productive efficiency. The findings show a positive association between institutional investors’ ownership, in particular those with a long investment horizon, and firm productive efficiency. This finding is totally consistent with the efficient monitoring hypothesis. Further analysis shows that this positive effect is more prevalent in firms operating in a low competitive environment, or in those with low governance quality. These findings are indicative of the effective monitoring by institutional investors in countries with strong civil law such as France. Overall, our findings are robust to several endogeneity tests and have important policy implications. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | industry competition |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | investment horizon |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | institutional investors |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | governance quality |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | productive efficiency |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Governance quality |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Institutional investors |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Investment Horizon |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Industry competition |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Productive efficiency |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Hamza, Taher |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Nizar, Hamza |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Management & Prospective | Volume 39 | 4 | 2023-02-06 | p. 17-44 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-gestion-2000-2022-4-page-17?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-gestion-2000-2022-4-page-17?lang=en&redirect-ssocas=7080</a> |
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