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Tekijä:Bobillo, A.M.
Sanz, J.A.R.
Gaite, F.T.
Otsikko:Investment decisions, liquidity, and institutional activism: An international study
Lehti:Journal of Business Ethics
2009 : VOL. 87:1 p. 25-40
Asiasana:United Kingdom
Germany
France
Denmark
Spain
managers
investments
Kieli:eng
Tiivistelmä:The activism of institutional investors tends increasingly toward the supervision and control of the behavior of the managers of big companies. This paper presents a model based on the creation of an activism index that help helps to assess such activism's impact on the sensitivity of the investment policies of a firm in the face of financial variables (e.g. cash flow, liquidity ratio) and market variables (ownership concentration, value creation index). Firm-level-data for UK, Germany, France, Denmark and Spain in 1995-2004 is analyzed. The results suggest a notable reduction in the sensitivity of company investment decisions in the face of these variables, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market.
SCIMA tietueen numero: 273356
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