Institutional ownership and returns on investment

PublikationArtikel (med peer review)
Ägarskap, Bolagsstyrning, Corporate governance, Daniel Wiberg, Företagandets villkor, Johan Eklund, Marginal q, Per-Olof Bjuggren, Performance, Tobin’s q

Sammanfattning

This paper examines how institutional investors influence investment decisions and returns on investment. To measure investment performance, we use marginal q, which measures the ratio of the return on investment to the cost of capital. Institutional owners are found to have a positive but marginally diminishing effect on performance. Our paper uses longitudinal data on Swedish firms from 1999 to 2005; during this period, the ownership structure of Swedish firms underwent dramatic changes as institutional investors increased their ownership shares, while ownership by Swedish households decreased. However, controlling owners – who were often founding families – maintained their control of firms by resorting to extensive use of dual-class shares. This was an important determinant of firm performance that eradicated the positive influence of institutional ownership.
Related content: Working Paper No. 208

Bjuggren, P.-O., Eklund, J,. & Wiberg, D. (2016). Institutional ownership and returns on investment. Corporate Ownership and Control, 13(4), 419-430.


Liknande innehåll

Ekonomers syn på äganderätt, från Adam Smith till nutid
Artikel (utan peer review)Publikation
Bjuggren, P.-O.
Publiceringsår

2024

Publicerat i

Ekonomisk Debatt.

Sammanfattning

Synen på äganderätt som den uppfattas av ekonomer har förändrats över tid. På Adam Smiths tid sågs äganderätt som en exklusiv rätt till en sak/egendom som gällde mot alla. Under början av 1900-talet skedde en förändring mot att se äganderätt som en rättslig relation mellan personer. Med en sådan syn försvinner den tidigare distinktionen mellan äganderätt och kontrakt. Ekonomer har kommit att anamma den nya synen. Under senare tid har det vuxit fram en kritik mot ekonomer som visar att den nya synen förbiser viktiga aspekter av äganderätt och har implikationer för transaktioner, stordriftsfördelar och opersonlig handel.

Working Paper No. 355: The artificial intelligence (AI) data access regime: what are the factors affecting the access and sharing of industrial AI data?
Working paperPublikation
Bjuggren, P.O. & Long, V.
Publiceringsår

2022

Publicerat i

Bjuggren, P.O. & Long, V.

Sammanfattning

This paper decomposes the factors that govern the access and sharing of machine-generated industrial data in the artificial intelligence era. Through a mapping of the key technological, institutional, and firm-level factors that affect the choice of governance structures, this study provides a synthesised view of AI data-sharing and coordination mechanisms. The question to be asked here is whether the hitherto de facto control—bilateral contracts and technical solution-dominating industrial practices in data sharing—can handle the long-run exchange needs or not.

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