Working Paper No. 208. Institutional Ownership and Returns on Investment

PublikationWorking paper

Ägarskap, Bolagsstyrning, Daniel Wiberg, Företagandets villkor, Investering, Johan Eklund, Marginal q, Per-Olof Bjuggren, Performance, Tobin’s q

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Sammanfattning

This paper examines how institutional investors influence investment decisions and returns on investment. To measure investment performance we used a measure of marginal q which measures the ratio of the investment returns to cost of capital. Institutional owners are found to have had a positive effect on performance, with a marginally diminishing effect of institutional ownership concentration. We used longitudinal data on Swedish firms for the period 1999-2005, during which their ownership structure underwent dramatic changes: Institutional investors increased their ownership share, while ownership by Swedish households decreased. However, controlling owners – often founding families – remained in control by resorting to extensive use of dual-class shares, control rights, which separate from cash-flow. This was an important determinant of firm performance, eradicating the positive influence of institutional ownership.

Related content: Institutional ownership and returns on investment

Bjuggren, P., Eklund, J. & Wiberg, D. (2013). ”Institutional Ownership and Returns on Investment”. Ratio Working Paper No. 208.

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