Institutional ownership, liquidity and firm performance
by Khemaies Bougatef; Sahbi Missaoui
American J. of Finance and Accounting (AJFA), Vol. 3, No. 2/3/4, 2014

Abstract: The study of the relationship between corporate governance and financial performance is an ambiguous theme. Several studies have focused on this topic by defining a relationship between the firm performance and its ownership structure. However, empirical findings did not reach a consensus on the determinants of this relationship. This paper aims to investigate the impact of institutional ownership on the firm performance using a sample of 100 French start-ups for a period from 2004 to 2006. Our findings reveal that market liquidity significantly affects the relationship between institutions' shareholding and firm performance.

Online publication date: Sat, 11-Oct-2014

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