Institutional investors, political connections and analyst following in Malaysia
We examine the association between institutional ownership, political connections, and analyst following in Malaysia from 1999 to 2009. Based on 940 firm-year observations, we document a positive relation between institutional ownership, particularly by Employees Provident Fund (EPF), and analyst following, thus supporting the governance role that institutional investors play in promoting corporate transparency. However, there is no evidence that political connections matter to analyst following. The monitoring role of institutional investors, including EPF, does not appear to be any different between politically connected and non-connected firms.
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|Item Type:||Journal Article|
|Keywords:||Analyst following, Corporate governance, Institutional investors, Malaysia, Political connections|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
|Copyright Owner:||Copyright 2014 Elsevier|
|Copyright Statement:||This is the author’s version of a work that was accepted for publication in Economic Modelling. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Economic Modelling, [VOL 43, (2014)] DOI: 10.1016/j.econmod.2014.07.043|
|Deposited On:||22 Oct 2014 23:50|
|Last Modified:||23 Oct 2014 22:28|
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