Market discipline or rent extraction: Impacts of share trading by foreign institutional investors in different corporate governance and investor protection environments

Volume: 79, Pages: 101965 - 101965
Published: Jan 1, 2022
Abstract
Minority investors' reliance on market discipline can vary with different country-level investor protection and firm-level corporate governance environments, which affect both discipline and rent extraction incentives of foreign institutional investors (FIIs). Using data from 47 economies between 2009 and 2017, we find that firm value increases with FIIs aggressive trading but decreases with FIIs discreet trading. The positive and negative...
Paper Details
Title
Market discipline or rent extraction: Impacts of share trading by foreign institutional investors in different corporate governance and investor protection environments
Published Date
Jan 1, 2022
Volume
79
Pages
101965 - 101965
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