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Essays on the Impact of Institutiona...

Ismail, Munira.

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Essays on the Impact of Institutional Investors on Firms' Liquidity and Payout Policy.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on the Impact of Institutional Investors on Firms' Liquidity and Payout Policy./
作者:	Ismail, Munira.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2015,
面頁冊數:	145 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
Contained By:	Dissertation Abstracts International76-11A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3710745
ISBN:	9781321867633

Essays on the Impact of Institutional Investors on Firms' Liquidity and Payout Policy.
Ismail, Munira.

Essays on the Impact of Institutional Investors on Firms' Liquidity and Payout Policy. - Ann Arbor : ProQuest Dissertations & Theses, 2015 - 145 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.

Thesis (Ph.D.)--University of New Orleans, 2015.

This item is not available from ProQuest Dissertations & Theses.

This dissertation consists of 2 essays in the area of corporate finance. The title of my first essay is "Impact of Institutional Investors on Firms' Financial Constraint and Liquidity". We can find ample evidences in existing literatures which show that institutional investors play a vital role in the corporate world. Many researchers have linked institutional investors to activism, monitoring benefits, mitigating the cost of debt using government bond, spin off activities and improving information asymmetry problem. In the first essay, I would like to add another dimension to institutional investors' literature by examining institutional investors' role in mitigating financial constraint problem in the firm. Institutional investors have large financial networks and make large financial investment in firms. Their presence might help firms attract external capital. I am using 2 financial constraint measurements; KZ index (Lamont, Polk, Saa-Requejo, 2001) and bank line of credit (Sufi, 2009). I am also adding additional measurement for financial constraint using notes payable. I find evidences to support the hypotheses that institutional investors' presence and ownership mitigate financial constraints. The title of my second essay is "Long- and Short-Term Institutional Investors and Payout Policy". In the second essay, I examine the relationship between the firms' payout policy and the presence/ownership of certain type of institutional investors. I classify the types of institutional investors using Bushee's (1998, 2001) classification of institutional investors. I find that the presence and the magnitude of long term institutional investors positively affect the likelihood and the magnitude of dividend. I also find that the presence and the magnitude of short term institutional investors positively affect the likelihood and the magnitude of share repurchases. This study suggests that the presence of different types of institutional investors can affect payout policy.

ISBN: 9781321867633Subjects--Topical Terms:

542899
Finance.

Essays on the Impact of Institutional Investors on Firms' Liquidity and Payout Policy.
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520 $a This dissertation consists of 2 essays in the area of corporate finance. The title of my first essay is "Impact of Institutional Investors on Firms' Financial Constraint and Liquidity". We can find ample evidences in existing literatures which show that institutional investors play a vital role in the corporate world. Many researchers have linked institutional investors to activism, monitoring benefits, mitigating the cost of debt using government bond, spin off activities and improving information asymmetry problem. In the first essay, I would like to add another dimension to institutional investors' literature by examining institutional investors' role in mitigating financial constraint problem in the firm. Institutional investors have large financial networks and make large financial investment in firms. Their presence might help firms attract external capital. I am using 2 financial constraint measurements; KZ index (Lamont, Polk, Saa-Requejo, 2001) and bank line of credit (Sufi, 2009). I am also adding additional measurement for financial constraint using notes payable. I find evidences to support the hypotheses that institutional investors' presence and ownership mitigate financial constraints. The title of my second essay is "Long- and Short-Term Institutional Investors and Payout Policy". In the second essay, I examine the relationship between the firms' payout policy and the presence/ownership of certain type of institutional investors. I classify the types of institutional investors using Bushee's (1998, 2001) classification of institutional investors. I find that the presence and the magnitude of long term institutional investors positively affect the likelihood and the magnitude of dividend. I also find that the presence and the magnitude of short term institutional investors positively affect the likelihood and the magnitude of share repurchases. This study suggests that the presence of different types of institutional investors can affect payout policy.
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