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      • HARVEST
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      Are Institutional Investors Under-Investing in Family-Controlled Corporations?

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      BARUA-THESIS-2017.pdf (1.374Mb)
      Date
      2017-09-28
      Author
      Barua, Aloran 1990-
      ORCID
      0000-0003-3534-1019
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      This thesis compared institutional ownership in family controlled and non-family controlled businesses and found that institutional ownership is less prevalent in the case of family controlled firms. In particular, concentrated ownership by the controlling family deterred institutional investment. When concentrated family ownership is controlled for, regression results showed that institutional investors avoided family controlled businesses, and that this avoidance behavior might be related to institutional investor size. Comparing institutional ownership of a firm’s largest five institutional holders and that of its smaller institutional investors showed that, while institutional investors have less ownership in family versus non-family controlled businesses, the evidence was stronger for the firm’s largest five institutional holders than for the small institutional investors. The analysis presented in this thesis concluded that some institutional investors may avoid family controlled businesses due to concerns over the investors’ ability to control firm management.
      Degree
      Master of Science (M.Sc.)
      Department
      Edwards School of Business
      Program
      Finance
      Supervisor
      Tannous, George; Racine, Marie
      Committee
      Maung, Min; Rubalcava, Arturo; Mamun, Abdullah
      Copyright Date
      August 2017
      URI
      http://hdl.handle.net/10388/8150
      Subject
      institutional investors
      family controlled business
      type 2 agency problem
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