رابطه عملكرد مديريتي سرمايه گذاران نهادي با سهم مالكيت اين نهادها در شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

Relationship Between Institutional Ivestors Ownership and Firm Performance (Evidence From Theran Stock Exchang Market

Past studies suggest that the structure and composition of ownership affect a firmʹs goals, strategy and / or performance. Most of these studies, rely mainly on cross sectional, multivariate analysis, that tend to reduce the complexity of the corporate ownership concentration, ignoring, interaction amongst different forms of ownership, and their effect on firm strategy and / or performance. Focusing on the role of institutional owners, this study poses the following question: (1) What is the relationship between institutional investors shareholding and firm performance? (2) Does the size of shareholding by other groups of stockholders, modify this relationship? And ,does corporate governance of a firm and its ownership structure perse, describe differences in performance of the firms. The data sample is based on 131 non-financial companies listed in the stock exchange of Tehran. Data were collected for a 5 year period (1996-2000). Results from Anova, component analysis and multivariate analysis indicate that, the size of outside institutional stockholding have significant effect is greater for smaller firms. Further investigation, shows that other groups of stock holders do not supplement the relationship between institutional shareholding and firm performance. Findings also suggest that the ownership structure and governance of the firm can partly define the variation in firm performance.