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Why do large shareholders adopt a short-term versus a long-term investment horizon in different firms?

Tosun, Onur Kemal 2019. Why do large shareholders adopt a short-term versus a long-term investment horizon in different firms? Financial Review 54 (4) , pp. 763-800. 10.1111/fire.12198

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Abstract

I ask why the same large shareholders have different investment horizons. Using data for 1998–2013, I examine four fundamental firm policies for their potential influence on blockholders’ investments with different time horizons. The panel ordinary least squares, difference‐in‐difference (using the Sarbanes‐Oxley Act), logistic, and dynamic generalized method of moments regression analyses reveal that blockholders adopt a short‐term horizon in smaller firms with a less independent board, high leverage, and high dividends while the same blockholders keep their investments longer in firms with a more independent board and low dividends. Under various economic conditions, different firm characteristics gain importance in blockholders’ decision on short‐term versus long‐term investments.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Publisher: Wiley
ISSN: 0732-8516
Date of Acceptance: 14 January 2019
Last Modified: 25 Nov 2019 09:29
URI: http://orca.cf.ac.uk/id/eprint/122091

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