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Title: Institutional ownership and firm performance : Empirical evidence from U.S.-based publicly traded restaurant firms
Authors: Tsai, H 
Gu, Z
Keywords: Firm performance
Institutional ownership
Ownership endogeneity
Two-stage least squares
Issue Date: 2007
Publisher: SAGE Publications
Source: Journal of hospitality and tourism research, 2007, v. 31, no. 1, p. 19-38 How to cite?
Journal: Journal of hospitality and tourism research 
Abstract: This study examined the impact of institutional ownership on firm performance in the restaurant industry during 1999-2003. Taking into consideration the endogeneity of ownership structure, the relationship between the two was investigated in a simultaneous framework, and institutional ownership was found to be a significant and positive determinant of firm performance measured by proxy Q. In the meantime, financial institutions tend to invest in better performing, larger, and more profitable restaurant firms with lower financial leverage. Results support a positive endogenous relationship between institutional ownership and firm performance in the restaurant industry.
ISSN: 1096-3480
EISSN: 1557-7554
DOI: 10.1177/1096348006296056
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