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Title: The relationship between institutional ownership and casino firm performance
Authors: Tsai, H
Gu, Z
Keywords: Institutional ownership
Firm performance
Ownership endogeneity
Agency problem
Tobin's Q
Issue Date: 2007
Publisher: Pergamon Press
Source: International journal of hospitality management, 2007, v. 26, no. 3, p. 517-530 How to cite?
Journal: International journal of hospitality management 
Abstract: This study examined the relationship between institutional ownership and firm performance in the casino industry from 1999–2003. Given the evidence of the endogeneity of institutional ownership in the casino industry, institutional ownership was found to be a significant and positive determinant of casino firm performance as measured by a proxy for Tobin's Q in a simultaneous equations system. This study reveals that investing institutionally in casino firms may help casino industry investors mitigate the agency problem caused by the separation of management from ownership. In addition, financial institutions tend to invest in larger casino firms with lower financial leverage.
ISSN: 0278-4319
EISSN: 1873-4693
DOI: 10.1016/j.ijhm.2006.02.003
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