Institutional Ownership and Firm Value: A Literature Review
Abstract
Various research results show four different views on the relationship between institutional ownership and firm value: linear positive, negative linear, no relation, and an inverted U shape. This article aims to understand each relationship and develop future research on institutional ownership and firm value. Research articles investigating the relationship between institutional ownership and firm value were used as the data in this study. Several works of literature were collected using the database provided by Google Scholar and Scopus. This article proposes future research to add a moderating or mediating variable, using measures other than Tobin's Q. A similar study can be carried out in developing countries because of the low level of investor protection.
Keywords: Agency Theory, Firm value, Institutional ownership
DOI: 10.7176/RJFA/15-2-04
Publication date: January 31st 2024
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ISSN (Paper)2222-1697 ISSN (Online)2222-2847
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