This thesis includes one essay about the information production of institutional investors and two essays about the monitoring role of institutional investors. The first essay empirically examines the association between investor base and information production in the context of stock splits. Using the proportion of 13F filers as the proxy for the size of investor base, we show that three proxies for stock price informativeness, adjusted probability of information-based trading (AdjPIN), price non-synchronicity and probability of information-based trading (PIN), decrease significantly due to enlarged investor base after stock splits. It suggests that institutional investors are less incentivized to gather firm specific information when firm's investor base expands, which is consistent with the “risk sharing hypothesis”, proposed by Peress (2010). Furthermore, we find that the change of the price informativeness around splits is negatively related to the magnitude of positive return drifts following splits. This result is consistent with the notion that less information incorporated in stock prices results in a sluggish response by the market to corporate event. The second essay empirically identifies an external corporate governance mechanism through which the institutional trading improves firm value and disciplines managers from conducting value-destroying behaviors. We propose a reward-punishment intensity (RPI) measure based on institutional investors' absolute position changes, and find it is positively associated with firm's subsequent Tobin's Q. Importantly, we find that firms with higher RPI exhibit less subsequent empire building and earnings management. It suggests that the improved firm values can be attributed to the discipline effect of institutional trading on managers, which is in line with the argument of “Governance Through Trading". Furthermore, we find that the exogenous liquidity shock of decimalization augments the governance effect of institutional trading. We also find that the discipline effect is more pronounced for firms with lower institutional ownership concentration, higher stock liquidity, and higher managers' wealth-performance sensitivity, which further supports the notion that institutional trading could exert discipline on a manager. The third essay focuses on a particular type of institutional investor, short sellers, and explores the discipline effect of short selling on managerial empire building. Employing short-selling data from 2002-2012, we find a significantly negative association between the lending supply in the short-selling market and the subsequent abnormal capital investment. Besides, we find a positively significant association between the lending supply and the mergers and acquisitions announcement returns of acquiring firms. These results suggest that the short-selling potential could deter managers from conducting over-investment and value-destroying acquisitions. In addition, the discipline effect is stronger for firms with higher managers' wealth-performance-sensitivity, for firms with lower financial constraints, and for stock-financed acquisition deals. Finally, firms with higher lending supply also have higher Tobin's Q in the subsequent year. These results indicate that short-selling is another important external governance force. / published_or_final_version / Business / Doctoral / Doctor of Philosophy

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Diss. Stockholm : Handelshögsk.

Thesis (doctoral)--Friedrich-Wilhelm-Universität zu Bonn.

Institutions are generally assumed to be stable, but recent research has focused on how that stability may be overturned to create institutional change. The assumption of stability has led to a lack of research on the flip side of change, maintenance, even though we cannot fully understand change without understanding the forces change agents work against. By examining more than a century of American public library discourse, I develop the construct of core ideas and a model of the maintenance of these institutions. Core ideas are those institutionalized ideas at the heart of a field that act as touchstones of a field's work and identity. Like other institutions, core ideas may be both added to and subtracted from a field and require maintenance through reinforcement and reinterpretation to endure. The model of maintenance of core ideas shows how core ideas are maintained in the face of social and technological change through use, as actors draw on core ideas to justify or deny accounts of practice, which reinforces, reinterprets, or undermines existing or proposed core ideas. In developing a model of maintenance I also examine how core ideas illuminate the internal workings of institutional logics and explore how the multivocality of core ideas allows and even supports multiple logics within a field.

Several theorists have argued that organisations can increase performance through formalised cooperation with other important organisations (Baum & Oliver 1991). This notion of “institutional linkages” is appealing as it uses linkages as a proxy for legitimacy awarded to organisations for adherence to exogenous expectations. However, this operationalization also has its limitations. For what is the role of institutional linkages in groups of organisations where a majority of them – or all – are linked? Baum & Oliver (1991) provide meagre advice for what is to expect beyond the point of organisations being legitimate (linked) or not. But if organisations that hold (at least) one institutional linkage perform better than unlinked organisations, should not organisations that have multiple linkages also perform better than those who have but a single one? Intuitively, this seems reasonable. But considering that institutional linkages are associated with costs in terms of additional administration, audit and fees, it is not obvious that organisations desire ‘as many linkages as possible’. Using data for 339 aid organisations in Sweden, this study suggests developing the theoretical concept of institutional linkages, arguing that the number of institutional linkages serves as a prediction of organisational performance. Although further inquiry is needed to determine whether this effect persists as the number of linkages continues to increase, the findings suggest that organisations will strive towards having more institutional linkages than competing organisations.

Kwok Wai Yee, Susanna. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves [100-105]). / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Aspects of Corporate Advertising / Development of Corporate Advertising --- p.5 / Definition of Corporate Advertising --- p.7 / Corporate Philosophy and Corporate Mission --- p.10 / Reactive and Proactive Corporate Advertising --- p.12 / The Wheel of Publics --- p.16 / Chapter Chapter 3 --- Advertising as Information / The Social Function of Advertising --- p.19 / The Informative Nature of Advertising --- p.24 / The Functionalist Approach --- p.27 / Literature Review of Informational Research --- p.30 / Advertising Research in Hong Kong --- p.35 / Chapter Chapter 4 --- A Case Study of Hong Kong / Media Expenditure of Corporate Advertisers (1985-1993) --- p.38 / Hong Kong in the Last Decade --- p.43 / Change of Consumer Expenditure Pattern --- p.45 / Demographic Changes of the Population --- p.47 / Rise of Political Parties --- p.51 / The Environmental Issue --- p.55 / Increasing Competition in the Business Community --- p.57 / Chapter Chapter 5 --- Content Analysis / Methodology / Research Objectives --- p.60 / Research Questions --- p.62 / Research Design --- p.62 / Research Method --- p.64 / Sampling --- p.66 / Analysis --- p.68 / Quantitative Results --- p.70 / Qualitative Results --- p.84 / Discussion --- p.93 / Chapter Chapter 6 --- Conclusion --- p.97 / References / Appendix

China's futures market has undergone a significant structural change. It was a 'vertical silo' and now it is being developed into a 'horizontal' structure with Chinese characteristics. Such a change involves a series of changes in institutional arrangement. If researching the phenomenon when it was settled, the observation and, consequently, the conclusion would likely to see it was the state that had led the change. However, participated and observed through the change, this thesis is going to argue that the grassroots heroes, the practitioners from a marginalized sub-sector, have contributed significantly. The state is powerful and dominant whereas the regional exchanges leveraged their resources to corral the state and shape the institutional field. The focus of organizational and management studies can be roughly categorized as three dimensions: how changes occur within organizations, how the institutional environment shapes organizations and how organizations influence the sociocultural context within which they operate (Parsons, 1956). In the recent decades, organizational studies have made significant progress in the first two but little in the third (Barley, 2010). Research should progress in the third dimension regardless of the untidy and unaesthetic nature of the reality, as organizations have influenced the sociocultural context substantially. The purpose of this thesis is to contribute to the third dimension by arguing that institutional bricolage characterizes the process by which individuals and organizations change institutions to fulfil their purposes, be it changing the institutions, building a market or protesting the constraints imposed upon them. Institutional bricolage is the strategy, mentality and philosophy for grassroots heroes who have no political power but are still ambitious to have their voices heard and hence influence the change from the lower strata. The ideas in this paper are informed by the experience of China's futures market, where the researcher participated as a strategy manager for about a year. The organization in question is a regional exchange that previously had no place in China's official market structure and became legitimized as the outcome of a regulatory crackdown. This thesis, therefore, uncovers the underexplored part of China's financial market, the regional exchanges, and sheds light on China's institutional change.

Thesis (Ph. D.)--Washington State University, May 2009. / Title from PDF title page (viewed on June 1, 2009). "College of Business." Includes bibliographical references.

This research was motivated by the desire to understand how regulatory reforms affect the task environment in an emerging market. Regulatory reforms in emerging markets have been used amongst others to correct market failures, increase competition or grow economic sectors. However, on occasion unintended consequences arise from these interventions leading to “liabilities of foreignness” for some of the entities operating in the institutional environment. To this end, this study aimed to establish if these effects were prevalent in the South African mining environment by studying two cases of companies operating in the sector, represented by a foreign and a domestic entity.An exploratory qualitative research design was followed since the researcher was unsure whether the phenomena being observed constituted LOFs or not. A literature study was conducted in order to define the construct of liabilities of foreignness and its impact on the task environment. Therefore the objective of the study was to;Establish the effect of institutional reforms in facilitating the development of LOFs in emerging markets.The research did show the regulatory reforms to alter the business environment somewhat, therefore leading to LOFs in the task environment. However, no entities appeared to be benefiting from the current regulatory reforms, as suggested by the literature. This is possibly due to organisational learning or the efficacy of the individual entities in applying coping strategies to mitigate against LOFs in the institutional context. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted