Institutional investor heterogeneity and analyst recommendation: Malaysian evidence

This study investigates the association between institutional investors’ ownership and sell-side analysts’ stock recommendations in the context of the heterogeneous nature of institutional investors. Based on a sample of 281 Malaysian public listed companies over the period 2008–2013 (732 company-ye...

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Autores principales:	Ameen Qasem, Norhani Aripin, Wan Nordin Wan-Hussin, Shaker Al-Duais
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	institutional investors sell-side analysts stock recommendations malaysia Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/653649035cd94abe885742dc7c92b593
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spelling	oai:doaj.org-article:653649035cd94abe885742dc7c92b5932021-12-02T17:38:09ZInstitutional investor heterogeneity and analyst recommendation: Malaysian evidence2331-197510.1080/23311975.2021.1908005https://doaj.org/article/653649035cd94abe885742dc7c92b5932021-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2021.1908005https://doaj.org/toc/2331-1975This study investigates the association between institutional investors’ ownership and sell-side analysts’ stock recommendations in the context of the heterogeneous nature of institutional investors. Based on a sample of 281 Malaysian public listed companies over the period 2008–2013 (732 company-year observations), we find a significant positive relationship between institutional ownership, in particular ownership held by privately managed institutional investors and sell-side analysts’ stock recommendations, but no significant relationship between state owned institutional investors and sell-side analysts’ stock recommendations. This suggests that the relationship between institutional investors and analysts’ stock recommendations are different among different types of institutional investor. Our results are robust to tests for potential endogeneity between institutional ownership and analysts’ stock recommendations.Ameen QasemNorhani AripinWan Nordin Wan-HussinShaker Al-DuaisTaylor & Francis Grouparticleinstitutional investorssell-side analystsstock recommendationsmalaysiaBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 8, Iss 1 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	institutional investors sell-side analysts stock recommendations malaysia Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	institutional investors sell-side analysts stock recommendations malaysia Business HF5001-6182 Management. Industrial management HD28-70 Ameen Qasem Norhani Aripin Wan Nordin Wan-Hussin Shaker Al-Duais Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
description	This study investigates the association between institutional investors’ ownership and sell-side analysts’ stock recommendations in the context of the heterogeneous nature of institutional investors. Based on a sample of 281 Malaysian public listed companies over the period 2008–2013 (732 company-year observations), we find a significant positive relationship between institutional ownership, in particular ownership held by privately managed institutional investors and sell-side analysts’ stock recommendations, but no significant relationship between state owned institutional investors and sell-side analysts’ stock recommendations. This suggests that the relationship between institutional investors and analysts’ stock recommendations are different among different types of institutional investor. Our results are robust to tests for potential endogeneity between institutional ownership and analysts’ stock recommendations.
format	article
author	Ameen Qasem Norhani Aripin Wan Nordin Wan-Hussin Shaker Al-Duais
author_facet	Ameen Qasem Norhani Aripin Wan Nordin Wan-Hussin Shaker Al-Duais
author_sort	Ameen Qasem
title	Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
title_short	Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
title_full	Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
title_fullStr	Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
title_full_unstemmed	Institutional investor heterogeneity and analyst recommendation: Malaysian evidence
title_sort	institutional investor heterogeneity and analyst recommendation: malaysian evidence
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/653649035cd94abe885742dc7c92b593
work_keys_str_mv	AT ameenqasem institutionalinvestorheterogeneityandanalystrecommendationmalaysianevidence AT norhaniaripin institutionalinvestorheterogeneityandanalystrecommendationmalaysianevidence AT wannordinwanhussin institutionalinvestorheterogeneityandanalystrecommendationmalaysianevidence AT shakeralduais institutionalinvestorheterogeneityandanalystrecommendationmalaysianevidence
_version_	1718379825526210560

Institutional investor heterogeneity and analyst recommendation: Malaysian evidence

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