Abstract
In this study we explore the impact of different institutional investors on firm performance in India. We study the equity holdings by (1) Mutual Funds/ UTI; (2) Banks, FIs and Insurance companies; and (3) Foreign Institutional Investors over 2001-2011 using unbalanced panel data. We find that FIIs lead among the various groups of institutional investors and have a strong influence on firm performance as they possess greater capabilities in generating monitoring incentives. Our findings are robust using different models for FIIs and not so strong for other institutional investors. Hence the impact of reforms in attracting foreign investments has been effective in improving corporate governance among Indian companies.
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