Institutional ownership grows significantly. Institutional investors are considered sophisticated market participants who monitor firm management. Institutional investors are anticipated to interfere in corporate governance by adopting a monitoring role, which can influence the quality of audit. While research on the monitoring role of institutional investors has fostered, empirical studies document either a positive (Ali et al., 2024) or a negative (Lemma et al., 2018) impact of institutional ownership on audit quality. This study aims to investigate the nature of this impact on audit quality in the United Kingdom (UK) setting. The UK capital market attracts significant funds from institutional investors. In the context of this study, two different audit quality metrics are applied, namely a) real earnings management and b) accrual earnings management. The sample comprised listed, non-financial firms on the FTSE All-Share Index. The sampling period spans the years 2012 to 2022. Results deriving from panel regressions document a statistically significant negative relationship between both earnings management strategies and major institutional ownership. Therefore, institutional ownership is associated with a positive impact on audit quality. Interestingly, no auditor size effect is found. Board-related corporate governance variables are not found to contribute to audit quality. These results could imply a substitutive role of institutional ownership (Guest, 2008) when audit quality is considered. These findings could serve as a valuable input for the UK regulatory authorities’ initiatives in a constantly changing audit market.

ABSTRACT This study examines the role of BOD gender in the impact of institutional ownership, concentrated ownership, and foreign ownership on corporate tax planning using a sample of manufacturing companies listed on the Indonesia Stock Exchange from 2014 to 2019. Board gender in the company is interesting to analyse because of the differences in gender characteristics that can impact investors’ influence on tax planning. Based on 431 firm-year observations selected purposively, this study found differences in the effects of ownership structure, such as institutional, concentrated, and foreign ownership on corporate tax planning between companies with mixed-gender and all-male boards.

The rapid growth of institutional investor holdings on the Warsaw Stock Exchange has prompted questions about their capacity to enhance corporate governance and firm performance in an emerging-market setting. Although institutional activism in advanced economies is well documented, research on how Poland’s legal framework, ownership structure, and regulatory environment influence these activities remains comparatively limited. A systematic literature review of 42 key studies—spanning global theoretical frameworks and Poland-specific empirical research from 1990 to 2024—was undertaken to fill this gap. Institutional activism was classified into three forms—governance via takeovers, exit, and voice—and research designs, data sources, and analytical approaches were examined. The synthesis demonstrates that engagement through ‘voice’ mechanisms is overwhelmingly favored by Polish institutional investors, including private dialogue with management, active participation in shareholder meetings, proposal submissions, behind-the-scenes negotiations, and supervisory-board nominations. Institutional influence is found to peak when stakes range from 15%–35%. However, dispersed ownership structures, the risk of accusations of informal agreements with other shareholders, and reputational concerns constrain more confrontational tactics. Conditional improvements in monitoring quality, board composition, and Tobin’s Q were observed in the empirical studies, although the magnitude of these effects varies substantially by firm characteristics and investor type. These findings highlight the need for deeper, context-sensitive studies to uncover the mechanisms by which institutional activism creates value in emerging capital markets.

The purpose of this research is to explore the impact of institutional and managerial ownership on tax avoidance behavior, with Corporate Social Responsibility (CSR) functioning as a mediating variable. The study utilizes a sample of 40 energy sector firms listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period, yielding a total of 81 observations selected via purposive sampling. Data were analyzed using t-test and sobel test. The findings reveal that institutional ownership has a significant negative effect on tax avoidance, while managerial ownership and CSR show significant positive effects. However, neither institutional nor managerial ownership significantly affects CSR, and CSR does not mediate their relationship with tax avoidance

Abstract Introduction Burn injuries are a major global concern with significant mortality and morbidity rates. Although there has been extensive research on the treatment and recovery process, the impact of institutional ownership on quality of care and burn outcomes is not understood on a global level. Methods The data used in this study were obtained from the World Health Organization Global Burn Registry and accessed in September 2024. Hospitals were categorized based on ownership status as either private or governmental institutions. Key variables, including demographic information, burn characteristics, contributing factors, and burn outcomes, were analyzed. Descriptive analysis was employed to summarize these data, while multivariable logistic regression was conducted to assess associations with surgical intervention, physical impairment at discharge for survivors, and mortality. Results Among the (N=9,274) cases analyzed, 7,055 (76%) were treated in a government facility, while 2,219 (24%) received their care in private facilities. In governmental hospitals, 38% were female, compared to 47% in private hospitals (P< 0.001). The median Baux Score was 43 for patients in governmental institutions, while for those in private settings, it was significantly higher at 50 (P< 0.001). The modified Baux score followed a similar trend, it was 44 (IQR: 21-72) in the government group compared to 52 (IQR: 28-80) in the private group (P< 0.001). Patients in governmental institutions had a median TBSA of 15%, whereas those treated in private institutions exhibited a higher median TBSA of 20% (P=0.033). Household and occupational accidents were significantly more frequent among patients treated in private institutions compared to those in government settings (P< 0.001). Patients in government hospitals had a median stay of 10 days (IQR: 5 to 18 days), while those in private hospitals had 9 days (IQR: 4 to 17) (P< 0.001). Mortality and impairment were significantly higher in government hospitals compared to private hospitals (P< 0.001). Private hospitals demonstrated significantly higher odds of undergoing surgery after burn injury (OR 2.61, 95%CI 2.32-2.95) and lower odds of mortality (OR 0.40, 95% CI 0.32-0.49). Conclusions Ownership status in healthcare delivery plays a critical role in shaping burn patient outcomes on a global scale. Government hospitals, handling most cases, report higher mortality and impairment rates, whereas private hospitals show better outcomes and shorter hospital stays. These findings suggest that improving public healthcare systems, particularly in low-resource settings, could reduce disparities in outcomes. Applicability of Research to Practice Assessing the impact of ownership status on burn centers and improving the infrastructure of public healthcare systems could greatly improve burn patient outcomes. Funding for the Study N/A

Research are caried out with the purpose to find out the impact of institutional ownership, return on asset and audit opinion on auditor switching. the company in the Sektor energi that listed in Bursa efek indonesia become the focus of the population, year 2019 to 2023 are the range for deciding the sample. Method to decide the sample are purposive sampling, 20 company are deem suited, be 100 sample that can be used. logistic regression analysis are the analitical tool processed using SPSS 29. The result on this research show that only return on asset that have an significant impact on auditor switching, for institutional ownership and audit opinion don’t sicnifacntly impact auditor switching.Research are caried out with the purpose to find out the impact of institutional ownership, return on asset and audit opinion on auditor switching. the company in the Sektor energi that listed in Bursa efek indonesia become the focus of the population, year 2019 to 2023 are the range for deciding the sample. Method to decide the sample are purposive sampling, 20 company are deem suited, be 100 sample that can be used. logistic regression analysis are the analitical tool processed using SPSS 29. The result on this research show that only return on asset that have an significant impact on auditor switching, for institutional ownership and audit opinion don’t sicnifacntly impact auditor switching.

This study examines the effect of Institutional Ownership (IO), Debt to Equity Ratio (DER), and Current Ratio (CR) on the stock prices of transportation companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2023. Using a quantitative methodology with a descriptive and verificative approach, the research analyses 49 financial statements from selected transportation firms. To test the relationships among the variables, multiple linear regression analysis, the coefficient of determination test, product moment correlation coefficient test, and classical assumption tests were conducted, including F-tests and t-tests for hypothesis testing. Data processing was performed using SPSS software version 21.0. The partial test results reveal that IO negatively impacts stock prices, while the DER also has a negative effect. In contrast, the CR does not significantly influence stock prices. However, based on the simultaneous test results, IO, DER, and CR together have a significant impact on stock prices. These findings suggest that capital structure and ownership composition play a crucial role in determining stock valuation in the transportation sector, while short-term liquidity does not appear to be a major influencing factor.

Using data from Chinese A‐share listed companies from 2007 to 2022, we employ quantile regression to examine the impact of institutional ownership on corporate tax avoidance. The findings demonstrate that institutional ownership significantly reduces extreme short‐term tax avoidance behavior by companies and also influences their long‐term tax avoidance strategies. Moreover, institutional ownership effectively narrows the gap between a company’s effective tax rate and the industry average tax rate, indicating an optimizing effect on corporate tax planning. Additional analysis reveals the dynamic adjustment effect of institutional ownership on corporate tax avoidance strategies. Furthermore, the impact of institutional ownership on corporate tax avoidance significantly diminishes after controlling for the number of institutional investors. These findings contribute to a deeper understanding of the supervisory and governance role of institutional ownership in the operation of listed companies.

Purpose: This study examines the effect of corporate governance as proxied by institutional and managerial ownership and profitability on the cost of equity capital, both directly and indirectly, through accounting conservatism as a mediating variable. Design/Methodology/Approach: The population of this study was manufacturing companies listed on the Indonesia Stock Exchange in 2020–2022. The sample selection was carried out using the purposive sampling method, resulting in 230 data points and then tested using multiple linear regression. Findings: Institutional ownership and profitability were revealed to have a positive influence on accounting conservatism, while managerial ownership had no influence. Profitability and accounting conservatism exerted a negative effect on the cost of equity capital. However, institutional ownership generated a positive effect, but managerial ownership did not affect the cost of equity capital. Further test results uncovered that the impact of institutional ownership and profitability on the cost of equity capital was mediated by accounting conservatism. Research limitations/Implications: This research has limitations, including the relatively low adjusted R2 value. Proxies for corporate governance from ownership and board structure should be included in future studies Originality / value: The findings of this research enrich previous research regarding the economic consequences of corporate governance, profitability, and accounting conservatism in equity markets in developing countries, especially Indonesia.

Institutional ownership drives a new strategy for green total factor productivity development of Chinese listed companies: Effects, mechanisms, and implications

Using panel data from 63 listed companies between 2012 and 2021, this study investigates the effect of institutional ownership on the financial performance of businesses in Pakistan's textile sector. The study examines the connection between institutional ownership and important performance metrics including return on equity (ROE) and return on assets (ROA) using panel data regression approaches, such as Generalized Least Squares (GLS), Fixed Effects (FE), and Random Effects (RE) models. The results show that institutional ownership has a statistically insignificant negative impact on firm performance, suggesting that institutional investors might not be the key to improving financial outcomes in this industry. In contrast, firm-specific characteristics, including profitability, age, and risk, positively and significantly influence performance, while leverage and the market-to-book ratio are found to have a negative impact. The study concludes that firm performance in Pakistan’s textile sector is influenced by a complex interplay of factors, with institutional ownership playing a limited role, while firm-specific attributes, particularly profitability and risk management, emerge as more significant determinants.

Research aims: This study examines the effect of corporate governance as proxied by institutional and managerial ownership and profitability on the cost of equity capital, both directly and indirectly, through accounting conservatism as a mediating variable.Design/Methodology/Approach: The population of this study was manufacturing companies listed on the Indonesia Stock Exchange in 2020–2022. The sample selection was carried out using the purposive sampling method, resulting in 230 data points and then tested using multiple linear regression.Research findings: Institutional ownership and profitability were revealed to have a positive influence on accounting conservatism, while managerial ownership had no influence. Profitability and accounting conservatism exerted a negative effect on the cost of equity capital. However, institutional ownership generated a positive effect, but managerial ownership did not affect the cost of equity capital. Further test results uncovered that the impact of institutional ownership and profitability on the cost of equity capital was mediated by accounting conservatism.Theoretical contribution/Originality: The findings of this research enrich previous research regarding the economic consequences of corporate governance, profitability, and accounting conservatism in equity markets in developing countries, especially Indonesia.Practitioner/Policy implication: The results of this research can be used as consideration for investors in developing country capital markets when making investment decisions.Research limitation/Implication: This research has limitations, including the relatively low adjusted R2 value. Proxies for corporate governance from ownership and board structure should be included in future studies.

This study attempts to ascertain how accounting conservatism is affected in manufacturing businesses in the food and beverage subsector listed on the Indonesia Stock Exchange between 2015 and 2023 by factors such as debt to asset ratio, company size, institutional ownership, and earnings management. This study employs a quantitative methodology that combines a verification and descriptive strategy. Traditional assumption testing, multiple linear regression, Pearson product moment correlation coefficient, determination coefficient, and hypothesis testing with partial and simultaneous tests (f and t tests) are all used in the statistical analysis approach of verification. Sample data comes from 63 financial reports of businesses in the Food and Beverage Manufacturing Subsector. This study employed a purposive sample strategy in conjunction with nonprobability sampling. Version 26.0 of SPSS software is used for data processing. According to preliminary study findings, there is no discernible relationship between accounting conservatism and the debt to asset ratio. Company size has a big impact on accounting conservatism. The impact of institutional ownership on accounting conservatism is negligible at best. Accounting conservatism is neither impacted by or significantly affected by earnings management. The study's findings concurrently demonstrate how the debt to asset ratio, business size, institutional ownership, and earnings management all have an impact on accounting conservatism

The objective of this study was to illustrate the impact of institutional share ownership, the existence of an independent board of commissioners, and corporate social responsibility on the firm Value through the calculation of profitability as a moderating factor. The study focused on mining companies listed in the PROPER Decree of the Minister of Environment and Forestry for 2019-2022 and those that were listed during the research year on the Indonesia Stock Exchange in the same era. The research method employed utilized a deliberate sampling approach, specifically a quantitative method called purposive sampling. To test this hypothesis, a partial test (t-test), R square test, and Moderated Regression Analysis (MRA) through Eviews 12 Student software were employed. The research findings indicated that institutional ownership and corporate social responsibility have a significant impact on firm Value, while the presence of an independent board of commissioners has no significant effect on firm Value. The impact of institutional ownership and the existence of an independent board of commissioners on firm Value is moderated by profitability, but the influence of corporate social responsibility on firm Value remains unaffected

This study looks at the impact of institutional ownership, independent commissioners, external audits, and executive personality on tax avoidance in the Indonesian food and beverage industry. The findings demonstrate that independent commissioners significantly reduce the incidence of tax evasion. Analyzing 60 financial reports spanning 2018 to 2022, it finds that independent commissioners significantly decrease tax avoidance, highlighting the importance of internal oversight for transparency. However, institutional ownership, external audit, and executive character show no significant impact. These results underscore the intricate nature of tax avoidance and advocate for a comprehensive supervisory framework to manage tax risks and uphold corporate reputation effectively. The research contributes valuable insights into corporate governance and tax compliance, offering practical guidance for practitioners to enhance transparency and integrity within their organizations. Ultimately, these efforts aim to improve tax compliance and reputation management in the food and beverage sector.

Impact of Institutional Ownership, Union, and CEO Gender on Firms’ ESG Performance

Institutional ownership and women in the top management team

This study examines how CEO power affects earnings quality and investigates the moderate influence of institutional ownership and the controlling shareholder on this relationship. The study sample includes 44 non-financial EGX-100 companies with 220 balanced observations covering 2017-2021. Four accounting-based measures of Francis et al. ( 2004) (accrual quality, earnings persistence, predictability, and income smoothing) are used as earnings quality proxies. Based on Finkelstein (1992), this study used three resources of CEO power: structural power, ownership power, and expert power. Multivariate linear regression analysis is applied to panel data using Feasible Generalized Least Squares (FGLS). Results show that CEO's structure and ownership power positively impact accrual quality, earnings persistence, and predictability. However, the CEO's expert power negatively impacts earnings persistence and predictability. The findings suggest that although institutional ownership and the controlling shareholder as individual variables negatively affect earnings quality indicators, they mitigate CEO expert power's negative impact and enhance the CEO power indicators' effects on earnings quality indicators. In addition, the z-score and corporate governance efficiency positively impact earnings persistence and predictability. This finding shows that firms with solid financial positions are more prone to have earnings quality. Further, corporate governance efficiency can prevent power abuses and ensure the CEO is in a firm's interest. Firm size positively influences earnings quality proxies, while financial leverage negatively affects them, supporting the political cost and debt covenant hypotheses in positive accounting theory. Based on the existing literature, limited attention was paid to the association between CEO power and earnings quality, thus highlighting the novelty and significance of this study. Further, this study examines the potential moderating influence of the controlling shareholder and institutional ownership on such a relationship that has not been discussed in prior research.

PurposeThis study aims to investigate the effect of the classification of origin country of institutional shareholder (domestic, developed and developing country) and its status on stock exchange (listed and unlisted) on environmental disclosure level in Indonesian companies.Design/methodology/approachThe data set comprises 474 non-financial firms listed in Indonesian Stock Exchange (IDX) for the period of 2017 to 2019. The study uses an environmental disclosure checklist to measure the extent of environmental disclosure in companies’ reports. Panel regression analysis technique is adopted to investigate the association between total percentage of shares held by institutional shareholders based on the classification of origin country and the status in stock exchange, and the extent of environmental disclosure.FindingsThe study reveals that the extent of environmental disclosure is positively and significantly associated with institutional investors from domestic, developed countries, listed and unlisted institutional investors. Further analysis shows interesting results that institutions from developing countries have a negative and significant relationship with environmental disclosure in non-sensitive industries.Research limitations/implicationsThe authors recognize the issue of authors’ subjectivity in the measurement process of environmental disclosure. The sample for this study encompasses Indonesian listed firms. Thus, the results may not be generalized to Indonesian unlisted firms and other countries or regions.Practical implicationsThis study suggests managers to engage more with institutional shareholders because they have greater concern for environmental disclosure practices. The current study also suggests managers to make strong environmental policies as they are important to ensure that institutional shareholders’ investments are safe.Social implicationsGiven the positive impact institutional shareholders have on the level of environmental disclosure, it indirectly indicates that institutional shareholders have a strong motivation to make the world a better place.Originality/valueThis study offers in-depth insights into the effect of institutional ownership on environmental disclosure based on the classification of origin country and listing status of institutional investors.

This study aims to examine the effect of institutional ownership, free cash flow, and asset structure on the debt policy of property & real estate companies listed on the IDX during the period 2019 to 2021, moderated by profitability. The sampling technique used was purposive sampling and 45 samples were obtained. The analytical method used is a multiple linear regression test with Moderating Regression Analysis (MRA). The results of the analysis show that asset structure has no impact on debt policy, while institutional ownership and free cash flow have a negative effect. The impact of institutional ownership on debt policy can be moderated by profitability. However, profitability cannot moderate the impact of free cash flow and asset structure on debt policy.