Purpose

The purpose of this paper is to ascertain determining factors of ownership concentration and institutional portfolio ownership in the listed firms of an emerging market during pre-crisis and post-crisis periods and find variations in determining factors between the two varying market conditions.

Design/methodology/approach

This paper considers 316 listed firms for the pre-crisis period and 408 firms for the post-crisis period, from the NIFTY-500. Pre-crisis period ranges from FY2000-01 to FY2007-08 and post-crisis period ranges from FY2009-10 to FY2016-17. Two-step GMM is utilized to test the hypotheses by controlling the unobserved heterogeneity and endogeneity issues.

Findings

Higher investment and stock market growth leads to ownership dispersion in both the market conditions. Industry information asymmetry leads to dispersion in pre-crisis, while improves concentration in post-crisis phase. Firm size, legal environment and economic growth are found to be a positive determinant of institutional ownership irrespective of market conditions. Institutional investment proliferates with higher stock liquidity and PE ratio, while declines with augmented firm risk, current ratio and stock market turnover during post-crisis phase.

Practical implications

Policymakers should construct a robust legal environment and focus to improve economic conditions to boost institutional ownership. Corporate executives should concentrate to increase stock liquidity and earnings of the firms, and lower market risk to draw more institutional portfolio investments.

Originality/value

This study would enrich emerging governance literature since studies on the determining factors of ownership holdings are limited in the emerging world. It adds novelty by capturing two different market conditions such as pre-crisis and post-crisis phases to obtain the time-dependent and time-independent determinants. It adds uniqueness by considering the determinants of institutional ownership, which is scarce in ownership studies.

中文翻译：

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什么是所有权结构？来自新兴市场的全球金融危机前后的证据

目的

本文的目的是确定在危机前和危机后时期，确定新兴市场上市公司中所有权集中度和机构投资组合所有权的决定因素，并找出两种不同市场条件之间决定因素的差异。

设计/方法/方法

本文考虑了NIFTY-500中316家在危机前的上市公司和408家在危机后的上市公司。危机前的时期从2000-01到2007-08财年，危机后的时期从2009-10到2016-17财年。通过控制未观察到的异质性和内生性问题，利用两步GMM检验假设。

发现

较高的投资和股票市场的增长导致所有权在两种市场条件下分散。行业信息不对称导致危机前的分散，同时提高了危机后阶段的集中度。无论市场条件如何，企业规模，法律环境和经济增长都是决定机构所有权的积极因素。在危机后阶段，机构投资随着股票流动性和市盈率的增加而激增，而随着公司风险，流动比率和股票市场营业额的增加而下降。

实际影响

决策者应建立健全的法律环境，并着重改善经济状况，以提高机构所有权。公司高管应集中精力增加公司的股票流动性和收益，并降低市场风险以吸引更多的机构投资组合。

创意/价值

这项研究将丰富新兴的治理文献，因为关于所有权持有决定因素的研究在新兴世界中是有限的。它通过捕获两个不同的市场条件（如危机前和危机后阶段）来获得新颖性，从而获得与时间有关和与时间无关的决定因素。它通过考虑机构所有权的决定因素来增加唯一性，这在所有权研究中是稀缺的。