This study examines the relationship between internal tournament competition and corporate ownership structure. Since sophisticated investors are more likely than naïve investors to understand the value-creating incentives of internal tournaments, we expect that tournament-oriented firms will attract greater ownership interest among institutional investors than individual investors. We first formalize this insight in a model and then test its empirical implications using 25 years of market data. We find strong support for our main hypothesis that internal tournament incentives are positively related to institutional ownership. This finding is robust to alternative measures of tournament competition and potential endogeneity issues. Overall, our results are consistent with the notion that institutional investors gravitate towards firms with stronger tournament competition.

本研究考察了内部锦标赛竞争与公司所有权结构之间的关系。由于精明的投资者比天真的投资者更容易理解内部锦标赛的创造价值的诱因，因此我们预计，面向锦标赛的公司将比个人投资者吸引更多机构投资者的所有权利益。我们首先将这种见解形式化为模型，然后使用25年的市场数据测试其经验意义。我们发现内部锦标赛激励与机构所有权正相关的主要假设得到了强有力的支持。这一发现对于锦标赛比赛和潜在的内生性问题的替代措施是有力的。全面的，