Akademik Veri Yönetim Sistemi
Tezin Türü: Yüksek Lisans
Tezin Yürütüldüğü Kurum: İstanbul Ticaret Üniversitesi, Finans Enstitüsü, Uluslararası Finans Ana Bilim Dalı, Türkiye
Tezin Onay Tarihi: 2020
Tezin Dili: İngilizce
Öğrenci: Aygun Gurbanova
Danışman: ALİ OSMAN GÜRBÜZ
Özet:ABSTRACT Many studies have examined the impact of institutional ownership on firm financial performance, but few researchers have studied institutional investors' effect on the firm-market based performance. The relationship between firm market performance and institutional investors is not clear, because it has been studied so far in a few numbers of countries. It is clear that the US and the UK market is an important part of the global stock market. In the world, the top asset managers, institutional investors are almost the UK and US-based organizations. This thesis has investigated these investors on how to affect their investment companies' market value. In this study, financial sector companies' market-based values are examined. The aim is to discover the importance of institutional ownership structure on firms' ownership profile. In this thesis, companies' financial and stock data have examined. The study demonstrates that institutional investors have a significant and positive impact on the financial sector companies' market value in the UK and US stock markets. This might be regarding the capabilities of institutions in monitoring and controlling functions of management. Firms can not neglect the institutional investors voting rights and voice when the firms build their corporate governance system. In this way, this thesis has been illustrated that firm market performance can be enhanced by the institutional investors’ investment and monitoring behaviors. Keywords: Institutional investor, Tobin’s Q theory, Firm market performance, The UK financial market, The U. S. financial market. iii ÖZET Birçok çalışmalar, kurumsal mülkiyetin firma finansal performansı üzerindeki etkisini incelemiştir, ancak çok az araştırmacı kurumsal yatırımcıların firma pazarına dayalı performans üzerindeki etkisini incelemiştir. Firma piyasa performansı ile kurumsal yatırımcılar arasındaki ilişki sadece çok az ülkede araştırıldığı için çok da açık değildir. ABD ve İngiltere pazarının küresel borsanın önemli bir parçası olduğu bellidir. Dünyada en büyük varlık yöneticileri, kurumsal yatırımcılar neredeyse İngiltere ve ABD merkezli kuruluşlardır. Bu tez, bu yatırımcıların yatırım yaptıkları şirketlerin piyasa değerlerini nasıl etkileyeceklerini araştırmıştır. Bu çalışmada, finansal sektör şirketlerinin piyasa temelli değerleri incelenmiştir. Amaç, kurumsal sahiplik yapısının firmaların mülkiyet profili üzerindeki önemini keşfetmektir. Bu tezde şirketlerin finansal ve stok verileri incelenmiştir. Çalışma, kurumsal yatırımcıların İngiltere ve ABD borsalarındaki finansal sektör şirketlerinin piyasa değeri üzerinde önemli ve pozitif bir etkiye sahip olduğunu göstermektedir. Bu, kurumların yönetim işlevlerini izleme ve kontrol etme yetenekleri ile ilgili olabilir. Firmalar, kurumsal yönetim sistemlerini oluştururken kurumsal yatırımcıların oy haklarını ve sesini ihmal edemezler. Bu tez, kurumsal piyasa yatırımcılarının yatırım ve izleme davranışları ile firma pazar performansının artırılabileceği gösterilmiştir. Anahtar Kelimeler: Kurumsal yatırımcılar, Tobin's Q teorisi, Firma piyasa performansı, Birleşik Krallık finans piyasası, ABD finans piyasası. iv Table of Contents ABSTRACT . ii ÖZET . iii LIST OF FIGURES . vi LIST OF TABLES . vii LIST OF ABBREVIATIONS . viii INTRODUCTION . 1 Literature review . 2 Methodology . 4 Sources of Data . 4 Problem Statement . 5 Research Objective . 5 Research Question . 5 I. INTRODUCTION TO INSTITUTIONAL INVESTORS . 6 1. 1. Development of institutional ownership . 6 1. 2. Classifications of institutional investors . 8 1. 2. 1. The main types of institutional ownerships . 10 1. 2. 1. 1. Hedge Funds . 10 1. 2. 1. 2. Mutual funds . 12 1. 2. 1. 3. Pension Funds . 13 1. 2. 1. 4. Insurance Companies . 14 1. 2. 1. 5. Private Equity Funds . 15 1. 2. 2. Domestic and foreign institutional investor’s behaviour and performance16 1. 2. 3. Long-term and short-term investing strategies by institutional investors . 18 1. 3. Advantages and disadvantages of institutional investors. 19 1. 4. Institutional investors’ direct and indirect effects on companies . 20 1. 5. Investment preferences of institutional ownership . 22 II. OWNERSHIP STRUCTURE AND FIRM MARKET PERFORMANCE . 24 2. 1. Importance of measuring firm performance . 24 2. 2. Approach to companies’ measurement models . 25 2. 2. 1. Historical perspective to firm performance definition . 26 2. 2. 2. Accounting-based measurement . 29 2. 2. 3. Market-based measurement . 31 2. 2. 3. 1. Tobin’s Q theory . 33 2. 2. 3. 2. Tobin’s Q ratio impact on firm institutional ownership structure . 35 v 2. 3. Institutional ownership contribution on stock market prices . 36 2. 4. Institutional investors and companies in financial market . 38 2. 4. 1. Financial market effect to economy and publicly traded companies . 39 2. 4. 2. Financial stability . 40 III. THE ROLE OF INSTITUTIONAL OWNERSHIP IN THE UK AND US FINANCIAL MARKET . 42 3. 1. Structure of the financial market in the UK and US economy . 42 3. 2. The difference and similarities of the UK and US financial market . 42 3. 3. Greening Financial system and greening institutional investment . 44 3. 4. Institutional asset managers in the UK market . 45 3. 4. 1. Sector analysis of institutional owners by industries . 48 3. 5. Institutional asset managers in the US market . 50 3. 5. 1. Portfolio of institutional investors by industry and institution type . 51 IV. INSTITUTIONAL INVESTORS COMPARATIVE ANALYSIS ON FIRM MARKET PERFORMANCE . 54 4. 1. Data . 54 4. 2. Data analysis. 55 4. 3. Summary of findings . 60 CONCLUSION . 61 RECOMMENDATION . 62 REFERENCES. 63