THE IMPACT OF INSTITUTIONAL OWNERSHIP ON CORPORATE OPERATING PERFORMANCE

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institutional investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms

The Impact of Institutional Ownership on Corporate Operating Performance

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institution al investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms

MODELLING THEORY OF MIND, DIVERGENT THINKING AND MATHEMATICAL PROBLEM POSING OF FIRST GRADERS

Objetivo: A colocação de problemas tem uma importância central na disciplina de matemática e na natureza do pensamento matemático. O objetivo deste estudo foi investigar as relações explicativas e preditivas entre as variáveis da teoria da mente, pensamento divergente e problema que se apresentam nos alunos da primeira série do ensino fundamental, utilizando a abordagem de modelagem de equações estruturais. Método: Os sujeitos são 345 alunos (176 meninas e 169 meninos) da primeira série da escola primária de Zahedan, usando o modelo de amostragem disponível. Eles viviam e eram educados nas áreas urbanas médias da cidade. Os alunos responderam à teoria da mente, pensamento divergente e problemas matemáticos que colocam testes. A modelagem de equações estruturais foi utilizada para analisar os dados coletados no instrumento de pesquisa. Resultados: A análise dos dados revelou um impacto significativo (P <0,05) da variável de pensamento divergente no resultado das habilidades de colocação de problemas. Curiosamente, um impacto indireto da variável teoria da mente, via pensamento divergente, sobre a variável que coloca o problema foi observado neste estudo. Essas descobertas demonstraram claramente os impactos positivos dos componentes do pensamento e da teoria da mente divergentes sobre o problema matemático. Implicações para pesquisa e prática: continua a ser necessário explorar ainda mais o papel da mente noproblema que coloca a capacidade em relação à educação matemática.Propósito: La presentación de problemas tiene una importancia central en la disciplina de las matemáticas y en la naturaleza del pensamiento matemático. El propósito de este estudio fue investigar las relaciones explicativas y predictivas entre las variables de la teoría de la mente, el pensamiento divergente y la presentación de problemas en los estudiantes de primer grado de la escuela primaria, utilizando el enfoque de modelado de ecuaciones estructurales. Método: Los sujetos son 345 estudiantes (176 niñas y 169 niños) de los alumnos de primer grado de la escuela primaria de Zahedan, utilizando el modelo de muestreo disponible. Vivieron y fueron educados en las áreas urbanas promedio de la ciudad. Los estudiantes respondieron a la teoría de la mente, el pensamiento divergente y las pruebas de planteamiento de problemas matemáticos. El modelado de ecuaciones estructurales se utilizó para analizar los datos recopilados en el instrumento de encuesta.Resultados: El análisis de datos reveló un impacto significativo (P <0.05) de la variable de pensamientoen el resultado de las habilidades para plantear problemas. Curiosamente, en este estudio se observó un impacto indirecto de la variable de la teoría de la mente a través del pensamiento divergente sobre la variable de planteamiento del problema. Estos hallazgos demostraron claramente los impactos positivos de los componentes del pensamiento divergente y la teoría de la mente sobre el problema matemático que plantea. Implicaciones para la investigación y la práctica: sigue siendo necesario explorar más a fondo el papel de la mente en la capacidad de plantear problemas con respecto a la educación matemática.Purpose: Problem posing has a central importance in the discipline of mathematics and in the nature of mathematical thinking. The purpose of this study was to investigate the explanatory and predictive relationships among the variables of the theory of mind, divergent thinking, and problem posing in the first grade students of elementary school, using structural equation modeling approach. Method: The subjects are 345 students (176 girls and 169 boys) of the first graders of elementary school of Zahedan, using available sampling model. They lived and were educated in the average, urban areasof the city. Students responded to the theory of mind, divergent thinking, and mathematical problem posing tests. Structural Equation Modeling was used to analyze the data gathered survey instrument. Findings: The data analysis revealed a significant (P<0.05) impact of divergent thinking variable on the outcome of problem posing skills. Interestingly, an indirect impact of theory of mind variable via divergent thinking on the problem posing variable were observed in this study. These findings clearly demonstrated the positive impacts of the components of divergent thinking and theory of mind on the mathematical problem posing. Implications for Research and Practice: remains necessary to further explore the role of mind on the problem posing ability with regard to mathematical education

THE IMPACT OF INSTITUTIONAL OWNERSHIP ON CORPORATE OPERATING PERFORMANCE

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institutional investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms

The Impact of Institutional Ownership on Corporate Operating Performance

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institution al investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms

Stock price reaction and value relevance of recognition versus disclosure: The case of stock-based compensation

This study examines the equity price reaction to the pronouncements related to accounting for stock-based compensation and assesses the value relevance of recognition versus disclosure in financial reporting. We document that firms exhibit significant abnormal returns around the issuance of the Exposure Drafts proposing to require recognition of stock-based compensation costs, and also around the event reversing that decision to require disclosure only (while encouraging recognition). We also document that the abnormal returns are most pronounced for high-tech, high-growth, and start-up firms. Our results are consistent with the contracting theory, and show that disclosure is not a substitute for recognition. © 2002 Elsevier Science B.V. All rights reserved