Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/270259 
Year of Publication: 
2021
Citation: 
[Journal:] Cogent Business & Management [ISSN:] 2331-1975 [Volume:] 8 [Issue:] 1 [Article No.:] 1908005 [Year:] 2021 [Pages:] 1-27
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
This study investigates the association between institutional investors' ownership and sell-side analysts' stock recommendations in the context of the heterogeneous nature of institutional investors. Based on a sample of 281 Malaysian public listed companies over the period 2008-2013 (732 company-year observations), we find a significant positive relationship between institutional ownership, in particular ownership held by privately managed institutional investors and sell-side analysts' stock recommendations, but no significant relationship between state owned institutional investors and sell-side analysts' stock recommendations. This suggests that the relationship between institutional investors and analysts' stock recommendations are different among different types of institutional investor. Our results are robust to tests for potential endogeneity between institutional ownership and analysts' stock recommendations.
Subjects: 
Institutional investors
sell-side analysts
stock recommendations
Malaysia
JEL: 
G20
G24
G30
G32
M41
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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