ScholarWorks@숙명여자대학교

초록

This paper investigates empirically the impact of foreign institutional investors on a firms' managerial decision making. Using the sample firms whose foreign shares take up more than 5% for the last four consecutive years (2001-2004), we find that foreign institutional investors with more than 5% of a company's share can exert significant impact on its dividend increase and the decrease of plant and equipment investment. Moreover, foreign institutional investors who have a tendence to invest from the long-term point of view have more powerful and significant impact on firm's decision making. Also, the more shares have foreign institutional investors against major shareholder and the more shares have foreign institutional investors against the previous year, the more strong and significant impact on firm's decision making have the shares of foreign institutional investors.

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