{"id":1651,"date":"2025-03-04T14:14:23","date_gmt":"2025-03-04T12:14:23","guid":{"rendered":"https:\/\/sites.uwasa.fi\/mfjuva\/?page_id=1651"},"modified":"2025-10-02T12:42:12","modified_gmt":"2025-10-02T09:42:12","slug":"2023vol27num1-2","status":"publish","type":"page","link":"https:\/\/sites.uwasa.fi\/mfjuva\/all-issues\/2023vol27num1-2\/","title":{"rendered":""},"content":{"rendered":"<p><a href=\"https:\/\/sites.uwasa.fi\/mfjuva\/wp-content\/blogs.dir\/4\/files\/sites\/231\/2025\/03\/Frahm-et-al_2023.pdf\">The Interplay between Institutional Investors, Debt and Firm Value: Evidence from France, Germany and the UK<\/a><\/p>\n<p>Multinational Finance Journal, 2023,\u00a0vol. 27, no. 1\/2, pp. 3-49 | <a href=\"https:\/\/doi.org\/10.5281\/zenodo.14956497\">https:\/\/doi.org\/10.5281\/zenodo.14956497<\/a><\/p>\n<p><strong>Andr\u00e9 K\u00fcster Simic<\/strong>, <em>Department of Finance &amp; Accounting HSBA Hamburg School of Business Administration<\/em><\/p>\n<p><strong>Gabriel Frahm<\/strong>, <em>Department of Mathematics and Statistics Faculty of Economics and Social Sciences Helmut Schmidt University<\/em><\/p>\n<p><strong>Christian Gl\u00f6er<\/strong>, <em>Department of Mathematics and Statistics Faculty of Economics and Social Sciences Helmut Schmidt University and Department of Finance &amp; Accounting HSBA Hamburg School of Business Administration<\/em><\/p>\n<p>Abstract:<br \/>\nThis study investigates the interaction effect between institutional ownership and debt ratio on firm value. Analyzing a large sample consisting of 9,998 observations from 1,351 distinct non-financial firms listed in France, Germany, and the United Kingdom (UK) over the 2002-2018 period, it is documented that the interaction variable exerts a positive effect on firm value. This finding is robust to various firm characteristics, industry and year fixed effects, and it also extends to alternative measures of ownership and firm value. Identification analyses suggest that the effect is causal. This study further finds a stronger impact during times of financial turmoil and that there exists a heterogeneity across different types of institutional ownership. Distinguishing between bank-based and market-based financial systems does not affect the inferences.<\/p>\n<p>Keywords : Crisis; debt; firm value; institutional ownership<\/p>\n<p><strong>Citation (Format 1)<\/strong><br \/>\nK\u00fcster Simic, Andr\u00e9, Gabriel Frahm, and Christian Gl\u00f6er, 2023, The Interplay between Institutional Investors, Debt and Firm Value: Evidence from France, Germany and the UK,\u00a0<em>Multinational Finance Journal<\/em> 27, 3-49.<br \/>\n<strong>Citation (Format 2)<\/strong><br \/>\nK\u00fcster Simic, A., Frahm, G., Gl\u00f6er, C., 2023. The Interplay between Institutional Investors, Debt and Firm Value: Evidence from France, Germany and the UK. Multinational Finance Journal 27, 3-49.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Interplay between Institutional Investors, Debt and Firm Value: Evidence from France, Germany and the UK Multinational Finance Journal, 2023,\u00a0vol. 27, no. 1\/2, pp. 3-49 | https:\/\/doi.org\/10.5281\/zenodo.14956497 Andr\u00e9 K\u00fcster Simic, Department of Finance &amp; Accounting HSBA Hamburg School of Business Administration Gabriel Frahm, Department of Mathematics and Statistics Faculty of Economics and Social Sciences Helmut [&hellip;]<\/p>\n","protected":false},"author":557,"featured_media":0,"parent":221,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1651","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/1651"}],"collection":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/comments?post=1651"}],"version-history":[{"count":10,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/1651\/revisions"}],"predecessor-version":[{"id":1849,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/1651\/revisions\/1849"}],"up":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/221"}],"wp:attachment":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/media?parent=1651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}