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Journal of Hospitality & Tourism Research
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Institutional Ownership and Firm Performance: Empirical Evidence from U.S.-Based Publicly Traded Restaurant Firms

Henry Tsai

The Hong Kong Polytechnic University

Zheng Gu

University of Nevada, Las Vegas

This study examined the impact of institutional ownership on firm performance in the restaurant industry during 1999-2003. Taking into consideration the endogeneity of ownership structure, the relationship between the two was investigated in a simultaneous framework, and institutional ownership was found to be a significant and positive determinant of firm performance measured by proxy Q. In the meantime, financial institutions tend to invest in better performing, larger, and more profitable restaurant firms with lower financial leverage. Results support a positive endogenous relationship between institutional ownership and firm performance in the restaurant industry.

Key Words: firm performance • institutional ownership • ownership endogeneity • restaurant • two-stage least squares

Journal of Hospitality & Tourism Research, Vol. 31, No. 1, 19-38 (2007)
DOI: 10.1177/1096348006296056
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