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EQUITY INVESTMENT DECISIONS OF LARGE INVESTORS AROUND IFRS ADOPTION: FINANCIAL VS. NON-FINANCIAL FIRMS
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Malek Saihi 
, Manel Hessayri
Abstract
This paper addresses the question of whether firms’ IFRS adoption translates into increases in equity ownership for large shareholders. Using a sample of 55 non-financial firms and 23 financial firms from three emerging market countries, namely Morocco, South Africa and Turkey, we find evidence that top shareholders invest more heavily in firms’ stocks after their commitment to IFRS. Surprisingly, we report opposite findings for ownership by blockholders in financial and non-financial firms displaying different incentives.
Keywords: Equity Ownership, IFRS Adoption, Large Shareholders, Emerging Market Countries, Non-Financial Firms, Financial Firms
Received: 09.03.2017
Accepted: 21.05.2017
How to cite this paper: Hessayri, M., & Saihi, M. (2017). Equity investment decisions of large investors around IFRS adoption: Financial vs. non-financial firms. Corporate Ownership & Control, 14(4-2), 425-434. https://doi.org/10.22495/cocv14i4c2art8
