[
Admati, A.R., Pfleiderer, P. and Zechner, J. 1994. Large shareholder activism, risk sharing, and financial market equilibrium. Journal of Political Economy 102 (6): 1097–1130.10.1086/261965
]Search in Google Scholar
[
Almazan, A., Hartzell, J. C., and Starks, L. T. 2005. Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial Management 34 (4): 5–34.10.1111/j.1755-053X.2005.tb00116.x
]Search in Google Scholar
[
Arellano, M., and Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic studies 58 (2): 277–297.10.2307/2297968
]Search in Google Scholar
[
Ashrafi, M., and Muhammad, J. 2014. The new structure of corporate governance, institutional investors and capital structure: Evidence from Malaysia. European Online Journal of Natural and Social Sciences 3 (2): 298.
]Search in Google Scholar
[
Attig, N., Cleary, S., El Ghoul, S. and Guedhami, O. 2012. Institutional investment horizon and investment–cash flow sensitivity. Journal of Banking and Finance 36 (4): 1164–1180.10.1016/j.jbankfin.2011.11.015
]Search in Google Scholar
[
Bahovec, V., and Erjavec, N. 2009. Introduction to econometrics. ELEMENT, Zagreb.
]Search in Google Scholar
[
Chen, X., Harford, J., and Li, K. 2007. Monitoring: Which institutions matter?, Journal of Financial Economics 86 (2): 279–305.10.1016/j.jfineco.2006.09.005
]Search in Google Scholar
[
Chung, K. H., and Zhang, H. 2011. Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis 46 (1): 247–273.10.1017/S0022109010000682
]Search in Google Scholar
[
Chung, R., Firth, M., and Kim, J.B. 2002. Institutional monitoring and opportunistic earnings management. Journal of corporate finance 8 (1): 29–48.10.1016/S0929-1199(01)00039-6
]Search in Google Scholar
[
Cornett, M.M., Marcus, A.J., Saunders, A., and Tehranian, H. 2007. The impact of institutional ownership on corporate operating performance, Journal of Banking and Finance 31 (6): 1771–1794.10.1016/j.jbankfin.2006.08.006
]Search in Google Scholar
[
Ćurković, M., and Krišto, J. 2017. Performance measurement of UCITS investment funds in Croatia. UTMS Journal of Economics 8 (1): 11-17.
]Search in Google Scholar
[
Davis, E. P. 2002. Institutional investors, corporate governance and the performance of the corporate sector. Economic Systems 26 (3): 203–229.10.1016/S0939-3625(02)00044-4
]Search in Google Scholar
[
Davis, E.P., Steil, B., and Bolster, P. 2002. Institutional investors. London, England: The MIT Press.10.7551/mitpress/3809.001.0001
]Search in Google Scholar
[
Del Guercio, D. 1996. The distorting effect of the prudent-man laws on institutional equity investments. Journal of Financial Economics 40 (1): 31–62.10.1016/0304-405X(95)00841-2
]Search in Google Scholar
[
Dropulić Ružić, M. 2011. Corporate Governance in Hotel Companies – the Case of Croatia. Economic Thought and Practice 28 (1): 171–201.
]Search in Google Scholar
[
Duggal, R., and Millar, J. A. 1994. Institutional investors, anti-takeover defences and success of hostile takeover bids. The Quarterly Review of Economics and Finance 34 (4): 387-402.10.1016/1062-9769(94)90022-1
]Search in Google Scholar
[
Elahee, M.N., Sadrieh, F., and Wilman, M. 2016. Reintegrating Iran with the West: Challenges and Opportunities. Cyrus Chronicle Journal 1 (1): 60–62.10.52212/J2016-V1i2BR3
]Search in Google Scholar
[
Elyasiani, E., and Jia, J.J. 2008. Institutional ownership stability and BHC performance. Journal of Banking and Finance 32 (9): 1767–1781.10.1016/j.jbankfin.2007.12.010
]Search in Google Scholar
[
Ferreira, M. A., and Matos, P. 2008. The colours of investors’ money: The role of institutional investors around the world. Journal of Financial Economics 88 (3): 499–533.10.1016/j.jfineco.2007.07.003
]Search in Google Scholar
[
Fung, S., and Tsai, S.C. 2012. Institutional ownership and corporate investment performance. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l’Administration 29 (4): 348–365.10.1002/cjas.1232
]Search in Google Scholar
[
Gillan, S. L. and Starks, L. T. 2000. Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of financial Economics 57 (2): 275–305.10.1016/S0304-405X(00)00058-1
]Search in Google Scholar
[
Goić, S. 1995. Agency theory as a fundamental concept of relationships in modern business. Accounting and finance 11: 87.
]Search in Google Scholar
[
Gompers, P.A., and Metrick, A. 2001. Institutional investors and equity prices. The quarterly journal of Economics 116 (1): 229-259.10.1162/003355301556392
]Search in Google Scholar
[
Grinstein, Y., and Michaely, R. 2005. Institutional holdings and payout policy. The Journal of Finance 60 (3): 1389–1426.10.1111/j.1540-6261.2005.00765.x
]Search in Google Scholar
[
Hartzell, J. C., and Starks, L. T. 2003. Institutional investors and executive compensation. The journal of finance 58 (6): 2351–2374.10.1046/j.1540-6261.2003.00608.x
]Search in Google Scholar
[
Jensen, M. C., and Meckling, W. H. 1976. Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (4): 350-360.10.1016/0304-405X(76)90026-X
]Search in Google Scholar
[
Jiang, W., and Anandarajan, A. 2009. Shareholder rights, corporate governance and earnings quality: The influence of institutional investors. Managerial Auditing Journal 24 (8): 767–791.10.1108/02686900910986402
]Search in Google Scholar
[
Kahn, C., and Winton, A. 1998. Ownership Structure, Speculation, and Shareholder Intervention, The Journal of Finance 53 (1): 99–129.10.1111/0022-1082.45483
]Search in Google Scholar
[
Klačmer Čalopa, M., and Đunđek Kokotec, I. 2017. The performance of the investment trust industry: Evidence from Croatia. In Book of proceedings, 20th International Scientific Conference on Economic and Social Development, 483-492.
]Search in Google Scholar
[
Krišto, J., Stojanović, A., and Pavković, A. 2014. Impact of institutional investors on financial market stability: lessons from financial crisis. International Journal of Diplomacy and Economy 1 (2): 102–117.10.1504/IJDIPE.2014.060746
]Search in Google Scholar
[
Labra, R., and Torrecillas, C. 2018. Estimating dynamic Panel data. A practical approach to perform long panels. Revista Colombiana de Estadística 41 (1): 31–52.10.15446/rce.v41n1.61885
]Search in Google Scholar
[
Leech, D., and Leahy, J. 1991. Ownership structure, control type classifications and the performance of large British companies. The Economic Journal 101 (409): 1418–1437.10.2307/2234893
]Search in Google Scholar
[
Li, D., Moshirian, F., Zein, J., and Pham, P.K. 2006. When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments, Journal of Finance 61 (6): 2975–3007.10.1111/j.1540-6261.2006.01009.x
]Search in Google Scholar
[
Matić, B., and Papac, N. 2010. Characteristics of the Corporate Bank Governance System in Bosnia and Herzegovina. Ekonomski Vjesnik/Econviews: Review of contemporary business, entrepreneurship and economic issues 23 (1): 80–92.
]Search in Google Scholar
[
McCahery, J. A., Sautner, Z., and Starks, L. T. 2016. Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance 71 (6): 2905-2932.10.1111/jofi.12393
]Search in Google Scholar
[
Mehrani, S., Moradi, M., and Eskandar, H. 2017. Institutional Ownership Type and Earnings Quality: Evidence from Iran, Emerging Markets Finance and Trade 53 (1): 54–73.10.1080/1540496X.2016.1145114
]Search in Google Scholar
[
Michaely, R., and Roberts, M. R. 2011. Corporate dividend policies: Lessons from private firms. The Review of Financial Studies 25 (3): 711–746.10.1093/rfs/hhr108
]Search in Google Scholar
[
Morck, R., Shleifer, A., and Vishny, R. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.10.1016/0304-405X(88)90048-7
]Search in Google Scholar
[
Nix, P., and Chen, J. 2013. The role of institutional investors in corporate governance: an empirical study. Springer.10.1057/9781137327031
]Search in Google Scholar
[
Orsag, S. 2015. Investment Analysis. Zagreb: Avantis.
]Search in Google Scholar
[
Orsag, S., and Sabol, A. 2014. Risk Management and Corporate Governance: Through the Looking Glass. In Risk Management: Strategies for Economic Development and Challenges in the Financial System. Nova Science Publishers.
]Search in Google Scholar
[
Perić, B. Š. 2012. Static panel models: application to the analysis of the financial development in Central and Eastern European countries. In Mathematical models in analysis of the Croatian financial market. University of Split, Faculty of Economics, Business and Tourism.
]Search in Google Scholar
[
Sherman, H., Beldona, S., and Joshi, M. 1998. Institutional investor heterogeneity: implications for strategic decisions. Corporate Governance: An International Review 6 (3): 166-173.10.1111/1467-8683.00101
]Search in Google Scholar
[
Smith, M. P. 1996. Shareholder Activism by Institutional Investors: Evidence from CalPERS. The Journal of Finance 51 (1): 227–252.10.1111/j.1540-6261.1996.tb05208.x
]Search in Google Scholar
[
Štimac, D., Orsag, S., and Dedi, L. 2015. Efficiency of different Pension Fund Investment Regulation Models. Paper presented in Western Decision Sciences Institute Forty-Fourth Annual Meeting, January.
]Search in Google Scholar
[
Tipurić, D. 2008. Corporate Governance. Zagreb: Sinergijanakladništvo d.o.o.
]Search in Google Scholar
[
Velury, U., and Jenkins, D.S. 2006. Institutional ownership and the quality of earnings. Journal of Business Research 59 (9): 1043–1051.10.1016/j.jbusres.2006.05.001
]Search in Google Scholar
[
Vittas, D. 1998. Institutional Investors and Securities Markets: Which Comes First? Development Research Group, The World Bank. Paper for the ABCD LAC Conference, El Salvador, June.10.1596/1813-9450-2032
]Search in Google Scholar
[
Vučković, V., and Basarac Sertić, M. 2013. The effect of political institutions on the size of government spending in European Union member states and Croatia. Financial theory and practice 37 (2): 161–179.10.3326/fintp.37.2.2
]Search in Google Scholar
[
Wahab, E.A.A., How, J., and Verhoeven, P. 2008. Corporate governance and institutional investors: evidence from Malaysia. Asian Academy of Management Journal of Accounting and Finance 4 (2): 67–90.
]Search in Google Scholar
[
Weir, C., Laing, D., and McKnight, P. J. 2002. Internal and external governance mechanisms: their impact on the performance of large UK public companies. Journal of Business Finance & Accounting 29 (5–6): 579–611.10.1111/1468-5957.00444
]Search in Google Scholar
, 