Heterogeneity of institutional investors: evidence from Brazilian non-financial corporations
DOI:
https://doi.org/10.1590/http://dx.doi.org/10.1590/0101-41615032crcKeywords:
institutional investor, heterogeneity, cluster analysisAbstract
The purpose of this study is to identify the institutional investors that operate in the Brazilian corporate market. Taking into account, in particular, their characteristics and investment profile, the research explores the heterogeneity of these investors. Using factor analysis and cluster analysis, results showed the presence of four different groups of institutional investors in the Brazilian non-financial corporations. Intra-group heterogeneity was confirmed. Institutional investors grouped into two clusters suggested a profile characterized by myopic investments, while the third (fourth) cluster showed a less volatile (conservative) profile.
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