Nevertheless, this study is still subject to several limitations. One of them is that it does not take into account the effects of other types of ownership such as family ownership and managerial ownership on corporate value. Therefore, the results can be further improved by including family ownership and managerial ownership as control variables. Future research may also be carried out to examine whether firm value is enhanced by the active roles of institutional investors on the corporate Board. It will also be interesting to investigate the impact of stability of institutional ownership on firm value.