Table 3 provides the results of the 3SLS regression model. Column 1 of Table 3 Panel A
shows the effect of institutional ownership on firm-specific risk, as specified by Eq. (1).
Column 2 shows the effect of risk and institutional ownership on risk-management (Eq. (2)).
Column 3 shows the effect of firm-specific risk, risk-management, and institutional
ownership on ROA (Eq. (3)). Panel B shows the same associations using Tobin's Q as the
measure of firm performance.