We analyze the influence of institutional investor ownership on Brazilian firm value using a database of equity holdings from 156 Brazilian listed companies, held by 2,019 institutional investors from 47 countries, during the period of 2009 to 2018. We find that firms with higher foreign and independent institutions (investment advisors and hedge funds) ownership are more likely to have lower firm valuation. While, firms with higher domestic institutional investor ownership are more likely to have higher firm valuation. Finally, firms with higher ownership by dependent institutions (bank and trusts, pension funds, sovereign wealth funds) have no statistical relation with the firm value variation. Our results can be attributed to the evidences that, in Brazil, foreign and independent institutions encounter higher information costs, which can influence the firm value decrease. The opposite happens with domestic institutions.