@techreport{Mueller2001Managerial,
abstract = {We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a panel of 356 companies in the German business-related service sector for the years 1997-2000. Our findings are that performance, measured by survey-based profit information, is increasing in managerial ownership up to around 40 percent. We do not find a significant entrenchment effect, possibly because at levels at which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to maximize company value.},
address = {Mannheim},
author = {Elisabeth Mueller and Alexandra Spitz},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G32; 330; company performance; managerial ownership; corporate governance; small and medium-sized enterprises; Eigent\"{u}merstruktur; Corporate Governance; F\"{u}hrungskr\"{a}fte; Klein- und Mittelunternehmen; Unternehmensentwicklung; Agency Theory; Sch\"{a}tzung; Unternehmensdienstleistung; Deutschland},
language = {eng},
number = {01-72},
publisher = {Zentrum f\"{u}r Europ\"{a}ische Wirtschaftsforschung (ZEW)},
title = {Managerial ownership and firm performance in German small and medium-sized enterprises},
type = {ZEW Discussion Papers},
url = {http://hdl.handle.net/10419/24493},
year = {2001}
}
