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http://hdl.handle.net/10419/24493
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| Title: | | Managerial ownership and firm performance in German small and medium-sized enterprises  |
| Authors: | | Mueller, Elisabeth Spitz, Alexandra |
| Issue Date: | | 2001 |
| Series/Report no.: | | ZEW Discussion Papers 01-72 |
| 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. |
| Subjects: | | company performance managerial ownership corporate governance small and medium-sized enterprises |
| JEL: | | G32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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