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dc.contributor.authorMueller, Elisabethen_US
dc.contributor.authorSpitz, Alexandraen_US
dc.date.accessioned2009-02-16T14:56:45Z-
dc.date.available2009-02-16T14:56:45Z-
dc.date.issued2001en_US
dc.identifier.urihttp://hdl.handle.net/10419/24493-
dc.description.abstractWe 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.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 01-72en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordcompany performanceen_US
dc.subject.keywordmanagerial ownershipen_US
dc.subject.keywordcorporate governanceen_US
dc.subject.keywordsmall and medium-sized enterprisesen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwFührungskräfteen_US
dc.subject.stwKlein- und Mittelunternehmenen_US
dc.subject.stwUnternehmensentwicklungen_US
dc.subject.stwAgency Theoryen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUnternehmensdienstleistungen_US
dc.subject.stwDeutschlanden_US
dc.titleManagerial ownership and firm performance in German small and medium-sized enterprisesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn344066010en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:5428-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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