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dc.contributor.authorMueller, Elisabethen
dc.contributor.authorSpitz, Alexandraen
dc.date.accessioned2009-02-16T14:56:45Z-
dc.date.available2009-02-16T14:56:45Z-
dc.date.issued2001-
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
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x01-72en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordcompany performanceen
dc.subject.keywordmanagerial ownershipen
dc.subject.keywordcorporate governanceen
dc.subject.keywordsmall and medium-sized enterprisesen
dc.subject.stwEigentümerstrukturen
dc.subject.stwCorporate Governanceen
dc.subject.stwFührungskräfteen
dc.subject.stwKlein- und Mittelunternehmenen
dc.subject.stwUnternehmensentwicklungen
dc.subject.stwAgency Theoryen
dc.subject.stwSchätzungen
dc.subject.stwUnternehmensdienstleistungen
dc.subject.stwDeutschlanden
dc.titleManagerial ownership and firm performance in German small and medium-sized enterprises-
dc.typeWorking Paperen
dc.identifier.ppn344066010en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:5428en

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