Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/92690 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 593
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling for the history of management ownership as well as inter-firm differences using panel data. Further, we consider the possibility that the current ownership structure is jointly determined with the firm value, an endogeneity argument a la Demsetz (1983). We find that history of the management ownership, not its current level, matters in determining the firm value, which is consistent with information asymmetry arguments.
Schlagwörter: 
convergence-of-interest
endogeneity
entrenchment
firm value
information asymmetry
insider ownership
panel data
JEL: 
C23
C81
D23
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
269.19 kB





Publikationen in EconStor sind urheberrechtlich geschützt.