| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7209 |
| 来源ID | Working Paper 7209 |
| Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance | |
| Charles P. Himmelberg; R. Glenn Hubbard; Darius Palia | |
| 发表日期 | 2000-02-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key variables in the contracting environment in ways consistent with the predictions of principal-agent models. A large fraction of the cross-sectional variation in managerial ownership is explained by unobserved firm heterogeneity. Moreover, after controlling both for observed firm characteristics and firm fixed effects, we cannot conclude (econometrically) that changes in managerial ownership affect firm performance. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w7209 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565063 |
| 推荐引用方式 GB/T 7714 | Charles P. Himmelberg,R. Glenn Hubbard,Darius Palia. Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7209.pdf（142KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
