The DOI matches its Crossref record.
Management ownership and market valuation
Open accessAbstract
We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
Self-citationA Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Self-citationCorporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Corporate governance, chief executive officer compensation, and firm performance
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00058-0 · Cited by 4,335
The determinants and implications of corporate cash holdings
Opler, T. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(99)00003-3 · Cited by 3,914
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness
Servaes, H., & Tamayo, A. (2013) · Management Science · doi:10.1287/mnsc.1120.1630 · Cited by 2,534
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Corporate immunity to the COVID-19 pandemic
Ding, W., Levine, R., Lin, C., & Xie, W. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.03.005 · Cited by 1,484
Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms
CULL, R., & XU, L. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.010 · Cited by 1,023
Bebchuk, L. A., Cremers, K. J. M., & Peyer, U. C. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.05.006 · Cited by 993
The costs of entrenched boards
Bebchuk, L. A., & Cohen, A. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.12.006 · Cited by 986
Role of Managerial Incentives and Discretion in Hedge Fund Performance
AGARWAL, V., DANIEL, N. D., & NAIK, N. Y. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01499.x · Cited by 688
Classified boards, firm value, and managerial entrenchment
Faleye, O. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.01.005 · Cited by 550
Corporate payout policy and managerial stock incentives
Fenn, G. W., & Liang, N. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00039-3 · Cited by 559
OWNERSHIP STRUCTURE, EXPROPRIATION, AND PERFORMANCE OF GROUP-AFFILIATED COMPANIES IN KOREA.
Chang, S. J. (2003) · Academy of Management Journal · doi:10.2307/30040617 · Cited by 550
Frydman, C., & Jenter, D. (2010) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-120209-133958 · Cited by 542
Does Delaware law improve firm value?
Daines, R. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00086-1 · Cited by 538
Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan
Wang, Y.-J. (2002) · Journal of Multinational Financial Management · doi:10.1016/s1042-444x(01)00047-0 · Cited by 423
Ownership as a form of corporate governance
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., & Certo, S. T. (2010) · Journal of Management Studies · doi:10.1111/j.1467-6486.2010.00929.x · Cited by 389
Corporate governance and the bankrupt firm: An empirical assessment
Daily, C. M., & Dalton, D. R. (1994) · Strategic Management Journal · doi:10.1002/smj.4250150806 · Cited by 340
Learning and the disappearing association between governance and returns
Bebchuk, L. A., Cohen, A., & Wang, C. C. Y. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2012.10.004 · Cited by 311
Labor-Friendly Corporate Practices: Is What is Good for Employees Good for Shareholders?
Faleye, O., & Trahan, E. A. (2011) · Journal of Business Ethics · doi:10.1007/s10551-010-0705-9 · Cited by 251
Glaum, M., Schmidt, P., Street, D. L., & Vogel, S. (2013) · Accounting and Business Research · doi:10.1080/00014788.2012.711131 · Cited by 241
Foreign direct investment, diversification and firm performance
Doukas, J. A., & Lang, L. H. P. (2003) · Journal of International Business Studies · doi:10.1057/palgrave.jibs.8400014 · Cited by 225
What Matters in Corporate Governance?
Bebchuk, L. A., Cohen, A., & Ferrell, A. (2004) · doi:10.2139/ssrn.593423 · Cited by 443
“…so we follow earlier work on the association between corporate arrangements and firm value (see, e.g., Demsetz and Lehn (1985), Morck, Shleifer and Vishny (1988), McConnell and Servaes (1990), Lang and Stulz (1994), Yermack (1996), Daines (2001), LaPorta et al. (2002), and Gompers, Ishii, and…”
BackgroundUndoing the powerful anti-takeover force of staggered boards
Guo, R.-J., Kruse, T. A., & Nohel, T. (2008) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2008.03.007 · Cited by 113
(1999) · RePEc: Research Papers in Economics · Cited by 93
Lee, J., Kim, S., & Kim, E. (2021) · Sustainability · doi:10.3390/su13179955 · Cited by 30
Layoffs and corporate performance: Evidence based on the US tech industry
Saba, Z. (2024) · Journal of Economics and Finance · doi:10.1007/s12197-024-09673-y · Cited by 9
Corporate Governance and Involuntary Delisting: Empirical Evidence from China
Malik, M. N., Xinping, X., & Shabbir, R. (2014) · International Journal of Economics and Finance · doi:10.5539/ijef.v6n6p247 · Cited by 8
Gros, M., & Koch, S. (2019) · Corporate Ownership and Control · doi:10.22495/cocv16i1c1art4 · Cited by 5
Metadata
- Authors
- Morck, R., Shleifer, A., & Vishny, R. W.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1988-01
- Volume
- 20
- Pages
- 293-315
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W1606272114
- Cited by
- 6,895
- References
- 0
- FWCI
- 90.21
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
