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Understanding the determinants of managerial ownership and the link between ownership and performance
Open accessAbstract
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), (Journal of Political Economy, 93, 1155–1177) 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.
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Cites
Specification Tests in Econometrics
Hausman, J. A. (1978) · Econometrica · doi:10.2307/1913827 · Cited by 18,820
Cited by
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Demsetz, H., & Villalonga, B. (2001) · Journal of Corporate Finance · doi:10.1016/s0929-1199(01)00020-7 · Cited by 2,376
The use of equity grants to manage optimal equity incentive levels
Core, J., & Guay, W. (1999) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(99)00019-1 · Cited by 1,456
Financial accounting information, organizational complexity and corporate governance systems
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2003.09.005 · Cited by 1,059
International Evidence on Cash Holdings and Expected Managerial Agency Problems
Kalcheva, I., & Lins, K. V. (2007) · Review of Financial Studies · doi:10.1093/rfs/hhm023 · Cited by 820
The impact of leverage on firm investment: Canadian evidence
Aivazian, V. A., Ge, Y., & Qiu, J. (2005) · Journal of Corporate Finance · doi:10.1016/s0929-1199(03)00062-2 · Cited by 650
Metadata
- Authors
- Himmelberg, C. P., Hubbard, R. G., & Palia, D.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1999-09
- Volume
- 53
- Issue
- 3
- Pages
- 353-384
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W3122340701
- Cited by
- 2,500
- References
- 1
- FWCI
- 158.00
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics. https://doi.org/10.1016/s0304-405x(99)00025-2
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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.
