The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression
Abstract
We document that ownership by officers and directors of publicly traded firms is on average higher today than earlier in the century. Managerial ownership has risen from 13 percent for the universe of exchange‐listed corporations in 1935, the earliest year for which such data exist, to 21 percent in 1995. We examine in detail the robustness of the increase and explore hypotheses to explain it. Higher managerial ownership has not substituted for alternative corporate governance mechanisms. Lower volatility and greater hedging opportunities associated with the development of financial markets appear to be important factors explaining the increase in managerial ownership.
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Citations
Cites
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Cited by
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
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
Metadata
- Authors
- Holderness, C. G., Kroszner, R. S., & Sheehan, D. P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-04
- Volume
- 54
- Issue
- 2
- Pages
- 435-469
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2147744389
- Cited by
- 644
- References
- 1
- FWCI
- 100.24
- Type
- journal article
- Language
- en
- Open access
- closed
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