Management Ownership and Corporate Performance: An Empirical Analysis

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.

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Year of publication:	1986-10
Authors:	Morck, Randall ; Shleifer, Andrei ; Vishny, Robert W.
Institutions:	National Bureau of Economic Research (NBER)

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Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	published as "Management Ownership and Market Valuation: An Empirical Analysis" Journal of Financial Economics, March, 1988 Number 2055
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005710555