schmid, Markus M.; Zimmermann, Heinz - In: Schmalenbach Business Review (sbr) 60 (2008) 2, pp. 182-204
characteristics. We find a curvilinear relation between leadership structure and managerial shareholdings that is similar to what we … observe between firm value and managerial shareholdings. A possible interpretation is that the agency costs associated with a … combined function are mitigated by a higher incentive alignment of the ceO/chairman through an adequate level of managerial …