Kim, E. Han; Lu, Yao - In: Journal of Financial Economics 102 (2011) 2, pp. 272-292
This paper shows the relation between CEO ownership and firm valuation hinges critically on the strength of external governance (EG). The relation is hump-shaped when EG is weak, but is insignificant when EG is strong. The results imply that CEO ownership and EG are substitutes for mitigating...