effect, which parallel the alignment-of-interest effect and the entrenchment effect. By estimating financial performance in a … choice-theoretic framework, the alignment and entrenchment effects of ownership can be identified econometrically. We find … the entrenchment effect. …

We extend the literature on the effects of managerial entrenchment to consider how safety-net subsidies and financial … vice versa. Moreover, differences in charter value result in dichotomous strategies for managerial entrenchment: under …