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Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance

Himmelberg, Charles P. - 2000

Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key...

Persistent link: https://www.econbiz.de/10012471259

Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

Gilje, Erik P. - 2019

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …

Persistent link: https://www.econbiz.de/10012479596

Affiliation, Integration, and Information : Ownership Incentives and Industry Structure

Hubbard, Thomas N. - 2001

This paper presents theory and evidence on horizontal industry structure, focusing on situations where plant-level scale economies are small and market power is not an issue. At issue is the question: what makes industries necessarily fragmented? The theoretical model distinguishes between the...

Persistent link: https://www.econbiz.de/10012470424

Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts

Hilt, Eric - 2014

factories, steam power was combined with unskilled labor, and managers likely performed a complex supervisory role that was …

Persistent link: https://www.econbiz.de/10012458569

The Great Pyramids of America : A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Kandel, Eugene - 2013

new ones. Thus, a multi-pronged reform agenda, sustained by a supportive political climate, created an economy of …

Persistent link: https://www.econbiz.de/10012458971

A history of corporate governance around the world : family business groups to professional managers

Morck, Randall (ed.) - 2005

Persistent link: https://www.econbiz.de/10013481074

Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Hubbard, R. Glenn - 1995

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

Persistent link: https://www.econbiz.de/10012473808

Class Struggle Inside the Firm : A Study of German Codetermination

Gorton, Gary - 2000

Who should control the firm? What should be the firm's objective function? If contracts are incomplete, then the group of input providers that most needs their interests protected should be allocated control rights to the firm. Existing theories argue that the suppliers of capital are most in...

Persistent link: https://www.econbiz.de/10012470791

Universal Banking and the Performance of German Firms

Gorton, Gary - 1996

Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold equity stakes in firms and have proxy voting...

Persistent link: https://www.econbiz.de/10012473409

Ownership Structure and Corporate Performance in Japan

Lichtenberg, Frank R. - 1992

This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but...

Persistent link: https://www.econbiz.de/10012474883