Purpose – Conventional studies discuss the effect of managerial ownership on firm performance and have conflicting findings. This paper seeks to find divergent mutual effects existing between managerial ownership and firm performance. Design/methodology/approach – The three-stage-least...

Purpose – Conventional studies discuss the effect of managerial ownership on firm performance and have conflicting findings. This paper seeks to find divergent mutual effects existing between managerial ownership and firm performance. Design/methodology/approach – The three‐stage‐least...

Whether the risk factors or firm characteristics cause the value premium of stocks still needs further investigation. This paper shows that the factor‐based models are significant but not sufficient for the stock returns in Taiwan. Size or book‐to‐market ratio alone cannot influence the...