Himmelberg, Charles P.; Hubbard, R. Glenn; Palia, Darius - National Bureau of Economic Research (NBER) - 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...