| Author: | Himmelberg, C. P. Hubbard, R. G. Palia, D. |
| Title: | Understanding the determinants of managerial ownership and the link between ownership and performance. |
| Journal: | Journal of Financial Economics
1999 : SEP, VOL. 53:3, p. 353-384 |
| Index terms: | Company ownership Shareholders Managing directors Management personnel |
| Language: | eng |
| Abstract: | Both managerial ownership and performance are endogenously determined by exogenous changes in the firm's contarcting environment. The author extend the cross-sectional results of Demset and Lehn (J. of Political Economy 93(1985),1155-1177) and use panel data to show that managerial ownership is explained by key variables in the contracting environment in ways consistent with the predictions of principal-agent models. |
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