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| Author: | Larcker, D.F. Rusticus, T.O. |
| Title: | Endogeneity and empirical accounting research |
| Journal: | European Accounting Review
2007 : VOL. 16:1, p. 207-215 |
| Index terms: | accounting econometrics research |
| Language: | eng |
| Abstract: | This article focuses on econometric problems encountered by researchers when investigating the performance effects of some endogeneous (here as: endog.) firm choice. The classical research question about the relation btw. managerial equity ownership (as: o-ship.) and firm value is used. Considered are cases where o-ship is treated as an exogeneous (as:exog.), endog. and 'partially' endog. variable (as: var./vars.). Treating o-ship. as an exog. var. is argued to be seriously flawed. Unfortunately, when o-ship. is at least 'partially' endog., it is necessary to identify exog. vars. being the determinants of the o-ship. choice. |
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