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| Author: | Rose, C. |
| Title: | Managerial ownership and firm performance in listed Danish firms: in search of the missing link |
| Journal: | European Management Journal
2005 : OCT, VOL. 23:5, p. 542 553 |
| Index terms: | Denmark management |
| Freeterms: | agency costs firm performance ownership |
| Language: | eng |
| Abstract: | Traditionally it has been argued that higher levels of managerial ownership may help to align the interests of shareholders and management. This argument is usually based on data where key institutional ingredients are common law and dispersed ownership. This doesnt however provide evident support for the hypothesis that increased management ownership would lead to a better company performance. The article aims to find this missing link between management ownership and performance using a sample in which the institutional framework varies from the Anglo-American system. A cross-sectional regression analysis of listed Danish companies is presented. The author concludes how the hypothesis must be denied. Instead the results show how increased company performance results in higher levels of management ownership. |
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