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Participação acionária da administração e valoração no mercado: uma análise empírica

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  • Morck, Randall
  • Schleifer, Andrei
  • Vishny, Robert W.

Abstract

We investigate the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, we find evidence of a significant nonmonotonic relationship. Tobin's Q first increases, then declines, and finally rises slightly as ownership by the board of directors rises. For older firms, there is evidence that Q is lower when the firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.

Suggested Citation

  • Morck, Randall & Schleifer, Andrei & Vishny, Robert W., 2008. "Participação acionária da administração e valoração no mercado: uma análise empírica," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 48(2), April.
    • Handle: RePEc:fgv:eaerae:v:48:y:2008:i:2:a:36613
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