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Is ownership really endogenous?

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  • Klaus Gugler
  • Jurgen Weigand
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    Abstract

    For a large panel of US firms it is found that managerial ownership is (econometrically) endogenous as Himmelberg et al. (Journal of Financial Economics, 53, 353-384, 1999) found. The largest shareholder, however, affects performance exogenously. This also holds for German firms.

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    File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 10 (2003)
    Issue (Month): 8 ()
    Pages: 483-486

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    Handle: RePEc:taf:apeclt:v:10:y:2003:i:8:p:483-486

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    Cited by:
    1. Irena Grosfeld, 2009. "Large shareholders and firm value: Are high-tech firms different?," PSE Working Papers halshs-00587856, HAL.
    2. repec:hal:wpaper:halshs-00590485 is not listed on IDEAS
    3. Panayotis Kapopoulos & Sophia Lazaretou, 2005. "Does Corporate Ownership Structure Matter for Economic Growth? A Cross-Country Analysis," Working Papers 21, Bank of Greece.
    4. Barry, Thierno Amadou & Lepetit, Laetitia & Tarazi, Amine, 2011. "Ownership structure and risk in publicly held and privately owned banks," Journal of Banking & Finance, Elsevier, vol. 35(5), pages 1327-1340, May.
    5. Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-123, Tilburg University, Center for Economic Research.
    6. Julio Pindado & Chabela De La Torre, 2004. "Why is ownership endogenous?," Applied Economics Letters, Taylor & Francis Journals, vol. 11(14), pages 901-904.
    7. repec:hal:wpaper:halshs-00587856 is not listed on IDEAS
    8. Jin-Hui Luo & Heng Liu, 2014. "Family-Concentrated Ownership in Chinese PLCs: Does Ownership Concentration Always Enhance Corporate Value?," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 2(1), pages 103-121, February.
    9. Cristina Boþa-Avram, 2012. "Managerial Ownership, Board Structure And Firm’S Performance: A Review Of Main Findings," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 648-656, December.
    10. Ming-Yuan Chen, 2006. "Managerial ownership and firm performance: an analysis using switching simultaneous-equations models," Applied Economics, Taylor & Francis Journals, vol. 38(2), pages 161-181.

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