Management Ownership and Corporate Performance: An Empirical Analysis
AbstractWe investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2055.
Date of creation: Oct 1986
Date of revision:
Publication status: published as "Management Ownership and Market Valuation: An Empirical Analysis" Journal of Financial Economics, March, 1988
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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
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