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Understanding the determinants of managerial ownership and the link between ownership and performance

  • Himmelberg, Charles P.
  • Hubbard, R. Glenn
  • Palia, Darius

Firms are governed by a network of relationships representing contractual arangements for financing, capital structure, and managerial ownership and compensation, among others. For any of these contracted arrangements, it is difficult to identify the correpondence between the contractual choice and firm performance (e.g., measured by accounting rates of return or Tobin's Q), because contractual choices and performance outcomes are endogenously determined by exogenous and only partly observed changes in the firm's contracting environment.

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Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 53 (1999)
Issue (Month): 3 (September)
Pages: 353-384

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Handle: RePEc:eee:jfinec:v:53:y:1999:i:3:p:353-384
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505576

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