Is ownership really endogenous?
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.
Volume (Year): 10 (2003)
Issue (Month): 8 ()
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