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

• 成果类型: Article
• 署名作者: Himmelberg, CP; Hubbard, RG; Palia, D
• 署名单位: Columbia University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(99)00025-2
• 发表日期: 1999
• 页码: 353-384
• 关键词: Managerial ownership; corporate governance

摘要

Both managerial ownership and performance are endogenously determined by exogenous land only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) (Journal of Political Economy, 93, 1155-1177) and use panel data to show that managerial ownership is explained by key variables in the contracting environment in ways consistent with the predictions of principal-agent models. A large fraction of the cross-sectional variation in managerial ownership is explained by unobserved firm heterogeneity. Moreover, after controlling both for observed firm characteristics and firm fixed effects, we cannot conclude (econometrically) that changes in managerial ownership affect firm performance. (C) 1999 Elsevier Science S.A. All rights reserved.