Management Ownership and Corporate Performance: An Empirical Analysis
We 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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Copy CitationRandall Morck, Andrei Shleifer, and Robert W. Vishny, "Management Ownership and Corporate Performance: An Empirical Analysis," NBER Working Paper 2055 (1986), https://doi.org/10.3386/w2055.Download Citation
Published Versions
"Management Ownership and Market Valuation: An Empirical Analysis" Journal of Financial Economics, March, 1988
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