TY  - JOUR
AU  - Morck,Randall
AU  - Shleifer,Andrei
AU  - Vishny,Robert W.
TI  - Management Ownership and Corporate Performance:  An Empirical Analysis
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2055
PY  - 1986
Y2  - October 1986
UR  - http://www.nber.org/papers/w2055
L1  - http://www.nber.org/papers/w2055.pdf
N1  - Author contact info:
Randall Morck
Faculty of Business
University of Alberta
Edmonton, AB  T6G 2R6
CANADA
Tel: 780/492-5683
Fax: 780/492-3325
E-Mail: randall.morck@ualberta.ca

Andrei Shleifer
Department of Economics
Harvard University
Littauer Center M-9
Cambridge, MA 02138
Tel: 617/495-5046
Fax: 617/496-1708
E-Mail: ashleifer@harvard.edu

Robert W. Vishny
Booth School of Business
The University of Chicago
5807 South Woodlawn Avenue
Chicago, IL  60637
Tel: 773/702-2522
Fax: 773/834-1920
E-Mail: Rvishny@gmail.com
M2  - featured in NBER digest on 1986-11-01
AB  - 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.
ER  -