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作者 Benson, Bradley Warren
書名 Reexamining the managerial ownership effect on firm value
國際標準書號 9780542816345
book jacket
說明 233 p
附註 Source: Dissertation Abstracts International, Volume: 67-08, Section: A, page: 3100
Adviser: Wallace N. Davidson, III
Thesis (Ph.D.)--Southern Illinois University at Carbondale, 2006
Managerial ownership levels change slowly over time. The slow change masks a significant ownership effect when testing the relation between managerial ownership and firm value using firm fixed effects to control for unobserved firm heterogeneity because of much smaller within variation than between variation. I demonstrate that using pay-performance semi-elasticity as a measure of managerial ownership incentives results in meaningful changes within firm over time. The greater within firm variation amplifies the effect size and increases the power to detect a relation between managerial ownership and firm value in firm fixed effects regressions. Using pay-performance semi-elasticity, I find a significant hump shaped relation between managerial ownership and Tobin's Q in firm fixed effects regressions and two-stage least squares regressions with firm fixed effects to control for endogeneity. My results contradict the results of previous studies which find no relation between managerial ownership and firm value in firm fixed effects regressions
School code: 0209
DDC
Host Item Dissertation Abstracts International 67-08A
主題 Business Administration, Management
Economics, Finance
0454
0508
Alt Author Southern Illinois University at Carbondale
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