کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1003194 937555 2010 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Corporate performance, managerial ownership and endogeneity: A simultaneous equations analysis for the Athens stock exchange
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Corporate performance, managerial ownership and endogeneity: A simultaneous equations analysis for the Athens stock exchange
چکیده انگلیسی

This paper investigates the relationship between managerial ownership and firm performance by considering the endogenous nature of the ownership variables. We conducted our analysis by applying a simultaneous equations framework. We empirically controlled the direction and significance of this relationship, using a panel comprised of 146 firms quoted on the Athens Stock Exchange between 2000 and 2004. The main findings of our analysis indicated that when managerial ownership is treated as endogenous, there is a positive impact on corporate value. Given the particularly high degree of managerial ownership that is observed in the firms listed in the Athens Stock Exchange, we argue that the estimated positive relationship can be mainly explained by the existing high levels of managerial ownership.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 24, Issue 1, January 2010, Pages 24–38
نویسندگان
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