Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey
نویسندگان
چکیده
منابع مشابه
Managerial ownership dynamics and firm value
From 1988 to 2003, the average change in managerial ownership is significantly negative every year for American firms. We find that managers are more likely to significantly decrease their ownership when their firms are performing well, but not more likely to increase their ownership when their firms have poor performance. Because investors learn about the total change in managerial ownership w...
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Empirical evidence on the causal effects of managerial ownership on firm performance has been elusive due to a lack of within-firm variation and credible empirical design. This paper identifies this causal effects exploiting the 2003 Tax Cut as a quasi-natural experiment, which increased the net-of-tax effective managerial ownership. Consistent with predictions from agency theory, our differenc...
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ژورنال
عنوان ژورنال: South East European Journal of Economics and Business
سال: 2010
ISSN: 1840-118X
DOI: 10.2478/v10033-010-0005-4