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Article: Understanding the determinants of managerial ownership and the link between ownership and performance: Comment
Title | Understanding the determinants of managerial ownership and the link between ownership and performance: Comment |
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Authors | |
Keywords | Corporate Governance G32 L14 L22 Managerial Ownership |
Issue Date | 2001 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec |
Citation | Journal Of Financial Economics, 2001, v. 62 n. 3, p. 559-571 How to Cite? |
Abstract | Himmelberg et al. (J. Financial Econom. 53 (1999) 353-384) argue that fixed effects estimators should be used in examination of the relationship between managerial ownership and firm performance. I show that managerial ownership, while substantially different across firms, typically changes slowly from year to year within a company. With rational managers maximising long-term utility, small, one-year changes in ownership are not likely to reflect notable changes in incentives that would lead to substantive within-year changes in performance. By relying on within variation, fixed effects estimators may not detect an effect of ownership on performance even if one exists. |
Persistent Identifier | http://hdl.handle.net/10722/177643 |
ISSN | 2023 Impact Factor: 10.4 2023 SCImago Journal Rankings: 13.655 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Zhou, X | en_US |
dc.date.accessioned | 2012-12-19T09:39:24Z | - |
dc.date.available | 2012-12-19T09:39:24Z | - |
dc.date.issued | 2001 | en_US |
dc.identifier.citation | Journal Of Financial Economics, 2001, v. 62 n. 3, p. 559-571 | en_US |
dc.identifier.issn | 0304-405X | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177643 | - |
dc.description.abstract | Himmelberg et al. (J. Financial Econom. 53 (1999) 353-384) argue that fixed effects estimators should be used in examination of the relationship between managerial ownership and firm performance. I show that managerial ownership, while substantially different across firms, typically changes slowly from year to year within a company. With rational managers maximising long-term utility, small, one-year changes in ownership are not likely to reflect notable changes in incentives that would lead to substantive within-year changes in performance. By relying on within variation, fixed effects estimators may not detect an effect of ownership on performance even if one exists. | en_US |
dc.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec | en_US |
dc.relation.ispartof | Journal of Financial Economics | en_US |
dc.subject | Corporate Governance | en_US |
dc.subject | G32 | en_US |
dc.subject | L14 | en_US |
dc.subject | L22 | en_US |
dc.subject | Managerial Ownership | en_US |
dc.title | Understanding the determinants of managerial ownership and the link between ownership and performance: Comment | en_US |
dc.type | Article | en_US |
dc.identifier.email | Zhou, X: xianzhou@hkucc.hku.hk | en_US |
dc.identifier.authority | Zhou, X=rp01129 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1016/S0304-405X(01)00085-X | en_US |
dc.identifier.scopus | eid_2-s2.0-0003300715 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0003300715&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 62 | en_US |
dc.identifier.issue | 3 | en_US |
dc.identifier.spage | 559 | en_US |
dc.identifier.epage | 571 | en_US |
dc.identifier.isi | WOS:000172299800005 | - |
dc.publisher.place | Netherlands | en_US |
dc.identifier.ssrn | 300482 | - |
dc.identifier.scopusauthorid | Zhou, X=8217375200 | en_US |
dc.identifier.issnl | 0304-405X | - |