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Article: The performance effect of managerial ownership: Evidence from China

TitleThe performance effect of managerial ownership: Evidence from China
Authors
KeywordsAgency costs
Firm performance
Managerial ownership
Issue Date2008
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbf
Citation
Journal Of Banking And Finance, 2008, v. 32 n. 10, p. 2099-2110 How to Cite?
AbstractBy examining a sample of non-listed Chinese firms, we provide the first evidence from China for the effect of managerial ownership on firm performance. In matching-sample comparisons, we find that firms of significant managerial ownership outperform firms whose managers do not own equity shares. Our further results indicate the relation between firm performance and managerial ownership is nonlinear, and the inflection point at which the relation turns negative occurs at ownership above 50%. Compared with previous studies, our results are less likely to suffer from an endogeneity problem due to the non-list nature of our sample and the unique institutional environment in China. © 2008 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/60169
ISSN
2015 Impact Factor: 1.485
2015 SCImago Journal Rankings: 1.264
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorHu, Yen_HK
dc.contributor.authorZhou, Xen_HK
dc.date.accessioned2010-05-31T04:05:10Z-
dc.date.available2010-05-31T04:05:10Z-
dc.date.issued2008en_HK
dc.identifier.citationJournal Of Banking And Finance, 2008, v. 32 n. 10, p. 2099-2110en_HK
dc.identifier.issn0378-4266en_HK
dc.identifier.urihttp://hdl.handle.net/10722/60169-
dc.description.abstractBy examining a sample of non-listed Chinese firms, we provide the first evidence from China for the effect of managerial ownership on firm performance. In matching-sample comparisons, we find that firms of significant managerial ownership outperform firms whose managers do not own equity shares. Our further results indicate the relation between firm performance and managerial ownership is nonlinear, and the inflection point at which the relation turns negative occurs at ownership above 50%. Compared with previous studies, our results are less likely to suffer from an endogeneity problem due to the non-list nature of our sample and the unique institutional environment in China. © 2008 Elsevier B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbfen_HK
dc.relation.ispartofJournal of Banking and Financeen_HK
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Banking & Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Banking & Finance, 2008, v. 32 n. 10, p. 2099-2110. DOI: 10.1016/j.jbankfin.2007.12.047-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectAgency costsen_HK
dc.subjectFirm performanceen_HK
dc.subjectManagerial ownershipen_HK
dc.titleThe performance effect of managerial ownership: Evidence from Chinaen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-4266&volume=32&spage=2099&epage=2110&date=2008&atitle=The+Performance+Effect+of+Managerial+Ownership:+Evidence+from+Chinaen_HK
dc.identifier.emailZhou, X: xianzhou@hkucc.hku.hken_HK
dc.identifier.authorityZhou, X=rp01129en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.jbankfin.2007.12.047en_HK
dc.identifier.scopuseid_2-s2.0-51349118724en_HK
dc.identifier.hkuros162331en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-51349118724&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume32en_HK
dc.identifier.issue10en_HK
dc.identifier.spage2099en_HK
dc.identifier.epage2110en_HK
dc.identifier.eissn1872-6372-
dc.identifier.isiWOS:000259909400011-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridHu, Y=7407119615en_HK
dc.identifier.scopusauthoridZhou, X=8217375200en_HK

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