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Article: The performance effect of managerial ownership: Evidence from China
Title | The performance effect of managerial ownership: Evidence from China |
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Authors | |
Keywords | Agency costs Firm performance Managerial ownership |
Issue Date | 2008 |
Publisher | Elsevier 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? |
Abstract | By 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 Identifier | http://hdl.handle.net/10722/60169 |
ISSN | 2023 Impact Factor: 3.6 2023 SCImago Journal Rankings: 1.663 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Hu, Y | en_HK |
dc.contributor.author | Zhou, X | en_HK |
dc.date.accessioned | 2010-05-31T04:05:10Z | - |
dc.date.available | 2010-05-31T04:05:10Z | - |
dc.date.issued | 2008 | en_HK |
dc.identifier.citation | Journal Of Banking And Finance, 2008, v. 32 n. 10, p. 2099-2110 | en_HK |
dc.identifier.issn | 0378-4266 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/60169 | - |
dc.description.abstract | By 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.language | eng | en_HK |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbf | en_HK |
dc.relation.ispartof | Journal of Banking and Finance | en_HK |
dc.rights | NOTICE: 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.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject | Agency costs | en_HK |
dc.subject | Firm performance | en_HK |
dc.subject | Managerial ownership | en_HK |
dc.title | The performance effect of managerial ownership: Evidence from China | en_HK |
dc.type | Article | en_HK |
dc.identifier.openurl | http://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+China | en_HK |
dc.identifier.email | Zhou, X: xianzhou@hkucc.hku.hk | en_HK |
dc.identifier.authority | Zhou, X=rp01129 | en_HK |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1016/j.jbankfin.2007.12.047 | en_HK |
dc.identifier.scopus | eid_2-s2.0-51349118724 | en_HK |
dc.identifier.hkuros | 162331 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-51349118724&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 32 | en_HK |
dc.identifier.issue | 10 | en_HK |
dc.identifier.spage | 2099 | en_HK |
dc.identifier.epage | 2110 | en_HK |
dc.identifier.eissn | 1872-6372 | - |
dc.identifier.isi | WOS:000259909400011 | - |
dc.publisher.place | Netherlands | en_HK |
dc.identifier.scopusauthorid | Hu, Y=7407119615 | en_HK |
dc.identifier.scopusauthorid | Zhou, X=8217375200 | en_HK |
dc.identifier.issnl | 0378-4266 | - |