Is ownership really endogenous?

Klaus Peter Gugler · Jürgen Weigand

70 citations0/0 files storedApplied Economics Letters

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Corporate Finance and Governance Financial Markets and Investment Strategies Firm Innovation and Growth

Abstract

For a large panel of US firms it is found that managerial ownership is (econometrically) endogenous as Himmelberg et al. (Journal of Financial Economics, 53, 353-384, 1999) found. The largest shareholder, however, affects performance exogenously. This also holds for German firms.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1988Management ownership and market valuation 1985The Structure of Corporate Ownership: Causes and Consequences 1999Understanding the determinants of managerial ownership and the link between ownership and performance 2001Understanding the determinants of managerial ownership and the link between ownership and performance: comment 1990Asymmetric Information, Corporate Finance, and Investment 2000Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany 2001Corporate Governance and Economic Performance

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