Using Ownership as an Incentive

Theresa M. Welbourne · Linda A. Cyr

42 citations0/0 files storedGroup & Organization Management

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Corporate Finance and Governance Cooperative Studies and Economics Family Business Performance and Succession

Abstract

Agency theory is used to develop hypotheses regarding the effects of ownership proliferation on firm performance. The authors examine the effects of chief executive officer (CEO) ownership, executive team ownership, and all employee ownership in addition to the moderating effect of risk on firm survival and stock price. Firms with low CEO ownership outperform those with high levels of CEO ownership across all levels of risk, but the effect is most pronounced for low-risk firms. Executive team ownership is negatively related to firm performance, whereas ownership for all employees is positively associated with firm performance, particularly for higher risk firms.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 1995THE IMPACT OF HUMAN RESOURCE MANAGEMENT PRACTICES ON TURNOVER, PRODUCTIVITY, AND CORPORATE FINANCIAL PERFORMANCE.1974Competition and Entrepreneurship 1989Handbooks in operations research and management science 1985Control: Organizational and Economic Approaches 1978Competition and Entrepreneurship

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