THE NON-LINEAR RELATIONSHIP BETWEEN MANAGERIAL OWNERSHIP AND FIRM PERFORMANCE

Damiano Bonardo · Stefano Paleari · Silvio Vismara A

12 citations0/0 files storedCorporate Ownership and Control

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Corporate Finance and Governance Firm Innovation and Growth Family Business Performance and Succession

Abstract

We investigate the relationship between operating performance and ownership structure using a sample of Italian IPO-firms in the period 1995-1999. Overall, we find that their performance declines after the IPO. We find evidence of a non-linear relationship between ownership and performance using different measures of operating performance and managerial ownership. This result supports the hypothesis of a combined effect of ownership on firm performance, with a positive effect at (...)

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1933The Modern Corporation and Private Property 1988Management ownership and market valuation 1985The Structure of Corporate Ownership: Causes and Consequences 1977INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION 1983Agency Problems and Residual Claims 1990Additional evidence on equity ownership and corporate value

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