Management ownership and market valuation
RePEc: Research Papers in EconomicsPublished 1 January 1988
Randall Mørck, Andrei Shleifer, Robert W. Vishny
Citations78
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Abstract
We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.
Keywords
Economics, Econometrics and FinanceBusiness, Management and Accounting