Abstract
We find for a large panel of US firms that managerial ownership is (econometrically)endogenous as Himmelberg, Hubbard and Palia (1999) found. The largest shareholder, however, affects performance exogenously. This also holds for German firms.
| Originalsprache | Englisch |
|---|---|
| Seiten (von - bis) | 483 - 486 |
| Fachzeitschrift | Applied Economics Letters |
| Jahrgang | 10 |
| Ausgabenummer | 8 |
| Publikationsstatus | Veröffentlicht - 1 Aug. 2003 |