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.
|Pages (from-to)||483 - 486|
|Journal||Applied Economics Letters|
|Publication status||Published - 1 Aug 2003|