Is Ownership Really Endogenous?

Klaus Gugler, Jürgen Weigand

Publication: Scientific journalJournal articlepeer-review


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.
Original languageEnglish
Pages (from-to)483 - 486
JournalApplied Economics Letters
Issue number8
Publication statusPublished - 1 Aug 2003

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