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.
| Original language | English |
|---|---|
| Pages (from-to) | 483 - 486 |
| Journal | Applied Economics Letters |
| Volume | 10 |
| Issue number | 8 |
| Publication status | Published - 1 Aug 2003 |
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