Identifying the effect of managerial control on firm performance

Journal of Accounting and Economics

Volumn 41, Issue 1-2, 2006, Pages 55-85

  Adams, Renée B ^a   Santos, João A C ^b  

^a STOCKHOLM SCHOOL OF ECONOMICS   (Sweden)

^b FEDERAL RESERVE BANK OF NEW YORK   (United States)

Author keywords

Managerial control; Performance measurement; Trust investments; Voting rights

Indexed keywords

EID: 33644682373     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2005.08.001     Document Type: Article

References (57)

1. Adams, R., Santos, J., 2004. The separation between managerial ownership and control in banking (Mimeo, Federal Reserve Bank of New York).
2. Amel, D., Keane, D., 1987. State Laws Affecting Commercial Bank Branching, Multibank Holding Company Expansion, and Interstate Banking (Manuscript, Federal Reserve Board).
3. A. Alchian H. Demsetz Production, information costs, and economic organization American Economic Review 62 1972 777-795
4. Banking Mr. Camp Answers Mr. Patman's Questions Banking 59 1967 26-28
5. A. Berle Power Without Property 1959 Harcourt, Brace and Company New York
6. A. Berle G. Means The Modern Corporation and Private Property 1932 Macmillan New York
7. A. Berle G. Means The Modern Corporation and Private Property, Revised Edition 1968 Harcourt, Brace & World, Inc. New York
8. G.G. Bogert G.T. Bogert Handbook of the Law of Trusts fifth ed 1973 West Publishing Company St. Paul, MN
9. J. Bound D. Jaeger R. Baker Problems with instrumental variables estimation when the correlation between the instruments and the endogenous explanatory variables is weak Journal of the American Statistical Association 90 1995 443-450
10. J. Brickley C. James The takeover market, corporate board composition, and ownership structure: The case of banking Journal of Law and Economics 30 1987 161-180
11. J. Brickley R. Lease C. Smith Ownership structure and voting on antitakeover amendments Journal of Financial Economics 20 1988 267-291
12. M. Burkart D. Gromb F. Panunzi Large shareholders, monitoring, and the value of the firm Quarterly Journal of Economics 112 1997 693-728
13. S. Chang D. Mayers Managerial vote ownership and shareholder wealth Journal of Financial Economics 32 1992 103-131
14. S. Chaplinsky G. Niehaus The role of ESOPs in takeover contests Journal of Finance 49 4 1994 1451-1470
15. S. Claessens S. Djankov J. Fan L. Lang Disentangling the incentive and entrenchment effects of large shareholdings Journal of Finance 57 6 2002 2741-2771
16. R. Daines Does Delaware law improve firm value? Journal of Financial Economics 62 2001 525-558
17. H. DeAngelo L. DeAngelo Managerial ownership of voting rights: A study of public corporations with dual classes of common stock Journal of Financial Economics 14 1985 33-69
18. D. Del Guercio The distorting effect of the prudent-man laws on institutional equity investments Journal of Financial Economics 40 1996 31-62
19. H. Demsetz K. Lehn The structure of ownership: Causes and consequences Journal of Political Economy 93 6 1985 1155-1177
20. U. Dhillon G. Ramirez Employee stock ownership and corporate control: An empirical study Journal of Banking and Finance 18 1994 9-26
21. E. Fama Agency problems and the theory of the firm Journal of Political Economy 88 2 1980 288-307
22. Federal Financial Institutions Examination Council Trust Assets of Financial Institutions 1999 The Council Washington, DC
23. L. Gordon J. Pound ESOPs and corporate control Journal of Financial Economics 27 1990 525-555
24. G. Gorton R. Rosen Corporate control, portfolio choice, and the decline of banking Journal of Finance 50 5 1995 1377-1420
25. S. Grossman O. Hart One share-one vote and the market for corporate control Journal of Financial Economics 20 1988 175-202
26. M. Harris A. Raviv Corporate governance: Voting rights and majority rules Journal of Financial Economics 20 1988 203-235
27. C. Himmelberg R. Hubbard D. Palia Understanding the determinants of managerial ownership and the link between ownership and performance Journal of Financial Economics 53 1999 353-384
28. C. Holderness R. Kroszner D. Sheehan Were the good old days that good? Changes in managerial stock ownership since the Great Depression Journal of Finance 54 2 1999 435-469
29. J. Houston C. James CEO compensation and bank risk - is compensation in banking structured to promote risk taking? Journal of Monetary Economics 36 1995 405-431
30. R.G. Hubbard D. Palia Executive pay and performance - evidence from the U.S. banking industry Journal of Financial Economics 39 1995 105-130
31. C. James An analysis of the effect of state acquisition laws on managerial efficiency: The case of the bank holding company acquisitions Journal of Law and Economics 23 1984 211-226
32. G. Jarrell A. Poulsen Dual-class recapitalizations as antitakeover mechanisms: The recent evidence Journal of Financial Economics 20 1988 129-152
33. J. Jarrow R. Leach The relevance of fiduciary conflict-of-interests in control versus issue proxy contests Journal of Financial and Quantitative Analysis 26 4 1991 533-547
34. M. Jensen W. Meckling Theory of the firm: Managerial behavior, agency costs, and ownership structure Journal of Financial Economics 3 1976 305-360
35. B.L. Krikorian Fiduciary Standards in Pension and Trust Fund Management second ed. 1995 Butterworth Legal Publishers Stoneham, MA
36. R. La Porta F. Lopez de Silanes A. Shleifer Corporate ownership around the world Journal of Finance 54 2 1999 471-517
37. R. La Porta F. Lopez de Silanes A. Shleifer R. Vishny Investor protection and corporate valuation Journal of Finance 57 2002 1147-1170
38. R. Lease J. McConnell W. Mikkelson The market value of control in publicly traded corporations Journal of Financial Economics 11 1983 439-471
39. R. Lease J. McConnell W. Mikkelson The market value of differential voting rights in closely held corporations Journal of Business 57 1984 443-467
40. J. McConnell H. Servaes Additional evidence on equity ownership and corporate value Journal of Financial Economics 27 1990 595-612
41. W. Mikkelson M. Partch Manager's voting rights and corporate control Journal of Financial Economics 25 1989 263-290
42. R. Morck A. Shleifer R. Vishny Management ownership and market valuation: An empirical analysis Journal of Financial Economics 20 1988 293-315
43. M. Partch The creation of a class of limited voting common stock and shareholder's wealth Journal of Financial Economics 18 1987 313-339
44. T. Payne J. Millar G. Glezen Fiduciary responsibility and bank-firm relationships: An analysis of shareholder voting by banks Journal of Corporate Finance 3 1996 75-87
45. R. Rosen Is three a crowd? Competition among regulators in banking Journal of Money, Credit, and Banking 35 2003 967-998
46. Rosen, R., 2005. Switches of primary federal banking regulators (Working Paper, Federal Reserve Bank of Chicago).
47. M. Schranz Takeovers improve firm performance: Evidence from the banking industry Journal of Political Economy 101 2 1993 299-326
48. A. Shleifer R. Vishny Large shareholders and corporate control Journal of Political Economy 94 3 1986 461-488
49. M. Song R. Walkling The impact of managerial ownership on acquisition attempts and target shareholder wealth Journal of Financial and Quantitative Analysis 28 1993 439-457
50. R. Stulz Managerial control of voting rights: Financing policies and the market for corporate control Journal of Financial Economics 20 1988 25-54
51. U.S. House of Representatives, Committee on Banking and Currency, Subcommittee on Domestic Finance, 1964. Twenty largest stockholders of record in member banks of the Federal Reserve System (5 vols.), 88th Cong., 2d sess., Committee Print (Washington, DC).
52. U.S. House of Representatives, Committee on Banking and Currency, Subcommittee on Domestic Finance, 1966. Bank stock ownership and control, 89th Cong., 2d sess., Committee Print (Washington, DC).
53. U.S. House of Representatives, Committee on Banking and Currency, Subcommittee on Domestic Finance, 1968. Commercial banks and their trust activities: Emerging influence on the American economy, 9th Cong., 2d sess., Committee Print (Washington, DC).
54. Whalen, G., 2002. Charter Flips by National Banks (Economic and Policy Analysis Working Paper 2002-1, OCC).
55. Whidbee, D., 2002. Bank Trust Holdings of Shares in Their Own Parent Companies (Working Paper, Washington State University).
56. X. Zhou Understanding the determination of managerial ownership and its relationship to firm performance: Comment Journal of Financial Economics 62 2001 559-571
57. L. Zingales What determines the value of corporate votes? Quarterly Journal of Economics 110 4 1995 1047-1073