Insider ownership and corporate performance: Evidence from the adjustment cost approach

Journal of Corporate Finance

Volumn 12, Issue 5, 2006, Pages 906-925

  Cheung, W K Adrian ^a   Wei, K C John ^b  

^a GRIFFITH UNIVERSITY   (Australia)

^b HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY   (Hong Kong)

Author keywords

Adjustment costs; Corporate performance; Insider ownership; System GMM; Tobin's Q

Indexed keywords

EID: 33750955832     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2006.02.002     Document Type: Article

References (30)

1. Aboody D., and Lev B. Information asymmetry, R&D and insider gains. Journal of Finance 55 (2000) 2747-2766
2. Anderson R., and Lee S. Ownership studies: the source does matter. Journal of Financial and Quantitative Analysis 32 (1997) 311-329
3. Arellano M., and Bond S. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58 (1991) 277-297
4. Arellano M., and Bover O. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 (1995) 29-51
5. Bettis J., Coles J., and Lemmon M. Corporate policies restricting trading by insiders. Journal of Financial Economics 57 (2000) 191-220
6. Blundell R., and Bond S. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1998) 115-143
7. Bond S., and Windmeijer F. Finite sample inference for GMM estimators in linear panel data models. Cemmap Working Paper vol. 04/02 (2002), The Institute for Fiscal Studies and Department of Economics, University College, London
8. Brennan M.J., and Subrahmanyam A. Investment analysis and price formation in securities markets. Journal of Financial Economics 38 (1995) 361-381
9. Clarke D.G. Econometric measurement of the duration of advertising effect on sales. Journal of Marketing Research 13 (1976) 345-357
10. Core J., Guay W., and Larcker F. Executive equity compensation and incentives: a survey. Economic Policy Review 9 (2003) 27-50
11. Davis J., Hillier D., and McColgan P. Ownership structure, managerial behavior and corporate value. Journal of Corporate Finance 11 (2005) 645-660
12. Demsetz H. The structure of ownership and the theory of the firm. Journal of Law and Economics 26 (1983) 375-390
13. Demsetz H., and Lehn K. The structure of corporate ownership: causes and consequences. Journal of Political Economy 93 (1985) 1155-1177
14. Demsetz H., and Villalonga B. The ownership structure and corporate performance. Journal of Corporate Finance 7 (2001) 209-233
15. Gillan, S., in press. On corporate governance: an overview and introduction to the special issue. Journal of Corporate Finance.
16. Hermalin B., and Weisbach M. Boards of directors as an endogenously determined institution: a survey of the economic literature. Economic Policy Review 9 (2003) 1-20
17. Himmelberg C., Hubbard G., and Palia D. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53 (1999) 353-384
18. Jacobsen R. The persistence of abnormal returns. Strategic Management Journal 9 (1988) 415-430
19. Jalilvand A., and Harris R. Corporate behavior in adjusting to capital structure and dividend targets: an econometric study. Journal of Finance 39 (1984) 127-144
20. Koyck L.M. Distributed Lags and Investment Analysis (1954), North-Holland, Amsterdam
21. Linck J.S., Netter J., and Yang T. The determinants of board structure. Working Paper (2005), University of Georgia
22. Linck J.S., Netter J., and Yang T. Effects and unintended consequences of the Sarbanes Oxley Act on corporate boards. Working paper (2005), University of Georgia
23. Matyas L., and Sevestre P. The Econometrics of Panel Data: a Handbook of the Theory with Applications. 2nd revised edition (1996), Kluswer Academic Publishers, Netherlands
24. Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20 (1988) 293-315
25. Mueller D.C. The persistence of profits above the norm. Economica 44 (1977) 369-380
26. Rozeff M., and Zaman M. Overreaction and insider trading: evidence from growth and value portfolios. Journal of Finance 53 (1998) 701-716
27. Seyhun H.N. Why does aggregate insider trading predict future stock returns?. Quarterly Journal of Economics 107 (1992) 1303-1331
28. Urosevic B. Dynamics of corporate insider ownership: theory and evidence. Working paper (2001), Haas School of Business, University of California, Berkeley
29. Villalonga B. Intangible resources, Tobin's q, and sustainability of performance differences. Journal of Economic Behavior and Organization 54 (2004) 205-230
30. Waring G.F. Industry differences in the persistence of firm-specific returns. American Economic Review 86 (1996) 1253-1265