메뉴 건너뛰기




Volumn 15, Issue 5, 2009, Pages 573-586

Reexamining the managerial ownership effect on firm value

Author keywords

Executive compensation; Firm value; Managerial ownership

Indexed keywords


EID: 70349859989     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2009.08.002     Document Type: Article
Times cited : (58)

References (74)
  • 1
    • 33644682373 scopus 로고    scopus 로고
    • Identifying the effect of managerial control on firm performance
    • Adams R., and Santos J.A.C. Identifying the effect of managerial control on firm performance. Journal of Accounting and Economics 41 (2006) 55-85
    • (2006) Journal of Accounting and Economics , vol.41 , pp. 55-85
    • Adams, R.1    Santos, J.A.C.2
  • 2
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: evidence from the S&P 500
    • Anderson R.C., and Reeb D.M. Founding-family ownership and firm performance: evidence from the S&P 500. Journal of Finance 58 (2003) 1301-1328
    • (2003) Journal of Finance , vol.58 , pp. 1301-1328
    • Anderson, R.C.1    Reeb, D.M.2
  • 3
    • 0030492391 scopus 로고    scopus 로고
    • Firm performance and mechanisms to control agency problems between managers and shareholders
    • Agrawal A., and Knoeber C.R. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31 (1996) 377-397
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 377-397
    • Agrawal, A.1    Knoeber, C.R.2
  • 5
    • 0036599832 scopus 로고    scopus 로고
    • Managerial power and rent extraction in the design of executive compensation
    • Bebchuk L., Fried J., and Walker D. Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review 69 (2002) 751-846
    • (2002) University of Chicago Law Review , vol.69 , pp. 751-846
    • Bebchuk, L.1    Fried, J.2    Walker, D.3
  • 10
    • 0001637378 scopus 로고    scopus 로고
    • The exercise and valuation of executive stock options
    • Carpenter J. The exercise and valuation of executive stock options. Journal of Financial Economics 48 (1998) 127-158
    • (1998) Journal of Financial Economics , vol.48 , pp. 127-158
    • Carpenter, J.1
  • 11
    • 33750955832 scopus 로고    scopus 로고
    • Insider ownership and corporate performance: evidence from the adjustment cost approach
    • Cheung W.K.A., and Wei K.C.J. Insider ownership and corporate performance: evidence from the adjustment cost approach. Journal of Corporate Finance 12 (2006) 906-925
    • (2006) Journal of Corporate Finance , vol.12 , pp. 906-925
    • Cheung, W.K.A.1    Wei, K.C.J.2
  • 12
    • 0031633952 scopus 로고    scopus 로고
    • Ownership structure, investment, and the corporate value: an empirical analysis
    • Cho M. Ownership structure, investment, and the corporate value: an empirical analysis. Journal of Financial Economics 47 (1998) 103-121
    • (1998) Journal of Financial Economics , vol.47 , pp. 103-121
    • Cho, M.1
  • 13
    • 23844554891 scopus 로고    scopus 로고
    • The impact of firm size on pay-performance sensitivities
    • Cichello M. The impact of firm size on pay-performance sensitivities. Journal of Corporate Finance 11 (2005) 609-627
    • (2005) Journal of Corporate Finance , vol.11 , pp. 609-627
    • Cichello, M.1
  • 17
    • 0036017572 scopus 로고    scopus 로고
    • Estimating the value of employee stock option portfolios and their sensitivities to price and volatility
    • Core J., and Guay W. Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research 40 (2002) 613-630
    • (2002) Journal of Accounting Research , vol.40 , pp. 613-630
    • Core, J.1    Guay, W.2
  • 18
    • 0036331861 scopus 로고    scopus 로고
    • Performance consequences of mandatory increases in executive stock ownership
    • Core J., and Larcker D. Performance consequences of mandatory increases in executive stock ownership. Journal of Financial Economics 64 (2002) 317-340
    • (2002) Journal of Financial Economics , vol.64 , pp. 317-340
    • Core, J.1    Larcker, D.2
  • 19
    • 23844533810 scopus 로고    scopus 로고
    • Ownership structure, managerial behavior and corporate value
    • Davies J.R., Hillier D., and McColgan P. Ownership structure, managerial behavior and corporate value. Journal of Corporate Finance 11 (2005) 645-660
    • (2005) Journal of Corporate Finance , vol.11 , pp. 645-660
    • Davies, J.R.1    Hillier, D.2    McColgan, P.3
  • 20
    • 0001763518 scopus 로고
    • The structure of ownership and the theory of the firm
    • Demsetz H. The structure of ownership and the theory of the firm. Journal of Law and Economics 26 (1983) 375-390
    • (1983) Journal of Law and Economics , vol.26 , pp. 375-390
    • Demsetz, H.1
  • 21
    • 84935941592 scopus 로고
    • The structure of corporate ownership: causes and consequences
    • Demsetz H., and Lehn K. The structure of corporate ownership: causes and consequences. Journal of Political Economy 93 (1985) 1155-1177
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 24
    • 84937312959 scopus 로고
    • Executive compensation and principal-agent theory
    • Garen J. Executive compensation and principal-agent theory. Journal of Political Economy 102 (1994) 1175-1199
    • (1994) Journal of Political Economy , vol.102 , pp. 1175-1199
    • Garen, J.1
  • 25
    • 84897711429 scopus 로고
    • Optimal incentive contracts in the presence of career concerns: theory and evidence
    • Gibbons R., and Murphy K. Optimal incentive contracts in the presence of career concerns: theory and evidence. Journal of Political Economy 100 (1992) 468-505
    • (1992) Journal of Political Economy , vol.100 , pp. 468-505
    • Gibbons, R.1    Murphy, K.2
  • 28
    • 0002345792 scopus 로고    scopus 로고
    • The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants
    • Guay W. The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics 53 (1999) 43-71
    • (1999) Journal of Financial Economics , vol.53 , pp. 43-71
    • Guay, W.1
  • 29
    • 0039647002 scopus 로고    scopus 로고
    • Compensation, turnover, and top management incentives: historical evidence
    • Hadlock C., and Lumer G. Compensation, turnover, and top management incentives: historical evidence. Journal of Business 70 (1997) 153-187
    • (1997) Journal of Business , vol.70 , pp. 153-187
    • Hadlock, C.1    Lumer, G.2
  • 32
    • 0344153909 scopus 로고    scopus 로고
    • Institutional investors and executive compensation
    • Hartzell J., and Starks L. Institutional investors and executive compensation. Journal of Finance 58 (2003) 2351-2374
    • (2003) Journal of Finance , vol.58 , pp. 2351-2374
    • Hartzell, J.1    Starks, L.2
  • 33
    • 84977345685 scopus 로고
    • Resolving the agency problems of external capital through options
    • Haugen R., and Senbet L. Resolving the agency problems of external capital through options. Journal of Finance 36 (1981) 629-647
    • (1981) Journal of Finance , vol.36 , pp. 629-647
    • Haugen, R.1    Senbet, L.2
  • 34
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman J. Specification tests in econometrics. Econometrica 46 (1978) 1251-1271
    • (1978) Econometrica , vol.46 , pp. 1251-1271
    • Hausman, J.1
  • 35
    • 0001387430 scopus 로고
    • The effect of board composition and direct incentives on firm performance
    • Hermalin B., and Weisbach M. The effect of board composition and direct incentives on firm performance. Financial Management 20 (1991) 101-112
    • (1991) Financial Management , vol.20 , pp. 101-112
    • Hermalin, B.1    Weisbach, M.2
  • 36
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance
    • 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
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-384
    • Himmelberg, C.1    Hubbard, G.2    Palia, D.3
  • 37
    • 0007127129 scopus 로고    scopus 로고
    • Were the good old days really that good? Changes in managerial stock ownership since the great depression
    • Holderness C., Kroszner R., and Sheehan D. Were the good old days really that good? Changes in managerial stock ownership since the great depression. Journal of Finance 54 (2003) 435-469
    • (2003) Journal of Finance , vol.54 , pp. 435-469
    • Holderness, C.1    Kroszner, R.2    Sheehan, D.3
  • 38
    • 0012621534 scopus 로고    scopus 로고
    • A survey of blockholders and corporate control
    • Holderness C. A survey of blockholders and corporate control. Economic Policy Review 9 (2003) 51-63
    • (2003) Economic Policy Review , vol.9 , pp. 51-63
    • Holderness, C.1
  • 39
    • 21844497352 scopus 로고
    • Benefits of control, managerial ownership, and the stock returns of acquiring firms
    • Hubbard R., and Palia D. Benefits of control, managerial ownership, and the stock returns of acquiring firms. The Rand Journal of Economics 26 (1995) 782-792
    • (1995) The Rand Journal of Economics , vol.26 , pp. 782-792
    • Hubbard, R.1    Palia, D.2
  • 40
    • 0030079229 scopus 로고    scopus 로고
    • Employee stock option exercises an empirical analysis
    • Huddart S., and Lang M. Employee stock option exercises an empirical analysis. Journal of Accounting and Economics 21 (1996) 5-43
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 5-43
    • Huddart, S.1    Lang, M.2
  • 41
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M., and Meckling W. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 42
    • 84936016411 scopus 로고
    • Performance pay and top management incentives
    • Jensen M., and Murphy K. Performance pay and top management incentives. Journal of Political Economy 98 (1990) 225-264
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 44
    • 0036789502 scopus 로고    scopus 로고
    • CEO compensation, diversification, and incentives
    • Jin L. CEO compensation, diversification, and incentives. Journal of Financial Economics 66 (2002) 29-63
    • (2002) Journal of Financial Economics , vol.66 , pp. 29-63
    • Jin, L.1
  • 45
    • 33745851106 scopus 로고    scopus 로고
    • Generalized reduced rank tests using the singular value decomposition
    • Kleibergen F., and Paap R. Generalized reduced rank tests using the singular value decomposition. Journal of Econometrics 133 (2006) 97-126
    • (2006) Journal of Econometrics , vol.133 , pp. 97-126
    • Kleibergen, F.1    Paap, R.2
  • 46
    • 0042170121 scopus 로고    scopus 로고
    • The volatility and price sensitivities of managerial stock option portfolios and corporate hedging
    • Knopf J., Nam Jr. J., and Thornton J. The volatility and price sensitivities of managerial stock option portfolios and corporate hedging. Journal of Finance 57 (2002) 801-814
    • (2002) Journal of Finance , vol.57 , pp. 801-814
    • Knopf, J.1    Nam Jr., J.2    Thornton, J.3
  • 47
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang L.H.P., and Stultz R.M. Tobin's q, corporate diversification, and firm performance. Journal of Political Economy 102 (1994) 1248-1280
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stultz, R.M.2
  • 48
    • 0031206578 scopus 로고    scopus 로고
    • Executive stock ownership and performance Tracking faint traces
    • Loderer C., and Martin K. Executive stock ownership and performance Tracking faint traces. Journal of Financial Economics 45 (1997) 223-256
    • (1997) Journal of Financial Economics , vol.45 , pp. 223-256
    • Loderer, C.1    Martin, K.2
  • 49
    • 76649090844 scopus 로고
    • Do taxes affect corporate financing decisions?
    • Mackie-Mason J. Do taxes affect corporate financing decisions?. Journal of Finance 45 (1990) 1471-1493
    • (1990) Journal of Finance , vol.45 , pp. 1471-1493
    • Mackie-Mason, J.1
  • 50
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell J., and Servaes H. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27 (1990) 595-612
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 52
    • 43049088410 scopus 로고    scopus 로고
    • Changes in equity value and changes in the market value of the firm
    • McConnell J., Servaes H., and Lins K. Changes in equity value and changes in the market value of the firm. Journal of Corporate Finance 14 (2008) 92-106
    • (2008) Journal of Corporate Finance , vol.14 , pp. 92-106
    • McConnell, J.1    Servaes, H.2    Lins, K.3
  • 53
    • 0000207706 scopus 로고
    • Executive compensation structure, ownership, and firm performance
    • Mehran H. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38 (1995) 163-184
    • (1995) Journal of Financial Economics , vol.38 , pp. 163-184
    • Mehran, H.1
  • 54
    • 80053296767 scopus 로고    scopus 로고
    • Chew, Gillan Eds, Corporate Governance at the Crossroads. McGraw-Hill, Boston, MA
    • Miller, M., 2005. Is American corporate governance fatally flawed? In: Chew, Gillan (Eds.), Corporate Governance at the Crossroads. McGraw-Hill, Boston, MA.
    • (2005) Is American corporate governance fatally flawed
    • Miller, M.1
  • 55
    • 33645896609 scopus 로고
    • Management ownership and market valuation: an empirical analysis
    • Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20 (1988) 293-315
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 56
    • 0001042527 scopus 로고    scopus 로고
    • Executive compensation
    • Ashenfelter O., and Card D. (Eds), Elsevier Science, North Holland
    • Murphy K. Executive compensation. In: Ashenfelter O., and Card D. (Eds). Handbook of Labor Economics, vol 3b (1999), Elsevier Science, North Holland
    • (1999) Handbook of Labor Economics, vol 3b
    • Murphy, K.1
  • 57
    • 49449125071 scopus 로고
    • The determinants of corporate borrowing
    • Myers S. The determinants of corporate borrowing. Journal of Financial Economics 5 (1977) 147-175
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 59
    • 0039027651 scopus 로고    scopus 로고
    • Taking stock: equity-based compensation and the evolution of managerial ownership
    • Ofek E., and Yermack D. Taking stock: equity-based compensation and the evolution of managerial ownership. Journal of Finance 55 (2000) 1367-1384
    • (2000) Journal of Finance , vol.55 , pp. 1367-1384
    • Ofek, E.1    Yermack, D.2
  • 60
    • 0035590323 scopus 로고    scopus 로고
    • The endogeneity of managerial compensation in firm valuation: a solution
    • Palia D. The endogeneity of managerial compensation in firm valuation: a solution. Review of Financial Studies 14 (2001) 735-764
    • (2001) Review of Financial Studies , vol.14 , pp. 735-764
    • Palia, D.1
  • 61
    • 36349004651 scopus 로고    scopus 로고
    • How employee stock options and executive equity ownership affect long-term IPO operating performance
    • Pukthuanthong K., Roll R., and Walker T. How employee stock options and executive equity ownership affect long-term IPO operating performance. Journal of Corporate Finance 13 (2007) 695-720
    • (2007) Journal of Corporate Finance , vol.13 , pp. 695-720
    • Pukthuanthong, K.1    Roll, R.2    Walker, T.3
  • 62
    • 0036271833 scopus 로고    scopus 로고
    • Empirical evidence on the relation between stock option compensation and risk taking
    • Rajgopal S., and Shevlin T. Empirical evidence on the relation between stock option compensation and risk taking. Journal of Accounting and Economics 33 (2002) 145-171
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 145-171
    • Rajgopal, S.1    Shevlin, T.2
  • 63
    • 0002745670 scopus 로고
    • Regression standard errors in clustered samples
    • Rogers W.H. Regression standard errors in clustered samples. Stata Technical Bulletin 13 (1993) 19-23
    • (1993) Stata Technical Bulletin , vol.13 , pp. 19-23
    • Rogers, W.H.1
  • 64
    • 1642333619 scopus 로고    scopus 로고
    • Compensation, incentives, and the duality of risk aversion and riskiness
    • Ross S. Compensation, incentives, and the duality of risk aversion and riskiness. Journal of Finance 59 (2004) 207-225
    • (2004) Journal of Finance , vol.59 , pp. 207-225
    • Ross, S.1
  • 65
    • 0032367390 scopus 로고    scopus 로고
    • The dependence of pay-performance sensitivity on the size of the firm
    • Schaefer S. The dependence of pay-performance sensitivity on the size of the firm. Review of Economics and Statistics 80 (1998) 436-443
    • (1998) Review of Economics and Statistics , vol.80 , pp. 436-443
    • Schaefer, S.1
  • 66
    • 0001213058 scopus 로고    scopus 로고
    • Instrument relevance in multivariate linear models: a simple measure
    • Shea J. Instrument relevance in multivariate linear models: a simple measure. Review of Economics and Statistics 79 (1997) 348-352
    • (1997) Review of Economics and Statistics , vol.79 , pp. 348-352
    • Shea, J.1
  • 67
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith C., and Watts R. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 32 (1992) 263-292
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.1    Watts, R.2
  • 68
    • 45549112378 scopus 로고
    • Managerial control of voting rights: financing policies and the market for corporate control
    • Stulz R. Managerial control of voting rights: financing policies and the market for corporate control. Journal of Financial Economics 20 (1988) 25-54
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 69
    • 2342531806 scopus 로고    scopus 로고
    • Too much of a good incentive? The case of executive stock options
    • Tian Y. Too much of a good incentive? The case of executive stock options. Journal of Banking and Finance 28 (2004) 1225-1245
    • (2004) Journal of Banking and Finance , vol.28 , pp. 1225-1245
    • Tian, Y.1
  • 70
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman S., and Wessels R. The determinants of capital structure choice. Journal of Finance 43 (1988) 1-19
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 71
    • 52949085465 scopus 로고    scopus 로고
    • Deviations from optimal CEO ownership and firm value
    • Tong Z. Deviations from optimal CEO ownership and firm value. Journal of Banking and Finance 32 (2008) 2462-2470
    • (2008) Journal of Banking and Finance , vol.32 , pp. 2462-2470
    • Tong, Z.1
  • 73
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation for firms with a small board of directors
    • Yermack D. Higher market valuation for firms with a small board of directors. Journal of Financial Economics 40 (1996) 185-211
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1
  • 74
    • 0003300715 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance: comment
    • Zhou X. Understanding the determinants of managerial ownership and the link between ownership and performance: comment. Journal of Financial Economics 62 (2001) 559-571
    • (2001) Journal of Financial Economics , vol.62 , pp. 559-571
    • Zhou, X.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.