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- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2020.1
- 수록면
- 1 - 17 (17page)
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A majority of existing empirical studies report different relation between ownership and firm value using different sets of cross-sectional data. In this paper, we re-estimate the relation between management ownership and firm value after controlling for the history of management ownership as well as inter-firm differences using a panel data set. Further, we consider the possibility that the current ownership structure is jointly determined with the firm value, an endogeneity argument a la Demsetz (1983). We find that history of the management ownership, not its current level, matters in determining the firm value, which is consistent with information asymmetry arguments.
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참고문헌 (25)
참고문헌 신청
Ang, J. S. / 2000 / Agency costs and ownership structure / Journal of Finance 55(1):81~106
Bagnani, E. / 1994 / Managers, owners, and the pricing of risky debt : an empirical analysis / Journal of Finance 49(2):453~477
Berle, A. Jr / 1935 / The modern corporation and private property / Macmillan
Cho, M-H. / 1998 / Ownership structure, investment, and the corporate value : an empirical analysis / Journal of Financial Economics 47(1):103~121
Claessens, S. / 2000 / The separation of ownership and control in East Asian corporations / Journal of Financial Economics 58:81~112
Bagnani, E. / 1994 / Managers, owners, and the pricing of risky debt : an empirical analysis / Journal of Finance 49(2):453~477
Berle, A. Jr / 1935 / The modern corporation and private property / Macmillan
Cho, M-H. / 1998 / Ownership structure, investment, and the corporate value : an empirical analysis / Journal of Financial Economics 47(1):103~121
Claessens, S. / 2000 / The separation of ownership and control in East Asian corporations / Journal of Financial Economics 58:81~112
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