Participação acionária da administração e valoração no mercado: uma análise empírica

Randall Morck, Andrei Schleifer and Robert W. Vishny
Authors registered in the RePEc Author Service: Andrei Shleifer

RAE - Revista de Administração de Empresas, 2008, vol. 48, issue 2

Abstract: We investigate the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, we find evidence of a significant nonmonotonic relationship. Tobin's Q first increases, then declines, and finally rises slightly as ownership by the board of directors rises. For older firms, there is evidence that Q is lower when the firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:fgv:eaerae:v:48:y:2008:i:2:a:36613

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