Is ownership really endogenous?

Klaus Gugler () and Jurgen Weigand

Applied Economics Letters, 2003, vol. 10, issue 8, 483-486

Abstract: For a large panel of US firms it is found that managerial ownership is (econometrically) endogenous as Himmelberg et al. (Journal of Financial Economics, 53, 353-384, 1999) found. The largest shareholder, however, affects performance exogenously. This also holds for German firms.

Date: 2003
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DOI: 10.1080/1350485032000095357

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