Management Ownership and Corporate Performance: An Empirical Analysis

Randall Morck, Andrei Shleifer and Robert Vishny

No 2055, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.

Date: 1986-10
Note: CF
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Citations: View citations in EconPapers (14)

Published as "Management Ownership and Market Valuation: An Empirical Analysis" Journal of Financial Economics, March, 1988

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