North-Holland MANAGEMENT OWNERSHIP AND MARKET VALUATION

North-Holland MANAGEMENT OWNERSHIP AND MARKET VALUATION
复制标题

北荷兰省管理层持股和市场估值

DOI：
--
复制
发表时间：
2002
期刊：
--
影响因子：
--
通讯作者：
Robert W. Vishny
Robert W. Vishny
中科院分区：
--
文献类型：
--
作者：
R. Morck;Andrei Shleifer;Robert W. Vishny

文献摘要

被引文献

相似文献

我们... '.-. v~-qg~ t表示管理层所有者Ep与公司市场价值之间的相关性，用托宾Q.在1980年371 Fo.qune ~ fu，ms的横截面中，我们发现了一个显著的非单调关系的证据。随着董事会持股比例的增加，托宾Q值A先增加，然后下降，最后略有上升。对于较老的公司，有证据表明，当公司由创始人家族成员经营时，Q比由与创始人无关的官员经营时要低。
We ..'.-.v~-qg~te the rehtionship between management ownerslEp and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fo.qune ~ fu, ms, we find evidence of a significant nonmonotonic relationship. Tobin's Q firsA increases, then declines, and finally rises slighdy as ownership by the board of direc~ts 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 ran by an officer unrelated to the founder.