Managerial ownership and firm performance in German small and medium-sized enterprises
We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a panel o...
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| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
Mannheim
ZEW
2001
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| Schriftenreihe: | Discussion paper
01-72 |
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| Online Zugang: | http://www.zew.de/de/publikationen/publikation.php3?action=detail&art=12&nr=1360 |
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Tag hinzufügen | Zusammenfassung: | We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a panel of 356 companies in the German business-related service sector for the years 1997-2000. Our findings are that performance, measured by survey-based profit information, is increasing in managerial ownership up to around 40 percent. We do not find a significant entrenchment effect, possibly because at levels at which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to maximize company value. |
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| Beschreibung: | Internetausg.: ftp://ftp.zew.de/pub/zew-docs/dp/dp0172.pdf |
| Beschreibung: | 32 S graph. Darst a |