Management ownership and market valuation

Randall Morck, Andrei Shleifer and Robert W. Vishny

Scholarly Articles from Harvard University Department of Economics

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: 1988
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Published in Journal of Financial Economics

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Persistent link: https://EconPapers.repec.org/RePEc:hrv:faseco:29407535

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