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Management Ownership and Firm Value: An Empirical Analysis using Panel Data

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Authors
Lee, Sang-Mook; Ryu, Keunkwan
Issue Date
2020
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.33 No.1, pp. 1-17
Keywords
Convergence-of-interestEntrenchmentInformation asymmetryManagement ownershipPanel data
Abstract
A majority of existing empirical studies report different relation between ownership and firm value using different sets of cross-sectional data. In this paper, we re-estimate the relation between management ownership and firm value after controlling for the history of management ownership as well as inter-firm differences using a panel data set. Further, we consider the possibility that the current ownership structure is jointly determined with the firm value, an endogeneity argument a la Demsetz (1983). We find that history of the management ownership, not its current level, matters in determining the firm value, which is consistent with information asymmetry arguments.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/164537
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.33 no.1/4 (2020)
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