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Management Ownership and Firm Value: An Empirical Analysis using Panel Data
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Sang-Mook | - |
dc.contributor.author | Ryu, Keunkwan | - |
dc.date.accessioned | 2020-03-13T10:22:32Z | - |
dc.date.available | 2020-03-13T10:22:32Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.33 No.1, pp. 1-17 | ko_KR |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/164537 | - |
dc.description.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. | ko_KR |
dc.language.iso | en | ko_KR |
dc.publisher | Institute of Economic Research, Seoul National University | ko_KR |
dc.subject | Convergence-of-interest | - |
dc.subject | Entrenchment | - |
dc.subject | Information asymmetry | - |
dc.subject | Management ownership | - |
dc.subject | Panel data | - |
dc.title | Management Ownership and Firm Value: An Empirical Analysis using Panel Data | ko_KR |
dc.type | SNU Journal | ko_KR |
dc.contributor.AlternativeAuthor | 이상묵 | - |
dc.contributor.AlternativeAuthor | 류근관 | - |
dc.citation.journaltitle | Seoul Journal of Economics | ko_KR |
dc.citation.endpage | 17 | ko_KR |
dc.citation.number | 1 | ko_KR |
dc.citation.startpage | 1 | ko_KR |
dc.citation.volume | 33 | ko_KR |
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