|
|
|
|
||||
|
||||
The International Evidence on Performance and Equity Ownership by Insiders, Blockholders, and InstitutionsBruce SeifertOld Dominion University Halit GonencUniversity of Groningen - Faculty of Economics and Business Jim WrightOld Dominion University - College of Business & Public Administration EFMA 2002 London Meetings Abstract: This paper examines the impact of equity ownership by insiders and the equity holdings of blockholders and institutions on firm performance. We examine these relationships using samples of firms from the U.S., the U.K., Germany, and Japan. Using piecewise linear regression, we find that insiders influence performance positively in all four countries. Our results suggest that insider ownership helps to align the interests of management with those of outside shareholders. We also do not find evidence that firm performance suffers as insiders own "large" amounts of stock. And finally, we do not observe an overall significant relationship between performance and equity ownership by blockholders or institutions.
Number of Pages in PDF File: 34 Keywords: Firm Performance, Ownership Structure, and Corporate Governance JEL Classification: G32, G34 working papers seriesDate posted: June 16, 2002Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo4 in 0.501 seconds
