Managerial Ownership and Firm Performance in German Small and Medium-Sized Enterprises

Preview

PDF
dp0172.pdf - Published
Download (245kB)

URL:	https://ub-madoc.bib.uni-mannheim.de/444
URN:	urn:nbn:de:bsz:180-madoc-4448
Document Type:	Working paper
Year of publication:	2001
The title of a journal, publication series:	None
Publication language:	English
Institution:	Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series:	Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject:	330 Economics
Classification:	JEL: C23 G32 ,
Subject headings (SWD):	Deutschland , Führungskraft , Klein- und Mittelbetrieb
Abstract:	This paper studies the effect of managerial ownership on performance and the determinants of managerial ownership for small and medium–sized private companies. We use a panel of around 1300 firms in the German business–related service sector for the years 1997–2000. Managerial ownership up to around 80 per cent has a positive impact on firm performance (incentive effect), for higher shares the effect becomes negative (entrenchment effect). Moreover, risk–aversion of managers and signalling of firm quality leads to a non–linear relationship between managerial ownership and the risk exposure of a firm. The determinants of performance and ownership are estimated simultaneously.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

BASE: Müller, Elisabeth ; Spitz, Alexandra

Google Scholar: Müller, Elisabeth ; Spitz, Alexandra

Downloads per month over past year

You have found an error? Please let us know about your desired correction here: E-Mail

Show item