ADDITIONAL EVIDENCE ON EQUITY OWNERSHIP AND CORPORATE VALUE

被引：1659
|
作者：
MCCONNELL, JJ [1 ]
SERVAES, H [1 ]
机构：
[1] UNIV CHICAGO,CHICAGO,IL 60637
来源：
JOURNAL OF FINANCIAL ECONOMICS | 1990年 / 27卷 / 02期
关键词：
D O I：
10.1016/0304-405X(90)90069-C
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the relation between Tobin's Q and the structure of equity ownership for a sample of 1,173 firms for 1976 and 1,093 firms for 1986. We find a significant curvilinear relation between Q and the fraction of common stock owned by corporate insiders. The curve slopes upward until insider ownership reaches approximately 40% to 50% and then slopes slightly downward. We also find a significant positive relation between Q and the fraction of shares owned by institutional investors. The results are consistent with the hypothesis that corporate value is a function of the structure of equity ownership. © 1990.
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页码：595 / 612
页数：18
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