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.

引用

页码：595 / 612

页数：18

共 50 条

[31] Compensation-based stock trading by corporate executive and aggregate management ownership of the firm: Some additional evidence
Iqbal Z.
Shetty S.
Journal of Economics and Finance, 2004, 28 (2) : 270 - 284
[32] Relationships Between Corporate Social Responsibility, Firm Value, and Institutional Ownership: Evidence from Indonesia
Hermeindito, Hermeindito
JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2022, 9 (05): : 365 - 376
[33] Corporate collaborations, decarbonization and equity value creation
Schellhorn, Carolin
CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2023, 23 (05): : 1105 - 1116
[34] Tax planning, corporate governance and equity value
Wahab, Nor Shaipah Abdul
Holland, Kevin
BRITISH ACCOUNTING REVIEW, 2012, 44 (02): : 111 - 124
[35] Stock Ownership Structure and Its Effects on Capital Structure and Corporate Value: Evidence from Indonesia
Ragil, Siti
Rahayu, Sri Mangesti
Suhadak, Suhadak
JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2021, 8 (07): : 423 - 431
[36] Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis
Lemmon, ML
Lins, KV
JOURNAL OF FINANCE, 2003, 58 (04): : 1445 - 1468
[37] Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China
Rehman, Ramiz Ur
Riaz, Zahid
Cullinan, Charles
Zhang, Junrui
Wang, Fanghua
SUSTAINABILITY, 2020, 12 (06)
[38] Corporate governance, regulation and foreign equity ownership: Lessons from Korea
Min, Byung S.
Bowman, Robert G.
ECONOMIC MODELLING, 2015, 47 : 145 - 155
[39] Part IV: How Do Reputations Affect Corporate Performance?: The Value of Corporate Reputation: Evidence from the Equity Markets
Srivastava R.K.
McInish T.H.
Wood R.A.
Capraro A.J.
Corporate Reputation Review, 1997, 1 (1) : 61 - 68
[40] Agency theory and the influence of equity ownership structure on corporate diversification strategies
Denis, DJ
Denis, DK
Sarin, A
STRATEGIC MANAGEMENT JOURNAL, 1999, 20 (11) : 1071 - 1076

← 1 2 3 4 5 →