文章基本信息

标题：Participação acionária da administração e valoração no mercado: uma análise empírica
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作者：Randall Morck ; Andrei Schleifer ; Robert W. Vishny 等
期刊名称：RAE - Revista de Administração de Empresas
印刷版ISSN：2178-938X
出版年度：2008
卷号：48
期号：2
页码：126-143
语种：Portuguese
出版社：RAE - Revista de Administração de Empresas
摘要：We investigate the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, we find evidence of a significant nonmonotonic relationship. Tobin's Q first increases, then declines, and finally rises slightly as ownership by the board of directors rises. For older firms, there is evidence that Q is lower when the firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.
其他摘要：We investigate the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, we find evidence of a significant nonmonotonic relationship. Tobin's Q first increases, then declines, and finally rises slightly as ownership by the board of directors rises. For older firms, there is evidence that Q is lower when the firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.
关键词：Management ownership;market valuation;board of directors;corporate governance;agency theory;Participação acionária;valoração;conselho;governança corporativa;teoria da agência
其他关键词：Management ownership; market valuation; board of directors; corporate governance; agency theory