Change in Managerial Ownership and Firm Value-- Based on Chinese Listed Manufacturing Companies
This paper mainly investigates the relationship between corporate value and managerial ownership and change in managerial ownership with the means of multiple linear regressions based on empirical evidence of Chinese listed manufacturing companies. The findings show that the average change in managerial ownership decreases each year by 0.08% on average from 1999 to 2005. Because investors learn about the total change in managerial ownership with a lag, changes in managerial ownership that take place in year t impact firm value in year t as well as in year t+1. Though the analysis of large decreases and large increases in managerial ownership, we find that managerial ownership and change in managerial ownership have an positive impact on firm value, but the impact is very small.
Firm Value Managerial Ownership Change in Managerial Ownership
MA Hongjuan DU Jinmin
Economic College of Jinan University, Guangzhou, P.R.China, 510632
国际会议
2008年国际应用统计学术研讨会(2008 International Institute of Applied Statistics Studies)
烟台
英文
1-5
2008-08-14(万方平台首次上网日期,不代表论文的发表时间)