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Understanding the relationship between insider ownership and performance in Europe
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Orientador(es)
Resumo(s)
This paper discusses the impact of insider ownership on performance for two
European regions: South and Central Europe. To our knowledge, no prior study has
made a similar comparison. We confirm that performance increases as the firm’s
owner sustains its control because the interests of managers and owners are aligned.
Furthermore we find that insider ownership is more valuable in South European
countries due to the weaker enforcement of the legal system. However we also
corroborate that corporate ownership varies in ways consistent with the maximization
of the firm performance and these inferences may be affected.
Descrição
Comunicação apresentada na FMA European Conference, Praga, 2008.
Palavras-chave
Insider ownership Firm performance Endogeneity Europe