Managerial ownership and firm value: Evidence from New Zealand
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Cite this item:
Maling, H. (2000, February 10). Managerial ownership and firm value: Evidence from New Zealand (Thesis). Retrieved from http://hdl.handle.net/10523/1387
Permanent link to OUR Archive version:
http://hdl.handle.net/10523/1387
Abstract:
The relationship between managerial ownership and firm value is examined for 79 listed companies in New Zealand Consistent with theoretical prediction in Jensen and Meckling (1976), ownership and firm value are positively related for ownership levels below 16% and above 58%. Results consistent with Demsetz (1983) were obtained for all other levels of ownership suggesting entrenchment and hence value loss. Our findings provide further support to existing evidence from the U.S. and the U.K. that managerial ownership and firm value have a nonlinear relationship.
Date:
2000-02-10
Degree Discipline:
Finance
Pages:
33
Keywords:
managerial ownership; firm value; New Zealand
Research Type:
Thesis
Collections
- Thesis - Masters [2976]
- Accountancy and Finance [254]