The effect of managerial ownership on corporate value
Nanjing University of Science and Technology, Nanjing, China
ABSTRACT: Corporate governance mechanisms, such as equity incentives, have led many managers to own shares in publicly traded companies. Based on the data of A-share listed companies from 2008 to 2019, we find that there is a negative relationship between managerial ownership ratio and Tobin's Q, an indicator of corporate value. Such a relationship is more obvious in listed companies with poor liquidity and small size.
1 Introduction
For many listed enterprises in China, the management of the enterprise is often the founder of the enterprise, and the major shareholders ...
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