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https://ptsldigital.ukm.my/jspui/handle/123456789/783750| Title: | Equity ownership and corporate value |
| Authors: | John J. McConnell Henri Servaes |
| Conference Name: | Pacific-Basin Finance Conference |
| Keywords: | Equity Corporate value |
| Conference Date: | 1990-06-04 |
| Conference Location: | Bangkok, Thailand |
| Abstract: | This paper investigates empirically the relation between Tobin's Q and the structure of equity ownership for a sample of 1173 firms for 1976 and 1093 firms for 1986. We find a significant quadratic relation between Q and the fraction of common stock owned by corporate insiders. The curve slopes upward until insider ownership reaches approximately 40% to 50% and then slopes downward. Additionally, we find a significant positive relation between Q and the fraction of shares owned by institutional investors. The results are consistent with the argument that corporate value is a function of equity ownership structure. |
| Pages: | 50 |
| Call Number: | HC681.P338 1990 katsem |
| URI: | https://ptsldigital.ukm.my/jspui/handle/123456789/783750 |
| Appears in Collections: | Seminar Papers/ Proceedings / Kertas Kerja Seminar/ Prosiding |
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