By Kerstin Groß
The empirical reports provided during this publication version the endogeneity through employing the simultaneous equations technique at the relation of possession and monetary functionality in addition to on various possession dimensions themselves. Its ultimate version includes a 4 equations process containing functionality, normal possession focus, managerial and institutional ownership.
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Extra resources for Equity Ownership and Performance: An Empirical Study of German Traded Companies (Contributions to Economics)
Sample text
215-217]. See Kleine [1995, p. 31]. See Jensen/Meckling [1976, p. 309] and Jensen/Smith [1985, p. 97]. See Bushee [1998, p. 309] and Jensen/Smith [1985, p. 97]. In the shareholder-management conflict these might include the application of certain accounting standards [Jensen/Smith 1985, p. 126], the creation of a positive reputation [Spremann 1988, p. 619] or the fulfillment of the German Corporate Governance Code [Bassen et al. 2000]. See Coase [1937, pp. 390-391], Jensen/Meckling [1976, p. 308], and Jensen/Smith [1985, p.
1989], for studies applying the earnings per share ratio see Kesner [1987] and Kim et al. [1988]. The Central Limit Theorem states: Given a population with any distribution and taking random samples of size n from that population, the sample means (¯ x) will be approximately normally distributed with a mean equal to the mean of the population and a variance equal to the variance of the population divided by n. , for a population ¯= with the mean µ and the variance σ 2 , the mean of a drawn sample is limn→N x 2 N (µ, σn ).
2003] and Edwards/Weichenrieder [2004] suiting the assumption of no relation between ownership and performance. However, a shortcoming of this theory is the definition of ”in the long run”. Consequently, it becomes hard to differentiate an efficient firm from an inefficient one which may just have not existed long enough to be already sorted out. Furthermore, the theory assumes a perfect selection which is unrealistic. 42 Consequently, only completely inefficient firms will be sorted out by the market. The mutual neutralization theory also argues for no observable effect of ownership on performance, however, it does not assume absence of effects.