By Kerstin Groß

The empirical stories awarded during this e-book version the endogeneity via making use of the simultaneous equations technique at the relation of possession and monetary functionality in addition to on assorted possession dimensions themselves. Its ultimate version contains a 4 equations method containing functionality, common 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)

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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. 97]. See Jensen/Meckling [1976, p. 308].

1968], Palmer by shareholders’ equity [1973b], Short/Keasey [1999] Return on assets (ROA) Earnings before interest expenses and taxes (ebit) divided by total assets Denis/Denis [1994], Himmelberg et al. [1999], Kole [1996], Mehran [1995], Oswald/Jahera Jr. [1991] Return on investment (ROI) Earnings divided by value of equity plus long-term debt Earnings divided by number of outstanding shares Gugler et al. [2003a, 2004], Schellenger et al. [1989] Earnings per share (EPS) Kesner [1987], Kim et al.

2003, pp. 550-551]. 32 2 Basic Aspects of Ownership Structure and Performance the value of its parts. Both over- and undervaluation should be regulated by the market in the long run, thus the company is priced at its reproduction costs. 68 However, since the Tobin’s Q reflects the over- and undervaluation and markets can be over- or undervaluated as total, the Tobin’s Q in practice also depends on the general market valuation and therefore the economic situation. 5. 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Fig.

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