𝔖 Bobbio Scriptorium
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Banks, Ownership Structure, and Firm Value in Japan

✍ Scribed by Nakamura, Masao; Shivdasani, Anil; Morck, Randall


Book ID
123880830
Publisher
University of Chicago Press
Year
2000
Tongue
English
Weight
191 KB
Volume
73
Category
Article
ISSN
0021-9398

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This paper examines the hypothesis that the amount of CEO ownership has a dominating effect on the value of the firm. Using a diverse sample of firms, firm value as measured by Tobin's q is found to be a nonmonotonic function of CEO ownership. Specifically, Tobin's q rises when the CEO owns between