Matches in SemOpenAlex for { <https://semopenalex.org/work/W2134452972> ?p ?o ?g. }
- W2134452972 abstract "We find a significant hump-shaped relation between firm valuation and CEO ownership when external governance (EG) is weak, but the relation is insignificant when EG is strong. These interactive effects are identified while controlling for firm-fixed effects. The results imply that CEO ownership and EG are substitutes in mitigating agency problems at low levels of ownership. At large ownership, the combination of large voting rights and high wealth-performance sensitivity causes CEOs to take insufficient risk, unless strong EG holds them accountable for performance. To identify channels through which CEO ownership affects firm value, we examine R&D, which tends to be discretionary and risky. We find strikingly similar interactive effects on R&D and conclude that CEO ownership affects both effort and risk-taking when EG is weak. EG is measured by product market competition or institutional ownership concentration. Our results are robust to endogeneity issues concerning CEO ownership and EG, and a battery of other tests." @default.
- W2134452972 created "2016-06-24" @default.
- W2134452972 creator A5021533688 @default.
- W2134452972 creator A5042251331 @default.
- W2134452972 date "2011-01-01" @default.
- W2134452972 modified "2023-09-29" @default.
- W2134452972 title "CEO Ownership, External Governance, and Risk-taking" @default.
- W2134452972 cites W1485535210 @default.
- W2134452972 cites W1531341052 @default.
- W2134452972 cites W1606272114 @default.
- W2134452972 cites W1967358294 @default.
- W2134452972 cites W1979927021 @default.
- W2134452972 cites W1984428966 @default.
- W2134452972 cites W1991795148 @default.
- W2134452972 cites W2004463963 @default.
- W2134452972 cites W2004601982 @default.
- W2134452972 cites W2017986849 @default.
- W2134452972 cites W2024822924 @default.
- W2134452972 cites W2041380708 @default.
- W2134452972 cites W2047134779 @default.
- W2134452972 cites W2063503639 @default.
- W2134452972 cites W2071386114 @default.
- W2134452972 cites W2093967072 @default.
- W2134452972 cites W2101242833 @default.
- W2134452972 cites W2110497488 @default.
- W2134452972 cites W2111558694 @default.
- W2134452972 cites W2111779386 @default.
- W2134452972 cites W2115983971 @default.
- W2134452972 cites W2135241016 @default.
- W2134452972 cites W2136872004 @default.
- W2134452972 cites W2143557201 @default.
- W2134452972 cites W2147744389 @default.
- W2134452972 cites W2153524047 @default.
- W2134452972 cites W2157815173 @default.
- W2134452972 cites W2166998582 @default.
- W2134452972 cites W2170861309 @default.
- W2134452972 cites W2258160120 @default.
- W2134452972 cites W2550996781 @default.
- W2134452972 cites W3121179614 @default.
- W2134452972 cites W3122028926 @default.
- W2134452972 cites W3122033083 @default.
- W2134452972 cites W3122258531 @default.
- W2134452972 cites W3122288015 @default.
- W2134452972 cites W3122326899 @default.
- W2134452972 cites W3122340701 @default.
- W2134452972 cites W3122504816 @default.
- W2134452972 cites W3122509420 @default.
- W2134452972 cites W3122602955 @default.
- W2134452972 cites W3122708672 @default.
- W2134452972 cites W3123140738 @default.
- W2134452972 cites W3123142049 @default.
- W2134452972 cites W3123504461 @default.
- W2134452972 cites W3123523261 @default.
- W2134452972 cites W3123562738 @default.
- W2134452972 cites W3123622759 @default.
- W2134452972 cites W3123857648 @default.
- W2134452972 cites W3124062128 @default.
- W2134452972 cites W3124337059 @default.
- W2134452972 cites W3124379587 @default.
- W2134452972 cites W3124477224 @default.
- W2134452972 cites W3124492110 @default.
- W2134452972 cites W3124620510 @default.
- W2134452972 cites W3124663273 @default.
- W2134452972 cites W3125362379 @default.
- W2134452972 cites W3125558218 @default.
- W2134452972 cites W3125707896 @default.
- W2134452972 cites W3126110859 @default.
- W2134452972 cites W313770687 @default.
- W2134452972 doi "https://doi.org/10.2139/ssrn.1635943" @default.
- W2134452972 hasPublicationYear "2011" @default.
- W2134452972 type Work @default.
- W2134452972 sameAs 2134452972 @default.
- W2134452972 citedByCount "27" @default.
- W2134452972 countsByYear W21344529722012 @default.
- W2134452972 countsByYear W21344529722013 @default.
- W2134452972 countsByYear W21344529722014 @default.
- W2134452972 countsByYear W21344529722015 @default.
- W2134452972 countsByYear W21344529722016 @default.
- W2134452972 countsByYear W21344529722017 @default.
- W2134452972 crossrefType "journal-article" @default.
- W2134452972 hasAuthorship W2134452972A5021533688 @default.
- W2134452972 hasAuthorship W2134452972A5042251331 @default.
- W2134452972 hasConcept C10138342 @default.
- W2134452972 hasConcept C108170787 @default.
- W2134452972 hasConcept C111472728 @default.
- W2134452972 hasConcept C120757647 @default.
- W2134452972 hasConcept C121955636 @default.
- W2134452972 hasConcept C123336316 @default.
- W2134452972 hasConcept C138885662 @default.
- W2134452972 hasConcept C144133560 @default.
- W2134452972 hasConcept C149782125 @default.
- W2134452972 hasConcept C162324750 @default.
- W2134452972 hasConcept C175444787 @default.
- W2134452972 hasConcept C17744445 @default.
- W2134452972 hasConcept C186027771 @default.
- W2134452972 hasConcept C199539241 @default.
- W2134452972 hasConcept C200707436 @default.
- W2134452972 hasConcept C202552767 @default.
- W2134452972 hasConcept C23032112 @default.
- W2134452972 hasConcept C29122968 @default.