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- W226918086 abstract "Corporate governance is an important variable that can serve to enhance firm performance. This dissertation focuses on a key corporate governance variable, that of managerial ownership. While Jensen and Meckling's (1976) of hypothesis suggests that increases in managerial ownership can enhance firmperformance, Fama and Jensen (1983) and La Porta et al. (1999) argue that at high levels of managerial ownership there are effects (that is, managers will pursue their own interests). Although there are mixed results, the UK and US literature in general suggests that the relationship between managerial ownership and firm performance is non-linear in nature and conforms to a cubic relationship corresponding to alignment-entrenchment-alignment (that is, alignment at low levels of managerial ownership, followed by entrenchment at intermediate levels of managerial ownership and alignment once again at high levels of managerial ownership). It is doubtful whether this relationship is the same under different corporate ownership structures. Claessens et al. (2000) document the fact that most of the firms in the East-Asian region are characterised by a concentrated form of family-controlled ownership, in contrast to the diffuse form of ownership in the UK and the US. Hong Kong is a prime example of an economy dominated by a family-controlled ownership structure.The thesis contributes to the academic literature on corporate governance by its examination of the relationship between managerial ownership and corporate performance III Hong Kong. Based on the regression results of 1406 firm-year observations of Hong Kong listed companies from 1995 to 1998, it is found that under the family-dominated ownership structure in Hong Kong, there is a non-linear relationship between managerial ownership and firm performance which corresponds to a pattern of entrenchment-alignment-entrenchment. This is in contrast to the pattern (alignment-entrenchment-alignment) found in the UK by Short and Keasey (1999) and in the US by Morck et al. (1988). While the finding of a non-linear relationship between managerial ownership and firm performance in this study supports both the of hypothesis over certain ranges of managerial ownership and effects over other ranges of managerial ownership, the discovery of a pattern which is opposite to that found in UK and US studies indicates that managerial ownership affects firm performance in a different way in Hong Kong. In Hong Kong, the convergence of interest effect only dominates the entrenchment effect in the intermediate range of managerial ownership, leading to the conclusion that a policy of providing management with larger amounts of equity within this intermediate range of managerial ownership should enhance firm performance. In contrast, increasing managerial share ownership in cases where the existing level of managerial share ownership is either low or high will have the effect of reducing firm value. The design of an…" @default.
- W226918086 created "2016-06-24" @default.
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- W226918086 date "2003-01-01" @default.
- W226918086 modified "2023-09-27" @default.
- W226918086 title "Corporate governance systems and ownership structures : implications for corporate performance - evidence from Hong Kong" @default.
- W226918086 hasPublicationYear "2003" @default.
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