The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance

机译：管理层所有权，董事会独立性和公司绩效的共同决定因素

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We specify a simple structural model of the firm to isolate the economic determinants of key aspects of organization form in a value-maximizing contracting environment. Optimal firm size, managerial ownership, and board independence are jointly determined by exogenous parameters defining the productivity of physical assets, managerial input, inside director expertise, and outside director advising and monitoring. The model provides an equilibrium explanation for the cross-sectional relationships among managerial ownership, board structure, and firm performance observed in data. Using the model for policy analysis, our approach also explains the observed changes in compensation structure following new requirements for board independence.

机译：我们指定了一个简单的公司结构模型，以在价值最大化的合同环境中隔离组织形式关键方面的经济决定因素。最佳公司规模，管理者所有权和董事会独立性由外部参数共同确定，这些参数定义了有形资产的生产率，管理人员的投入，内部董事的专业知识以及外部董事的建议和监督。该模型为数据中观察到的管理者所有权，董事会结构和公司绩效之间的横断面关系提供了均衡的解释。使用该模型进行政策分析，我们的方法还解释了根据董事会独立性的新要求而观察到的薪酬结构变化。

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《SAIF-CAFR Third Shanghai Winter Finance conference.》|2010年|p.1-47|共47页
会议地点 Shanghai(CN)
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原文格式 PDF
正文语种 eng
中图分类财政、金融;财政、金融;
关键词
Corporate Governance; Board Independence; Managerial Ownership; Structural Model;

机译：公司治理;董事会独立;经理所有权;结构模型;

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The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance

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