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Title: What determines the allocation of managerial ownership within firms? Evidence from investment management firms
Authors: Dimmock, Stephen G.
Gerken, William C.
Marietta-Westberg, Jennifer
Keywords: DRNTU::Business::Finance::Corporate finance
Manager Ownership
Managerial Ownership
Issue Date: 2015
Source: Dimmock, S. G., Gerken, W. C., & Marietta-Westberg, J. (2015). What determines the allocation of managerial ownership within firms? Evidence from investment management firms. Journal of corporate finance, 30, 44-64. doi:10.1016/j.jcorpfin.2014.11.004
Series/Report no.: Journal of corporate finance
Abstract: We show that the allocation of managerial ownership to individuals within firms varies depending upon the joint distribution of decision control and decision management rights. Using a unique dataset of institutional investment management firms, we show that ownership is higher for managers: with both executive and operational responsibilities; when benefits of cooperation are higher; and with large contributions to firm value. Consistent with career concerns, we find increases in a manager's ownership are associated with increases in unsystematic risk. Ownership dispersion within the firm is associated with the allocation of monitoring and operational roles and the potential benefits of cooperation.
ISSN: 0929-1199
DOI: 10.1016/j.jcorpfin.2014.11.004
Schools: Nanyang Business School 
Rights: © 2014 Elsevier B.V. This is the author created version of a work that has been peer reviewed and accepted for publication by Journal of Corporate Finance, Elsevier B.V. It incorporates referee’s comments but changes resulting from the publishing process, such as copyediting, structural formatting, may not be reflected in this document. The published version is available at: [Article DOI:].
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Journal Articles

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