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vol.48 issue2Teoria da firma: comportamento dos administradores, custos de agência e estrutura de propriedade author indexsubject indexarticles search
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Revista de Administração de Empresas

Print version ISSN 0034-7590


MORCK, Randall; SHLEIFER, Andrei  and  VISHNY, Robert W.. Participação acionária da administração e valoração no mercado: uma análise empírica. Rev. adm. empres. [online]. 2008, vol.48, n.2, pp.126-143. ISSN 0034-7590.

We investigate the relationship between management ownership and market valuation of the fi rm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 fi rms, we fi nd evidence of a signifi cant nonmonotonic relationship. Tobin's Q fi rst increases, then declines, and fi nally rises slightly as ownership by the board of directors rises. For older fi rms, there is evidence that Q is lower when the fi rm is run by a member of the founding family than when it is run by an offi cer unrelated to the founder.

Keywords : Management ownership; market valuation; board of directors; corporate governance; agency theory.

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