Empirical Studies on Influences of Managerial Ownership on Firm Performance: On the View of Management Buyout

摘要

The thesis examines the relationship between managerial ownership and firm performance for 66 samples of Chinese public State-owned enterprises (SOEs) privatized by doing Management Buyout (MBO) over the period from 1997 to 2009.The empirical results indicate that managerial ownership has a negative effect on firm performance. It also finds that firms with high managerial ownership exhibit a worse performance decline. The firms which are under High-low percentage managerial ownership provide a positive effect on OROA, NROA and Tobin's Q surprisingly. The relationship between managerial ownership and firm performance which occurs at High-low levels of managerial ownership experiences better performance compared to High and Low level.