1、字数：英文 3709 单词， 20051 字符；中文 6331 汉字 出处： Berke-Berga A, Dovladbekova I, Abula M. Managerial ownership and firm performance: evidence of listed companies in the BalticsJ. Polish Journal of Management Studies,2017,15(2):273-282 外文文献： Managerial ownership and firm performance: evidence of listed companie
2、s in the Baltics Abstract This paper focuses on the relationship between managerial ownership and firm performance, which appears to be an important issue in corporate governance literature. We conduct regression analysis employing a sample of listed companies in the stock exchanges of the Baltic St
3、ates. We test whether increased managerial ownership has effect on firm performance measured by Tobins Q and return on assets (ROA). The results reveal that there is positive relationship between managerial ownership and internal performance measure (ROA) while it does not significantly affect the m
4、arket performance measure (Tobins Q). We conclude that management mainly focuses on firm fundamental factors and ratios like profitability, sales growth, investment they have positive relation with managerial ownership. Meanwhile, there is no significant difference in market-related factors for comp
5、anies with or without managerial ownership, as these factors in the Baltics are more influenced by other considerations like economics, politics and high liquidity premium. Keywords: managerial ownership, firm performance, Tobins Q, ROA, Baltic States Introduction and Literature Review Relationship
6、between managerial ownership and firm performance has received much attention in corporate governance literature since the mid-70-ties, when M. Jensen and W. Meckling (Jensen and Meckling, 1976) explored the principal-agent theory, ownership structure, managerial behaviour and agency costs. The idea of managerial ownership was present since the Baltics regained their independence (early 90-ties). During the privatization process in early nineties, thanks to favourable legislati
