Gompers, Paul A. (contributor); Ishii, Joy L. (contributor); … - 2003
analyze the relationships of insider’s cash flow rights and voting
rights with firm value, performance, and investment … value, and firm performance.
We find that firm value (as measured by Tobin’s Q) is increasing in cash flow
ownership and …
ownership peaks at approximately 45%. For operating performance, we find that the
relationship of ownership and sales growth …