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Initial analyses using panel data for none intercept model show a positive and significant effect of low level of managerial ownership on firm value and negative and significant effect of high level of managerial ownership on firm value. This conclusion is different when unobserved firm heterogeneity controlled using firm fixed effects model. The fixed effects analyses suggest that managerial ownership doesn?t have significant effect on firm value. The 2SLS analyses show that both managerial ownership and firm value are jointly endogenous. Managerial ownership has positively impacts on firm value, a higher firm value, on the other hand, inspires larger managerial ownership