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Additional info for Theoretical Foundations of Corporate Finance.
Ownership structure is the percentage of common stocks owned ﬁrst by the board of directors, second the percentages owned by institutional investors on the board of directors, the percentage owned by institutional investors outside the board of directors, and the percentage of ownership by chief executive ofﬁcers consecutively. Following the work of Hermalin and Weisbach (1991) this paper divides ownership into three classes: 0% to less than 5%, 5% to less than 25%, 25% and above. The variables representing the piecewise separation are the following: OWN1it = ownership between 0% to less than 5% for the ith ﬁrm at period t.
They provided an evidence consistent with that of LLSV (1998) that cash ﬂow rights held by largest blockholders were positively related to ﬁrm value. In addition, Gorton and Schmid (1996), found that performance improved in ﬁrms where banks held large blocks of securities. Kaplan and Minton (1994) found that managers in Japanese ﬁrms were more likely to be replaced based on poor performance if securities were placed in the hands of large shareholders, than in companies with small shareholders. Recently, Lins (2002), provided evidence of the relationship between ﬁrm value and management ownership with a sample of 1,448 ﬁrms from 18 emerging markets.
43 Corporate Governance and Firms Value in Emerging Markets Table 1. Summary Statistics. TOBIN Q BOD CEO IBOD InBOD D/TA SIZE AGE N MIN MAX MEAN STD. 10 Note: This table contains descriptive statistics of the variables. N is number of observations, MIN is the minimum value, TOBIN Q is the proxy for ﬁrm value, BOD is the amount of stock owned by the board of directors, CEO is the amount of stocks owned by chief executive ofﬁcers, IBOD is the ownership of institutional investors on the board of directors, InBOD is the ownership of institutional investors not on the board of directors, D/TA is the ratio of debt to total asset which measures the leverage, SIZE is the proxy for ﬁrm size, AGE is the proxy for ﬁrm age.