Managerial Entrenchment and Firm Value: A Dynamic Perspective
使用动态模型和长差分方法，基于美国公司大样本，发现管理层固守对公司价值有显著的负向因果效应，且该效应强于反向因果。
Abstract We examine the impact of managerial entrenchment on firm value using a dynamic model with firm fixed effects. To estimate the model, we employ the long-difference technique, which is shown by our simulation to deliver the least biased estimates. Based on a large sample of U.S. companies, we document a significantly negative and causal effect of managerial entrenchment on firm value after taking into account omitted variables, reverse causality, and highly persistent endogenous variables. Additional analysis suggests that the causality running from managerial entrenchment to firm value is more pronounced than that for reverse causality.