Managerial entrenchment and firm value: a dynamic perspective Chang, Xin and Zhang, Hong Feng 2015, Managerial entrenchment and firm value: a dynamic perspective, Journal of financial and quantitative analysis, vol. 50, no. 5, pp. 1083-1103, doi: 10.1017/S0022109015000423. Attached Files Name Description MIMEType Size Downloads Title Managerial entrenchment and firm value: a dynamic perspective Author(s) Chang, Xin orcid.org/0000-0001-5493-4528 Zhang, Hong Feng Journal name Journal of financial and quantitative analysis Volume number 50 Issue number 5 Start page 1083 End page 1103 Total pages 21 Publisher Cambridge University Press (CUP) Place of publication Cambridge, Eng. Publication date 2015-11-24 ISSN 0022-1090 1756-6916 Summary 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. Language eng DOI 10.1017/S0022109015000423 Field of Research 150299 Banking, Finance and Investment not elsewhere classified 1502 Banking, Finance And Investment Socio Economic Objective 970115 Expanding Knowledge in Commerce HERDC Research category C1 Refereed article in a scholarly journal ERA Research output type C Journal article Copyright notice ©2015, Michael G. Foster School of Business, University of Washington Persistent URL http://hdl.handle.net/10536/DRO/DU:30080264 Document type: Journal Article Collections: Faculty of Business and Law Department of Finance 2018 ERA Submission Related Links Link Description Connect to published version Go to link with your DU access privileges     Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Versions Version Filter Type Tue, 15 Dec 2015, 09:40:26 EST Wed, 16 Dec 2015, 04:00:22 EST Wed, 16 Dec 2015, 05:12:55 EST Mon, 21 Dec 2015, 15:44:07 EST Mon, 18 Jan 2016, 07:42:34 EST Wed, 03 Feb 2016, 14:51:00 EST Wed, 09 Nov 2016, 11:10:55 EST Tue, 22 Nov 2016, 10:26:57 EST Thu, 15 Feb 2018, 09:00:40 EST Thu, 15 Feb 2018, 09:01:27 EST Filtered Full Citation counts:   Cited 8 times in TR Web of Science Cited 14 times in Scopus Search Google Scholar Access Statistics: 409 Abstract Views, 13 File Downloads  -  Detailed Statistics Created: Tue, 15 Dec 2015, 09:40:26 EST

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