External monitoring, managerial ownership and form performance in Malaysian capital market: a GMM based panel data approach Ali Ahmed, Huson Joher and Wadud, Ikm Mokhtarul 2009, External monitoring, managerial ownership and form performance in Malaysian capital market: a GMM based panel data approach, Corporate ownership & control, vol. 7, no. 1, Fall, pp. 131-137. Attached Files Name Description MIMEType Size Downloads Title External monitoring, managerial ownership and form performance in Malaysian capital market: a GMM based panel data approach Author(s) Ali Ahmed, Huson Joher orcid.org/0000-0002-0186-2564 Wadud, Ikm Mokhtarul orcid.org/0000-0003-3846-5615 Journal name Corporate ownership & control Volume number 7 Issue number 1 Season Fall Start page 131 End page 137 Total pages 7 Publisher Virtus Interpress Place of publication Sumy, Ukraine Publication date 2009 ISSN 1727-9232 1810-3057 Keyword(s) Corporate governance performance non-executive independent directors Summary This study re-examines whether the structure of share ownership by both directors and institutional ownership provides explanation for firm performances. These relationships are modelled and estimated using GMM based dynamic panel data over a period from 1997 to 2001 with a sample of 100 CI components companies listed on Main Board of Malaysia. The findings provide strong evidence of simultaneity between firm performance and managerial ownership. Although an insignificant relationship between firm performance and institutional ownership is~ observed, the institutional holdings provide strong substitute for managerial ownership with a strong negative relationship between managerial ownership and institutional ownership. This is in line with the managerial incentive hypothesis, which suggests that manager's share in the firm's ownership leads to better performance and the monitoring substitute hypothesis, which suggests that managerial ownership could be effectively replaced by institutional ownership. Language eng Field of Research 140209 Industry Economics and Industrial Organisation Socio Economic Objective 910401 Industrial Relations HERDC Research category C1 Refereed article in a scholarly journal HERDC collection year 2009 Persistent URL http://hdl.handle.net/10536/DRO/DU:30016828 Document type: Journal Article Collections: Faculty of Business and Law School of Accounting, Economics and Finance   Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Versions Version Filter Type Mon, 03 Aug 2009, 14:55:35 EST Tue, 04 Aug 2009, 11:54:35 EST Tue, 04 Aug 2009, 11:56:05 EST Wed, 25 Nov 2009, 13:27:46 EST Mon, 16 Jun 2014, 11:25:56 EST Thu, 11 Dec 2014, 16:03:36 EST Filtered Full Citation counts:   Cited 0 times in TR Web of Science Cited 1 times in Scopus Search Google Scholar Access Statistics: 1136 Abstract Views, 2 File Downloads  -  Detailed Statistics Created: Mon, 03 Aug 2009, 14:55:33 EST by Lee-Ann Stones