Morck, RandallShleifer, AndreiVishny, Robert W.2016-11-181988Morck, Randall, Andrei Shleifer, and Robert W. Vishny. 1988. “Management Ownership and Market Valuation.” Journal of Financial Economics 20 (January): 293–315. doi:10.1016/0304-405x(88)90048-7. http://dx.doi.org/10.1016/0304-405X(88)90048-7.0304-405Xhttp://nrs.harvard.edu/urn-3:HUL.InstRepos:29407535We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a firm is run by a member of the founding family than when it is run by an officer unrelated to the founder.en-USJournal Article2016-11-1810.1016/0304-405X(88)90048-7