Publication: Firm value and managerial incentives: a stochastic frontier approach
Firm value and managerial incentives: a stochastic frontier approach
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Habib, M. A., & Ljungqvist, A. (2005). Firm value and managerial incentives: a stochastic frontier approach. The Journal of Business, 78(6), 2053–2094. https://doi.org/10.1086/497040
Abstract
Abstract
Abstract
We provide a direct estimate of the magnitude of agency costs in publicly held corporations. We compute an explicit performance benchmark that compares a firm's actual Tobin's Q to the Q* of a hypothetical value-maximizing firm having the same inputs and characteristics as the original firm. The Q of the average sample firm is around 16% below its Q*, equivalent to a
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- Ljungqvist, Alexander
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Habib, M. A., & Ljungqvist, A. (2005). Firm value and managerial incentives: a stochastic frontier approach. The Journal of Business, 78(6), 2053–2094. https://doi.org/10.1086/497040
