TY  - BOOK
AU  - Anton,Miguel
AU  - Ederer,Florian
AU  - Gine,Mireia
AU  - Schmalz,Martin C.
ED  - National Bureau of Economic Research.
TI  - Common Ownership, Competition, and Top Management Incentives
T2  - NBER working paper series
PY  - 2022///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
KW  - Firm Behavior: Theory
KW  - jelc
KW  - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill
KW  - Compensation Packages • Payment Methods
KW  - Oligopoly and Other Imperfect Markets
KW  - Business Objectives of the Firm
KW  - Personnel Management • Executives; Executive Compensation
N1  - December 2022; Hardcopy version available to institutional subscribers
N2  - We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher prices under common ownership result from higher costs or from higher markups. Using panel regressions and a difference-in-differences design we document that managerial incentives are less performance-sensitive in firms with more common ownership
UR  - https://www.nber.org/papers/w30785
UR  - http://dx.doi.org/10.3386/w30785
ER  -