TABLE VIPOSSIBLE SOURCES OF PRIVATE BENEFITSThe abnormal salary is the residual of a regression of the largest shareholder's salary on the logarithm of net sales and a time trend divided by a company's market capitalization. The salary information is collected from the proxy statements. If the largest shareholder holds no office in the company, the salary is set to zero. The data for net sales are obtained from Lotus Onesource. The voting power is equal to 4)/7r and is a measure of the voting power of votes traded on the market. 4) is a proxy for the probability of a contested acquisition. It is the Shapley value of votes held by small shareholders and represents the total probability that votes held by small shareholders are pivotal. ,rr is the number of votes divided by the number of shares. For all other variables see Table W. The estimates are obtained by OLS. The standard errors, reported in parentheses, are robust to heteroskedasticity and serial correlation among observations of the same company in different years.
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