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DYNAMIC PANEL DATA ESTIMATIONS IN CORPORATE CONTROL SYSTEMS
J. Bonet Madurga* and S. Gómez Ansón**
* Departamento de Ingeniería Eléctrica, Universidad de Oviedo,
ETSIMO, c/Independencia 13, 33004 Oviedo, Spain,
jaime@isa.uniovi.es
** Departamento de Administración de Empresas y Contabilidad,
Universidad de Oviedo, Campus del Cristo, 33071 Oviedo, Spain,
sgomez@correo.uniovi.es
In this paper a dynamic model of the firm’s corporate control structure and its influence on the firm’s market value is presented. The model takes account of the influence of unobservable individual or firm effects and of the endogeneity of the firm’s corporate control structure, when analyzing how a firm’s monitoring mechanisms may influence managerial opportunistic behavior. The results suggest the dynamic behavior of firm’s corporate control structures.
Keywords: Management systems, corporate strategies, finance, least squares, regression estimates
Session slot T-Tu-E07: Modeling and Control of Economic Systems/Area code 5e : Computation in Economic, Financial and Engineering-Economic Systems
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