Insider Ownership and Firm Value: One Shape Does Not Fit All
Bibliographic record
Abstract
We examine the lack of consensus in the literature about the impact of insider ownership on firm value. We apply non-parametric and semi-parametric methods to analyze various subsamples based on firm size, age, index listing, and institutional ownership. Sample selection is an important determinant of the discord in the literature. Different subsamples lead to widely different estimated ownership-firm value relationships—from upward sloping to downward sloping to flat to V and inverse-V. We replicate and show this for four influential papers (Agrawal and Knoeber, 1996; Himmelberg et al., 1999; McConnell and Servaes, 1990; Morck et al., 1988). By cataloguing systematic differences across subsamples that mirror corresponding disagreements among existing studies, we provide a unifying perspective on the literature.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".