Test power properties of within-firm estimators of ownership and board-related explanatory variables with low time variation

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dc.contributor.authorBoutchkova, Maria
dc.contributor.authorCueto, Diego
dc.contributor.authorGonzalez, Angelica
dc.date.accessioned2022-11-22T21:21:32Z
dc.date.available2022-11-22T21:21:32Z
dc.date.issued2022-07-16
dc.description.abstractCorporate governance research is often limited in its ability to employ within-firm estimators, which address time-invariant endogeneity, when the variables of interest exhibit low time variation (for example, ownership and board independence). The problem is further exacerbated if data for multiple points in time needs to be hand-collected. We offer simulation-based methodological guidance to improve the statistical power of within-firm estimators in the presence of low time variation. We illustrate the usefulness of our simulation results by replicating two influential studies on ownership and board independence and extending them with a within-firm estimator. Based on widely used databases as well as a novel granular database, we document the different degrees and nature of time variation of ownership and board independence across jurisdictions and subgroups by listed status, family control and complexity of ownership structure. Researchers can use our findings to optimize the hand-collection and pre-processing of governance data and thereby increase statistical power and/or to distinguish whether lack of significance is due to low time variation as opposed to absence of a true relationship between their governance variable of interest and the respective outcome.en_EN
dc.formatapplication/pdf
dc.identifier.citationBoutchkova, M., Cueto, D., & Gonzalez, A. (2022). Test power properties of within-firm estimators of ownership and board-related explanatory variables with low time variation. Review of Quantitative Finance and Accounting, 59, 1215–1269. https://doi.org/10.1007/s11156-022-01074-8
dc.identifier.doihttps://doi.org/10.1007/s11156-022-01074-8
dc.identifier.urihttps://hdl.handle.net/20.500.12640/3265
dc.language.isoeng
dc.publisherSpringer
dc.publisher.countryUS
dc.relation.ispartofurn:issn:1573-7179
dc.relation.ispartofurn:issn:0924-865X
dc.relation.urihttps://link.springer.com/content/pdf/10.1007/s11156-022-01074-8.pdf
dc.rightsAttribution 4.0 International*
dc.rightsinfo:eu-repo/semantics/openAccess*
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectControlling ownershipen_EN
dc.subjectUltimate cash flow rightsen_EN
dc.subjectControl rightsen_EN
dc.subjectOwnership wedgeen_EN
dc.subjectControl de propiedades_ES
dc.subjectBoard independenceen_EN
dc.subjectDerechos finales de flujo de cajaes_ES
dc.subjectDerechos de controles_ES
dc.subjectLow time variationen_EN
dc.subjectCuña de propiedades_ES
dc.subjectIndependencia del consejo de administraciónes_ES
dc.subjectFamily firmsen_EN
dc.subjectBaja variación temporales_ES
dc.subjectWithin-firm estimatoren_EN
dc.subjectEmpresas familiareses_ES
dc.subjectEstimador dentro de la empresaes_ES
dc.subjectPyramid structuresen_EN
dc.subjectEstructuras piramidaleses_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleTest power properties of within-firm estimators of ownership and board-related explanatory variables with low time variationen_EN
dc.typeinfo:eu-repo/semantics/article
dc.type.otherArtículo
dc.type.versioninfo:eu-repo/semantics/publishedVersion
local.author.orcidhttps://orcid.org/0000-0002-5292-979X
oaire.citation.endPage1269
oaire.citation.issue59
oaire.citation.startPage1215
oaire.citation.titleReview of Quantitative Finance and Accounting
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