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Hum. Resour. Man., 16(11): 2133-2146. O'Driscoll M, Beehr T (1994). Supervisor behaviors, role stressors and uncertainty as predictors of personal outcomes for subordinates. J. Organ. Behav., 15(2): 141-155. Ooi KB (2009). TQM and knowledge management: literature review and proposed framework. Afr. J. Bus. Manage., 3(11): 633-643. Onyemah V (2008). Role ambiguity, role conflict, and performance: empirical evidence of an inverted-U relationship. J. Pers. Sell. Sales Manag., 28(3): 299-313. Parkington JJ, Schneider B (1979). Some correlates of experienced job stress: a boundary role study. Acad. Manag. J., 22(2): 270- 281. Rangarajan D, Jones E, Chin W (2005). Impact of sales force automation on technology-related stress, effort, and technology usage among salespeople. Ind. Mark. Manag., 34(4): 345-354. Rizzo JR, House RJ, Lirtzman SI (1970). Role conflict and ambiguity in complex organizations. Adm. Sci. Q., 15(2): 150-163. Robinson SL, Bennett RJ (1995). A typology of deviant workplace behaviors: a multidimensional scaling study. Acad. Manag. J., 38(2): 555-572. Saizarbitoria I (2006). How quality management models influence company results: conclusions of an empirical study based on the Delphi method. Total Qual. Manag. Bus., 17(6): 775-794. Samson D, Terziovski M (1999). The relationship between total quality management practices and operational performance. J. Oper. Manag., 17(4): 393-409. Scapini F (2001). Environment and individual: a dialectic relationship. Riv. Biol., 94(2): 293-303. Schaubroeck J, Cotton J, Jennings K (1989). Antecedents and consequences of role stress: a covariance structure analysis. J. Organ. Behav., 10(1): 35-38. Singh J (1993). Boundary role ambiguity: Facets, determinants and impacts. J. Market., 57(2): 11-31. Singh J, Goolsby JR, Rhoads GK (1994). Behavioral and psychological consequences of boundary spanning burnout for customer service representatives. J. Market. Res., 31(4): 558-569. Skinner EA, Edge K, Altman J, Sherwood H (2003). Searching for the structure of coping: a review and critique of category systems for classifying ways of coping. Psychol. Bull., 129(2): 216-269. Spector PE, Fox S, Penney LM, Bruursema K, Goh A, Kessler S (2006). The dimensionality of counterproductivity: are all counterproductive behaviors created equal? J. Vocat. Behav., 68(3): 446-460. Talha M (2004). Total quality management: an overview. Bottom line Manag. Libr. Finan., 17(1): 15-19. Tan BI, Wong CH, Lam CH, Ooi KB, Ng FCY (2010). Assessing the link between service quality dimensions and knowledge sharing: student perspective. Afr. J. Bus. Manage., 4(6): 1014-1022. Teh and Ng 7187 Teas RK (1983). Supervisory behavior, role stress, and the job satisfaction of industrial salespeople. J. Market. Res., 20(1):84-91. Teh PL, Yong CC, Arumugam VC, Ooi KB (2009a). Does total quality management reduce employees’ role conflict? Ind. Manage. Data. Syst., 109(8): 1118-1136. Teh PL, Yong CC, Arumugam VC, Ooi KB (2009b). Role conflict in information systems personnel: a TQM perspective. J. Appl. Sci., 9(15): 2701-2713. The W. Edwards Deming Institute (2010). Retreived October 22, from http://deming.org Victor B, Boynton A, Stephens-Jahng T (2000). The effective design of work under total quality management. Organ. Sci., 11(1): 102- 117. Wallace JC, Edwards BD, Arnold T, Frazier ML, Finch DM (2009). Work stressors, role-based performance, and the moderating influence of organizational support. J. Appl. Psychol., 94(1): 254- 262. Weeks WA, Fournier C (2010). The impact of time congruity on salesperson’s role stress: a person-job fit approach. J. Pers. Sell. Sales Manag., 30(1): 73-90. Westman M, Etzion D (2001). The impact of vacation and job stress on burnout and absenteeism. Psychol. Health., 16(5): 595-606. Williams R, Wiele T.V.D, Iwaarden JV, Visser R. (2004). TQM: why it will again become a top management issue. Int. J. Qual. Reliab. Manag., 21(6): 603-611. Winkielman P, Berridge KC (2004). Unconscious emotion. Current. Direct. Psy. Sci., 13(3): 120-123. Wong CH, Sim JJ, Lam CH, Loke SP, Darmawan N (2010). A linear structural equation modelling of TQM principles and its influence on quality performance. Int. J. Model. Oper. Manag., 1(1): 107- 124. Wright TA, Cropanzano R (1998). Emotional exhaustion as a predictor of job performance and voluntary turnover. J. Appl. Psychol., 83(3): 486-493. Wright L, Smye MD (1996). Corporate abuse: How ‘lean and mean’ robs people and profits. Toronto, Ontario, Canada: MacMillan. Wruck KH, Jensen MC (1994). Science, specific knowledge and total quality Management. J. Account. Econ., 18(3): 247-287. Zhang Z (2000). Developing a model of quality management methods and evaluating their effects on business performance. Total Qual. Manag., 11(1): 129-137. Zhang Z, Waszink A, Wijngaard J (2000). An instrument for measuring TQM implementation for Chinese manufacturing companies. Int. J. Qual. Reliab. Manag., 17(7): 730-755.
African Journal of Business Management Vol. 5(17), pp. 7188-7197, 4 September, 2011 Available online at http://www.academicjournals.org/AJBM DOI: 10.5897/AJBM11.144 ISSN 1993-8233 ©2011 <strong>Academic</strong> <strong>Journals</strong> Review A survey of empirical studies on management ownership Mahdi Salehi 1 * and Bahram Baezegar 2 1 Islamic Aazad University, Takestan Branch, Iran. 2 Islamic Aazad University, Bousheher Branch, Iran. Accepted 16 May, 2011 The current study reviews relationship between management ownership and firm performance with regard to empirical evidences. Although in the financial literature, management ownership is suggested for reduction of agency problem, there are contradictory view points on this suggestion. Some empirical studies show that increasing equities of managements can be responsible for better alignment of the monetary incentives between the managers and other equity owners. In contrast, other studies support the entrenchment argument hypothesis. The hypothesis stats that increasing of management’s equity can contribute to reduce financial performance and may it creates control problem, when level of management ownership is high. In disputation between the incentive alignment and entrenchment argument, combined argument and Stultz's integrated theory arise. These arguments which are integrated by other arguments show that corporate performance is a non-monotonous function of management ownership. In spite of these arguments, some scholars believe that management ownership has a passive role in corporate governance, because of being a function of financial performance. However, others state that there is absolutely no relationship between management ownership and financial performance. In circumstances, perhaps a new combination of ownership alternative mechanisms can do work competently. Key words: Management ownership, agency problem, financial performance. INTRODUCTION The relationship between ownership structure and firm performance has been an important subject and an ongoing debate in corporate finance literature since the work of Berle and Means (1932). They debated about conflict interests between controllers and managers. They assert, that in view of growing diffusion of ownership, ability of shareholders to control managements will be less. Therefore, they suggest that correlation between ownership concentration and firm performance should be a negative one. Corporate governance studies have addressed that problems are generated by the separation of ownership and control. Scholars have tried to find a device to solve agency problem. They prescribe a variety of possible solutions to align managerial interests with shareholders’ *Corresponding author. E-mail: mahdi_salehi54@yahoo.com. interests, including such devices as high corporate leverage, more effective monitoring by the board of directors, which is of special interest in this paper- managerial ownership. Agency theory suggests that the structure of corporate ownership can affect firm performance by alleviating agency conflicts between management and shareholders (Putterman, 1993). By the same token, Jensen and Meckling (1976) argue that increased levels of managerial share ownership in a firm helps align the interests of owners and managers and therefore, mitigating agency problems. However, Demsetz (1983) and Fama and Jensen (1983a) amongst others, argue that managers get entrenched when there is high managerial share ownership, thereby exacerbating the agency problem. Although studies to reduce conflict between incentives of shareholders and managers have presented a number of possible solutions, it is worth noting that there are open questions concerning the relationship between managers and corporate performance. It is not clear whether firm
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7238 Afr. J. Bus. Manage. The one a
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African Journal of Business Managem
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7242 Afr. J. Bus. Manage. and Norto
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7244 Afr. J. Bus. Manage. Table 1.
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7250 Afr. J. Bus. Manage. DEFINING
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7256 Afr. J. Bus. Manage. critical
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7260 Afr. J. Bus. Manage. external
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7262 Afr. J. Bus. Manage. represent
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7270 Afr. J. Bus. Manage. business
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7274 Afr. J. Bus. Manage. Satisfact
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7276 Afr. J. Bus. Manage. Score of
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7282 Afr. J. Bus. Manage. Satisfact
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7292 Afr. J. Bus. Manage. determine
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7298 Afr. J. Bus. Manage. Procedure
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7302 Afr. J. Bus. Manage. Figure 1.
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7308 Afr. J. Bus. Manage. required
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7310 Afr. J. Bus. Manage. This obse
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7318 Afr. J. Bus. Manage. expectati
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7320 Afr. J. Bus. Manage. Compensat
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7324 Afr. J. Bus. Manage. Psychol.,
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7326 Afr. J. Bus. Manage. the resea
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7328 Afr. J. Bus. Manage. Z( T, whe
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7330 Afr. J. Bus. Manage. (10) and
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7332 Afr. J. Bus. Manage. during wh
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7334 Afr. J. Bus. Manage. optimal v
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7336 Afr. J. Bus. Manage. satisfact
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7340 Afr. J. Bus. Manage. female re
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7344 Afr. J. Bus. Manage. Populatio
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7352 Afr. J. Bus. Manage. ln S = ln
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7356 Afr. J. Bus. Manage. but some
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7358 Afr. J. Bus. Manage. investiga
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7360 Afr. J. Bus. Manage. when conf
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7362 Afr. J. Bus. Manage. PCs in a
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7364 Afr. J. Bus. Manage. supported
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7366 Afr. J. Bus. Manage. Psychol.,
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7368 Afr. J. Bus. Manage. social pr
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Table 2. Companies and countries co
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to CSR clearly and reliably. The st
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consumers to participate with the t
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A Liao 7379 Figure 1. Example of ev
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Table 3. Summary statistics of the
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Table 5. Utilities for subject 1 Li
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REFERENCES Anderson JC, Narus JA (1
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7386 Afr. J. Bus. Manage. aggregate
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7388 Afr. J. Bus. Manage. Analysis
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(Bass and Avolio, 1994). Leaders fo
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the employees. When employees are e
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Table 1. Means, standard deviation
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negativity in the organization. Tra
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of psychological ownership. Thus te
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Meyer JP, Becker TE, Vandenberghe C
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goods industry in the future. LITER
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F + 2 0. 110 * F + Table 3. Factor
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APPENDIX Data for evaluation on the
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anks. Camanho and Dyson (2005) enha
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Step A-4: Correlation analysis Star
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Table 1. Original raw data of input
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Table 5. Scenario table. Wang and W
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Delmas M, Toka Y (2005). Deregulati
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Technology managers need to attract
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λ is the parameter for risk aversi
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specified ranges of return, for eac
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Carlsson C, Fulle´r R, Majlender P
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Stock Exchange, (Rao, 2010) in Nati
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etween size and unsystematic risk i
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The research schema Figure 1 indica
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Table 3. Result of Freidman rank te
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Table 8. The result of Spearman cor
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significant differences between the
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leadership. The process of manageri
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indices of quality of life work. On
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Figure 2. The values of standardize
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Table 4. The values of coaching ind
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Table 1. Contrast between hedonic a
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in consumers’ shopping behavior.
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et al., 2006; Carpenter, 2008). For
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Table 2. contd Shopping satisfactio
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value in the construct of clothing
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independence, assertiveness, innova
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over those of competitors in order
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Table 2. Demographic profile and ce
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Table 4. Service satisfaction level
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There is a strong significant corre
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Dean AM (2004). Rethinking customer
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as a margin rate of 10% and rest to
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(7) Table 1. Descriptive statistics
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APPENDIX A Table 1. Failure rate te
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Table 1. Results of the multivarian
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Figure 3. Entrepreneurship as a fun
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Furkukawa K, Shafer WE, Lee GM (200
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happen to firms of any and all size
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participants attributed their failu
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Table 1. Descriptive statistics of
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Table 4 Contd. Inconsideration of l
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Table 5 Contd. Manufacturing 2.17 1
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The CLRP is an NP-hard problem, so
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No START Form a new cluster. Select
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Table 1. Computational results of G
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Table 1. Correlation of facets of C
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Figure 1. Theoretical approach adop
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quadrant (III), including product v
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consistently showed negative (posit
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signal. This hypothesis predicts a
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Variables are defined as in the ful
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Table 3. The results of model (2).
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around the world. Q. Rev. Econ. Fin
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tourism industry development. In th
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Table 2. Canonical correlation. 2 C
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Table 5. Bilateral analysis and ran
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strategies (Hart, 1995; Tello and Y
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Table 1. Reliability and construct
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Table 3. Latent variables test. She
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Haines R, Street M, Haines D (2008)
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owned insurance firm to enter the m
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affective commitment; organizationa
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Figure 1. Structural relationships
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Prior to analysis, variables were e
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Table 1. Effect decomposition for M
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Figure 5. Unstandardized estimates
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prospects. In other words, less wor
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goal of a SCM process is to create
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Sale Lean Supply Chain (LSC) Growth
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Upper Saddle River: Pearson Prentic
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the green awareness movement by ado
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usiness practices than smaller firm
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Table 3. Descriptive statistics and
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China. Green leadership could be em
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APPENDIX Appendix 1: Measures of ob
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Emotional intelligence Self monitor
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ship between a people’s perceived
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Table 1. Analysis of the reliabilit
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Table 4. Results from hypothesis te
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Ajzen I, Driver BL (1992). Applicat
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mono production economy, and rural
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Table 2. Pearson correlation betwee
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Table 1. Behavioral Phenomenon that
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Table 3. Test period data. Table 4.
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Prospect value Figure 3. Expected v
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Tversky A, Gilovich T (1989). The H
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Table 1. Components of a mentoring
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Table 3. Perceptions on the success
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Table 5. Characteristics of a mento
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terms of sustained development, are
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Table 7. Ideal characteristics of m
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qualitative analysis of fifteen hou
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section. In Section 3, we will disc
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Table 1. Participants’ demographi
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of Am. Acad. of Bus., Cambridge. 4(
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directors and propose the board ind
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composition is the outcome of a neg
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Table 1. Descriptive statistics. Ti
Page 482 and 483:
Table 3. The determinants of board
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Booth JR, Cornett M, Tehranian H (2
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provides a wider response and swift
Page 488 and 489:
Correlation “Customary Approach
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Table 2. Correlation matrix of EAC
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Table 9. Intra-EAC imports as share
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Martin JC (1999). The European Mone
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participate in the highest degree o
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innovation. A secondary innovation
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Figure 2. The switching ecology of
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Table 1. Revenue growth rate and CA
Page 504 and 505:
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variables (Beattie and Jones, 1999a
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Table 3. Explanations of dependent
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Courtis JK (1997). Corporate annual
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treated in the literature, its rela
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company. METHODOLOGY Table 1. Quest
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as an important factor in the manag
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satisfaction may also reduce the ov
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Table 1. Customer expectations on s
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Table 2. Contd. Machirori and Fatok
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and travelling may lead to satisfac
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and professionally developmental pr
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Table 1. Organizational elements mo
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Table 2. Studying the demographical
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education might involve plenty of c
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(Deng et al., 2010). To date, there
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Table 2. Results of hierarchical re
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WOM. The comparison can be seen in
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UPCOMING CONFERENCES International
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