shareholders far removed from the firm's day-to-day operations; and delegated management, which opens up the possibility for … appointment rights, by which shareholders retain the right to appoint and remove directors. Next, it focuses on core decision …

We analyze the relationship between managerial ownership and company performance, testing the incentive and … entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which … for the years 1997-2000. Our findings are that performance, measured by survey-based profit information, is increasing in …