By Edwin J. Elton, Martin J. Gruber, Stephen J. Brown, William N. Goetzmann
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Additional info for Modern Portfolio Theory and Investment Analysis 6ed
Larner ( 1 966, Table 1 ) . where those owners classified as exercising minority control are themselves corporations under the control of management. Because these perhaps should be regarded as management controlled, the authors reclassified the corporations according to the form of ultimate control. The result is reproduced in Table 1 . 5 percent in the case of immediate control. Only 1 1 percent had private or majority owners. This result led Berle and Means to conclude that "it is apparent that, with the increasing dispersion of stock ownership in the largest American corporations, a new condition has developed with regard to their control.
1. Modern corporations and the management 33 with Roberts's study, therefore, their results seem to support Baumol's theory of the firm based on the sales-maximization hypothesis. More recently, however, adverse criticisms were made of the two studies on two grounds: the statistical procedure used and the adequacy of the definition of executive compensation. That the executive of a larger company will earn more appears plausible; however, it also seems probable that profits of a larger company, at the absolute level, are greater.
7 percent of the total ( 1 8 plus 1 1 6 as a percentage of 300). This still may well be an underestimate in view of the high average rate of mutual shareholding within groupings. Miyazaki's result may underestimate the extent of management control for yet another reason - the neglect of the influences of creditors and directors. If a firm is heavily dependent on the loan from a management-controlled bank and/or if it has, as an influential director, the manager of another firm under management control, then 12 This is the viewpoint taken i n my previous work ( 1 97 5 ).