OLS and 2SLS regression. Test for a roof-shaped relation by including the squared insider ownership. Tobin's Q decreases significantly with board outsiders, leverage, and corporate control activity. It increases significantly with insider ownership. Tobin's Q decreases significantly with board outsiders.
Institutional ownership decreases significantly with blockholder ownership and vise versa.
Leverage increases significantly with insider ownership and outside board membership but not vise versa. Years of CEO employment decreases significantly with institutional and blockholder ownership, but not vise versa. The 'natural selection' argument. Size by log of stock market value. CAR decreases significantly with the adoption of antitakeover amendments.