EO’s holdings in her firm i divided by the sum of market value of her holdings in all insider and outsider stocks and the value of her other wealth after deducting her debt) and STOCKWEALTHM it (market value of CEO’s holdings in her firm i divided by the sum of market value of her holdings in all insider and outsider stocks). Finally, we use the market value of CEO’s holdings in her firm i divided by the market value of firm i in the end of year t (OWNERSHIP it ) as the fourth measure of a CEO’s equity incentives, because prior research on equity incentives has extensively employed it. РControl variables in Model (1) are measuring other factors that are likely to affect firm performance. First, we include a natural logarithm of sales of the pany for the year t (LOGSALES it ) to control for
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