| 摘 要： | This article contributes to the corporate governance and intellectual capital literature and examines the relationship between managerial ownership and intellectual capital efficiency （ICE）. The results were obtained by investigating a sample of 1,057 firm-year observations and 292 companies listed on the Warsaw stock exchange between 2008 and 2013. Since the data span covers six years, panel data analysis （fixed-effects model） is employed. The empirical analysis indicates that managerial ownership is negatively related to human capital efficiency （HCE）, which is partly consistent with some previous studies. As such, it indicates the entrenchment effect of insider ownership. Moreover, the study concludes that these and previous results on the relationship between managerial ownership and IC efficiency are not robust due to ICE measures, which now are employed in research.
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