Meta-analyses of financial performance and equity: Fusion or confusion?

• 成果类型: Article
• 署名作者: Dalton, DR; Daily, CM; Certo, ST; Roengpitya, R
• 署名单位: Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Texas A&M University System; Texas A&M University College Station; Mays Business School
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/30040673
• 发表日期: 2003
• 页码: 13-26
• 关键词: ownership structure; institutional investors; corporate governance; BOARD COMPOSITION; Agency problems; firm; DIRECTORS; determinants; INFORMATION; companies

摘要

Agency theory dominates research on equity holdings-firm performance relationships; however, extant studies provide no consensus about the direction and magnitude of such relationships. Consistent linkages have not been demonstrated for firm performance and CEO, officer, director, institutional, or blockholder equity. We conducted a series of meta-analyses of relevant empirical ownership-performance studies. The meta-analyses provide few examples of systematic relationships, lending little support for agency theory. We propose a substitution theory perspective for future ownership-performance research.