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10.2307/256787
- Publisher
- Emerald Publishing
- Copyright
- Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
- ISSN
- 0140-9174
- DOI
- 10.1108/01409170410784158
- Publisher site
- See Article on Publisher Site
Abstract
Agency theory, stewardship theory, the legalistic perspective and the substitution hypothesis have served as central themes of corporate governance research. Using this theoretical foundation, this study investigates the relationship between the equity ownership structure and performance of managed care firms. Results suggest that CEO stock options as a percentage of outstanding shares is negatively associated with some aspects of firm performance but that blockholder equity ownership appears to have an insignificant impact on firm performance.
Journal
Management Research News – Emerald Publishing
Published: Jun 1, 2004
Keywords: Equity ownership; Firm performance; Agency theory; CEO; Blockholder; Managed care