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.
Tucker, J.L. and Kennedy‐Tucker, P.E. (2004), "Equity holdings and the financial performance of managed care firms", Management Research News, Vol. 27 No. 6, pp. 1-10. https://doi.org/10.1108/01409170410784158
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