Meta-analyses of financial performance and equity: Fusion or confusion?
Meta-analyses of financial performance and equity: Fusion or confusion?
复制标题
DOI：
10.5465/30040673
复制
发表时间：
2003-02-01
影响因子：
10.5
通讯作者：
Roengpitya, R
中科院分区：
文献类型：
--
作者：
Dalton, DR;Daily, CM;Roengpitya, R
代理理论主导了股权与公司绩效关系的研究，然而，现有的研究没有提供关于这种关系的方向和幅度的共识。一致的联系还没有表现出公司业绩和CEO，官员，董事，机构，或大股东权益。我们进行了一系列相关的经验所有权绩效研究的荟萃分析。元分析提供了一些系统的关系的例子，贷款很少支持代理理论。我们提出了一个替代理论的角度为未来的所有权绩效研究。
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.