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

Dan R. Dalton, Catherine M. Daily, S. Trevis Certo, Rungpen Roengpitya

Research output: Contribution to journalArticlepeer-review

402 Scopus citations


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.

Original languageEnglish (US)
Pages (from-to)13-26
Number of pages14
JournalAcademy of Management Journal
Issue number1
StatePublished - Feb 2003
Externally publishedYes

ASJC Scopus subject areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Strategy and Management
  • Management of Technology and Innovation


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