Abstract
In a sample of California hospitals, we find that the composition of the board of directors varies systematically across ownership types. For all ownership types, except government-owned, we find that poor financial performance is related to board and CEO turnover. However, different ownership types place different weights on levels of charity care and administrative expenses. Our overall findings support the proposition that ownership type reflects heterogeneity across consumers and producers, and that differences in these groups lead to differences in the organization's objectives and governance.
Original language | English (US) |
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Pages (from-to) | 527-548 |
Number of pages | 22 |
Journal | Journal of Corporate Finance |
Volume | 10 |
Issue number | 4 |
DOIs | |
State | Published - Sep 2004 |
Keywords
- Governance
- Hospitals
- Organizational form
- Performance objectives
ASJC Scopus subject areas
- Business and International Management
- Finance
- Economics and Econometrics
- Strategy and Management