Manry, David, and David Stangeland. "The United Shareholders Association Shareholder 1000 and firm performance." Journal of Corporate Finance (2003) 353-375. April 2002.

Studies the impact on operating performance and investment spending of corporate governance practices. Independent variables are shareholder rights and management compensation scores developed by the United Shareholder Association (a shareholder rights organization founded by T. Boone Pickens) between 1989 through 1993. Finds that "USA shareholder rights and management compensation scores are positively correlated with corporate performance levels" as measured by industry-adjusted income generation. Also finds a negative relationship between price/book ratio and low executive compensation scores.