No matter how much equity executives own in their organization, company performance isn’t affected, says a new paper co-authored by assistant management professor, Trevis Certo.

The paper was the subject of a recent New York Times article (“Options Do Not Raise Performance, Study Finds”) and notes that the paper combines more than 200 studies from the past 30 years.

Certo authored the paper with colleagues Dan R. Dalton, dean of Indiana University School of Business and Cathryn M. Daily and Rungpen Roengpitya, who are both professors at Indiana.

Certo recently presented the paper at the Academy of Management’s annual meeting. In addition, a version of it will appear in an upcoming issue of the Academy of Management Journal.