This study looked at how much stock outside directors own and how it affects their pay. They studied 89 companies that started giving stock to directors for the first time from 1997 to 2000. They found that directors with more stock get less stock in their pay, while companies with more growth opportunities give directors more stock. Also, companies with less profit give directors more stock. This shows that when CEOs and directors talk about how to run the company, the amount of stock directors own plays a big role.