However through management entrenchment, ownership structure (one of the corporate governance mechanisms) changes in that way which benefits the managers. We already know from the above information that managers have a greater voting power while they are entrenched. A study carried out by Mock et al. on the relationship between manager ownership and firm's value found that as manager ownership increases, the firm's value increases as well, however not in the case where the manager is entrenched. The convergence-of-interest hypothesis suggests that a firm's market valuation should rise as its management owns an increasingly large portion of the firm. On the other hand, the entrenchment hypothesis suggests that as management increases its ownership, the incentive to maximize value declines as market discipline becomes less effective against a larger shareholding manager.