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This study investigates the impact of Delaware law on the composition and size of the board of directors. Our empirical evidence reveals that Delaware firms have smaller and more independent boards than their non-Delaware counterparts. Given that we find no value-premium for firms that...
Persistent link: https://www.econbiz.de/10013116753
Motivated by agency theory, this study investigates how staggered boards influence accounting discretion. The results indicate that staggered boards do affect accounting discretion. In fact, the impact of staggered boards on accounting discretion is substantially larger (about seven times...
Persistent link: https://www.econbiz.de/10013137651
There remain open questions regarding whether board of director ethnic and gender diversity increases or decreases firm value. Additionally, prior research has yet to examine the value effects of a diverse board in the presence of a gender/ethnic minority CEO. Using the KLD social ratings...
Persistent link: https://www.econbiz.de/10013006604
Previous literature disagrees on the impact of board independence on firm value. The disagreement generally stems from the endogenous nature of board appointments. I add new evidence to this discussion by using a sample of closed-end funds to document the value-enhancing effects of independent...
Persistent link: https://www.econbiz.de/10012862808
In an environment with poor quality of Corporate Governance Mechanisms, the quality of directors’ attributes might exert an important role to improve firm’s value and performance. I developed an index to explore the quality of Board of Directors based on Brazilian and international corporate...
Persistent link: https://www.econbiz.de/10014167726
We examine the impact of board level digital expertise on firm performance for a sample of FTSE 350 firms over the period 2013 to 2018. We find that the presence of digital experts on the boards is significantly and positively related to firm performance. We conduct several additional tests to...
Persistent link: https://www.econbiz.de/10013228704
While US companies mainly list their board of directors alphabetically, this is not the case for Chinese companies, most of which list their independent directors last. We interpret the listing order of Chinese directors as board hierarchy, reflecting power allocation within the board. Based on...
Persistent link: https://www.econbiz.de/10012971304
Prior research shows that firms tend to recruit directors from the geographically-proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the larger the number of firms...
Persistent link: https://www.econbiz.de/10012862139
Mandated board gender-balancing is a social-policy instrument, which in principle is unrelated to concerns about firms' economic performance. Nonetheless, imposing such a policy may have unintended consequences (positive or negative) for firm value, which is important for all of the firm's...
Persistent link: https://www.econbiz.de/10013298706
International studies suggest that directors with political connections provide significant benefits to shareholders. Yet, whether this is the case in the political and business environment in Australia is unknown. In this study, we examine the prevalence of former politicians as non-executive...
Persistent link: https://www.econbiz.de/10013081335