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Do independent directors cause improvements in firm transparency?
Armstrong, Christopher S.; Core, John E.; Guay, Wayne R. - In: Journal of Financial Economics 113 (2014) 3, pp. 383-403
Although recent research documents a positive relation between corporate transparency and the proportion of independent directors, the direction of causality is unclear. We examine a regulatory shock that substantially increased board independence for some firms, and find that information...
Persistent link: https://www.econbiz.de/10010906191
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Cumulative voting and the conflicts between board and minority shareholders
Zhao, Aiwu; Brehm, Alexander J. - In: Managerial Finance 37 (2011) May, pp. 465-473
Purpose – The purpose of this paper is to investigate whether cumulative voting can help ease the conflicts between board of directors and minority shareholders. Design/methodology/approach – The authors use voting result of shareholder proposals as an indicator of the level of conflicts...
Persistent link: https://www.econbiz.de/10009275428
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Monitoring CEOs: can insider-dominated boards do a good job?
Wang, Yuwei - In: Managerial Finance 40 (2014), pp. 355-375
Purpose -The purpose of this paper is to examine the monitoring effectiveness of insider-dominated boards and outsider-dominated boards on different types of CEOs. Design/methodology/approach -To test whether boards monitor inside CEOs and outside CEOs differently and to compare the sizes of the...
Persistent link: https://www.econbiz.de/10010757797
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Freedom of choice between unitary and two-tier boards: An empirical analysis
Belot, François; Ginglinger, Edith; Slovin, Myron B.; … - In: Journal of Financial Economics 112 (2014) 3, pp. 364-385
We examine board structure in France, which since 1966 has allowed firms the freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards;...
Persistent link: https://www.econbiz.de/10010776499
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Are busy boards detrimental?
Field, Laura; Lowry, Michelle; Mkrtchyan, Anahit - In: Journal of Financial Economics 109 (2013) 1, pp. 63-82
Busy directors have been widely criticized as being ineffective. However, we hypothesize that busy directors offer advantages for many firms. While busy directors may be less effective monitors, their experience and contacts arguably make them excellent advisors. Among IPO firms, which have...
Persistent link: https://www.econbiz.de/10010665549
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The effect of board structure on firm value: A multiple identification strategies approach using Korean data
Black, Bernard; Kim, Woochan - In: Journal of Financial Economics 104 (2012) 1, pp. 203-226
Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess whether and how board structure affects firm market value. The law mandates 50% outside directors and an audit committee for...
Persistent link: https://www.econbiz.de/10010571657
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Does the director labor market offer ex post settling-up for CEOs? The case of acquisitions
Harford, Jarrad; Schonlau, Robert J. - In: Journal of Financial Economics 110 (2013) 1, pp. 18-36
We examine the rewards for experience and ability in the director labor market. We show that large acquisitions are associated with significantly higher numbers of subsequent board seats for the acquiring CEO, target CEO, and the directors. We also find that, in the case of acquisitions,...
Persistent link: https://www.econbiz.de/10010702373
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Impact of board gender diversity on firm risk
Lenard, Mary Jane; Yu, Bing; York, E. Anne; Wu, Shengxiong - In: Managerial Finance 40 (2014), pp. 787-803
Purpose -The purpose of this paper is to study gender diversity on the board of directors and the relation to risk …-2011. The authors then measure the effect of gender diversity on corporate performance in terms of firm risk, using the model by … Cheng (2008) which measures the variability of stock market return. Findings -The study shows that more gender diversity on …
Persistent link: https://www.econbiz.de/10010812063
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The structure of equity ownership: a survey of the evidence
Basu, Nilanjan - In: Managerial Finance 40 (2014), pp. 1175-1189
Purpose -The purpose of this paper is to review recent research on the structure of equity ownership and its impact on firm value. In doing so, the paper outlines the main issues, surveys the more recent work, and highlights the most promising developments on this topic....
Persistent link: https://www.econbiz.de/10010960139
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Canadian exceptionalism: shareholder proposals, filer identities, and voting outcomes
Yang, Jun; Wang, Eric Zengxiang; An, Yunbi - In: Managerial Finance 38 (2012) May, pp. 456-484
Purpose – The purpose of this paper is to study filer identities and voting outcomes of Canadian shareholder proposals and their impact on shareholders' wealth during the period from 2001 to 2008. Design/methodology/approach – In total, 762 Canadian shareholder proposals and related...
Persistent link: https://www.econbiz.de/10010540351