Aguir, Iness; Burns, Natasha; Mansi, Sattar A.; Wald, … - In: Journal of Financial Intermediation 23 (2014) 4, pp. 570-589
We examine the effect of liability protection on the compensation of directors and on takeover outcomes. Consistent with the hypothesis that directors require additional compensation if they bear liability, we find that director compensation is higher for firms that provide less liability...
