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Employing as a quasi-natural experiment an unexpected judgment by the Ninth Circuit Court of Appeals that raised the difficulty of shareholder litigation, we explore the effect of shareholder litigation rights on board gender diversity. Our difference-in-difference estimates show that an...
Persistent link: https://www.econbiz.de/10013403469
This study investigates how debt maturity structure is influenced by the strength of shareholder rights. The empirical evidence reveals an inverse relation between the strength of shareholder rights and debt maturity. We contend that managers of firms with weak shareholder rights eschew choosing...
Persistent link: https://www.econbiz.de/10014049122
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
Exploiting two novel measures of innovation efficiency and takeover vulnerability, we explore the effect of the takeover market on corporate innovation. Our results reveal that a more active takeover market stifles innovation considerably, consistent with the notion that managers tend to be...
Persistent link: https://www.econbiz.de/10013219798
Motivated by agency theory, we investigate how a firm’s overall quality of corporate governance affects its dividend …
Persistent link: https://www.econbiz.de/10014193690
As part of corporate social responsibility, companies invest in activities that promote human rights or refrain from activities that violate human rights. Investments in human rights, however, usually do not yield immediate benefits. Rather, they are expected to improve the reputation of the...
Persistent link: https://www.econbiz.de/10014158705
Staggered boards (or classified boards) constitute one of the most controversial governance provisions. A fierce debate continues on the costs and benefits of staggered boards. We contribute to the debate by investigating how financial analysts view staggered boards. It has been argued that...
Persistent link: https://www.econbiz.de/10013024713
Motivated by agency theory, we investigate the effect of board size on corporate outcomes. To address endogeneity, we …
Persistent link: https://www.econbiz.de/10012984689
Motivated by agency theory, this study investigates how staggered boards influence accounting discretion. The results …
Persistent link: https://www.econbiz.de/10013137651
The quiet life hypothesis posits that entrenched managers are well-insulated from removal and thus prefer to enjoy a quiet life, i.e. they tend to be less ambitious, avoid difficult decisions, and engage in less risk-taking (Bertrand and Mullainathan, 2003). We utilize the staggered board (or...
Persistent link: https://www.econbiz.de/10013085944