Knyazeva, Anzhela; Knyazeva, Diana; Masulis, Ronald W. - In: Review of Financial Studies 26 (2013) 6, pp. 1561-1605
Empirical evidence on the relations between board independence and board decisions and firm performance is generally confounded by serious endogeneity issues. We circumvent these endogeneity problems by demonstrating the strong impact of the local director labor market on board composition....
