Ahn, Seoungpil; Shrestha, Keshab - In: Journal of Banking & Finance 37 (2013) 11, pp. 3993-4013
Classified boards actually benefit firms that have low monitoring costs and greater needs for advisory services. Previous literature has emphasized the entrenchment effect of classified boards. However, we find that this adverse impact of classified boards can be offset or even superseded by the...