In this study, we examine firm and board characteristics that predict whether a new CEO will come from the firm's current management, from the board of directors, or from outside the firm. This study is the first to recognize the potential for outside board members to compete for the CEO...

Institutional investors report that they prefer to invest in firms with greater board independence despite the fact that researchers have been unable to demonstrate a link between board independence and firm performance. We investigate whether differences among institutional investors affect...