This paper studies the disciplinary spillover effects of proxy contests on companies that share directors with target firms, i.e., interlocked firms. In difference-in-differences tests, I find that interlocked firms reduce excess cash holdings, increase shareholder payouts, cut CEO compensation,...

We examine a specific channel through which director connectedness may improve monitoring: financial reporting quality. We find that the connectedness of independent, non-co-opted audit committee members has a positive effect on financial reporting quality and accounting conservatism. The effect...

Previous field studies on the glass cliff hypothesis in corporate settings focused on the Anglo-American context and yielded mixed results. This study analyzes promotion patterns to executive boards in Germany, the country of largest economic power in Europe. Screening the boards of all 160...

This study investigates how proxy solicitation and director ownership jointly affect directors' career consequences in Taiwan. We report that assent votes partly arising from proxies without shareholder voice increase the likelihood of departure for directors with higher ownership in firms...