We investigate corporate governance experts' claim that it is detrimental to a firm to reappoint former CEOs as directors after they step down as CEOs. We find that more successful and more powerful former CEOs are more likely to be reappointed to the board multiple times after they step down as...

The appointment of contributing directors is associated with immediate positive market reaction, and the presence of contributing directors in the board enhances long-run firm value. We identify the contribution of directors by alpha, or the abnormal risk-adjusted stock returns that are...

The objective of this paper is to examine whether underpricing is associated with board structure and corporate ownership among Indonesian IPO firms. To capture the most recent development, the sample comprises 101 firms conducting initial public offerings (IPOs) in Indonesia's primary equity...

This paper examines the impact of independent director busyness on firm value in a setting that addresses a key challenge that the board of directors is an endogenously determined institution. We use the deaths of directors and CEOs as a natural experiment to generate exogenous variation in the...

International studies suggest that directors with political connections provide significant benefits to shareholders. Yet, whether this is the case in the political and business environment in Australia is unknown. In this study, we examine the prevalence of former politicians as non-executive...

Independent directors are valuable because they do not suffer from the agency coststhat afflict executive directors. Independent directors also operate at an informationaldisadvantage compared with executive directors, which makes it hard for them to carryout their duties of advising and...

I show that nonroutine premerger trades by acquirer outside directors contain a significant amount of private information and indicate opportunistic trading on the information. I find that outside directors sell shares before less valuable deals and purchase shares before more value enhancing...

We analyze the relation between insider trading and the networks of executive and non-executive directors in UK listed companies. While most existing studies focus on firm-specific private information, we find that non-firm-specific information - such as information on other companies and...

We examine whether outside directors with government experience add value to their firms. We find that government directors are more likely to miss board meetings and that their appointment announcements are greeted more negatively. Firms with government directors also experience poorer...

This study examines the collective impact of expert boards and CEOs on acquisition performance, providing new insight into the CEO-board relationship. Acquiring firms with expert boards earn an additional 1.16 percentage points when their CEOs are new to the target industry compared to firms...