Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess how board structure affects firm market value. The law mandates 50% outside directors and an audit committee for large public...

This Online Appendix contains additional discussion of the exogeneity of the legal shock on which we rely, as well as additional results for Black, Kim, and Nasev, The Effect of Board Structure on Firm Disclosure and Behavior: A Case Study of Korea and a Comparison of Research Designs (Journal...

We exploit a large legal shock to the board structure of Korean firms, using a strong research design – combined difference-in-differences and regression discontinuity – to study whether this board structure change affects firm financial reporting (disclosure, MD&A length, and abnormal...

This study examines the effect of outside director tenure length on firms’ market valuation and the voting behavior of outside directors. We make use of the new rule adopted by the Korean government in 2020 that prohibits outside directors from serving more than six (nine) years in a given...