We study corporate philanthropy using an original database that includes firm-level data on dollar giving, giving priorities, governance, and managerial involvement in giving programs. Results provide some support for the theory that giving enhances shareholder value, as firms in the same...

In recent years, increasing attention has focused on the influence of gender and racial diversity on boards of directors. Sixteen countries now require quotas to increase women's representation on boards, and many more have voluntary quotas in corporate governance codes. In the United States,...

We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over the directors'...

The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment involving two Delaware court...

This case study of the Enron directors' role in the scandal aims to serve as a story that allows students to see how honest, smart individuals can succumb to cognitive biases prevailing in corporate cultures. More importantly, perhaps students and lawyers will use this case study as a parable to...

This paper is concerned with the personal liability of the directors of a company that is trustee of an Australian superannuation fund to members of that fund. It identifies six ways in which such liability may arise: under the SIS Act duty of care; for dishonest or misleading conduct under the...

Research Question/Issue: How do organisations with multiple boards provide operating advantages?Research Findings/Insights: Multiple boards allow: (i) avoidance of absolute power to mitigate hubris and corruption of board members and the organisation; (ii) distributing power to allow and value...

I explore whether directors who resign in dissent from their board are rewarded in the labor market for directors. Using a hand collected sample of 278 boardroom disputes reported in 8-K filings during 1995-2006, I show that firms which have disputes are small, highly levered, have poor...

This Article considers the potential significance of Toyota's recent troubles for Japanese corporate governance by examining two sets of issues. First, it looks at the relevant fiduciary duty of Toyota's directors, i.e., the general duty of oversight in Japan as set forth in case law in the...

In this article, the author deals with two issues related to the setting of adequate remuneration of independent members of board of directors. The first concerns the justifiability of negotiating variable remuneration, while the other deals with the issue of providing high pay. In both cases,...