This study examines whether firms’ financial fraudulent behavior varies when local firms are led by nonlocal CEOs. Building on the social identity theory, we argue that nonlocal CEOs, due to their different location-based social identities, are perceived as outgroup leaders and face intergroup...

The board of directors plays an important role in implementing corporate governance in the firm, as directors have a fiduciary duty to the firm's shareholders. The effectiveness of directors is a key determinant of corporate value and they need to bring a range of skills and experience to the...

In this study, we show that managerial heterogeneity plays an important role in firm decisions. Our view is that in addition to the effects of previously examined determinants, firm decisions are affected not just by the managers’ explicit mandate to maximize firm value, but also by the...