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Governance mandates, outside directors, and acquirer performance
Dahya, Jay; Golubov, Andrey; Petmezas, Dimitris; … - 2016
We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals...
Persistent link: https://www.econbiz.de/10011646285
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Are Outside Director Trades Informative? Evidence from Acquiring Firms
Gordon, Rachel - 2019
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...
Persistent link: https://www.econbiz.de/10012902273
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Industry Experience of Board CEO, and Acquisition Performance
Bhattacharya, Debarati - 2019
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...
Persistent link: https://www.econbiz.de/10012871246
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Does Board Gender Diversity Matter? Evidence From Hostile Takeover Vulnerability
Chatjuthamard, Pattanaporn; Jiraporn, Pornsit; Lee, … - 2021
mechanism, may substitute for internal governance. Consistent with this notion, using a novel measure of takeover vulnerability … primarily based on state legislation, we investigate the effect of the takeover market on board characteristics with special … emphasis on board gender diversity.Design/methodology/approach – We exploit a novel measure of takeover vulnerability based on …
Persistent link: https://www.econbiz.de/10013239732
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Former Politicians as Corporate Directors : Good for Business?
Gray, Stephen - 2013
. Yet, whether this is the case in the political and business environment in Australia is unknown. In this study, we examine … that former politicians bring to corporate boards in Australia, particularly when their political parties are not in power … directors possess valuable political connections in Australia …
Persistent link: https://www.econbiz.de/10013081335
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Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies
Chintrakarn, Pandej - 2019
Prior research shows that firms tend to recruit directors from the geographically-proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the larger the number of firms...
Persistent link: https://www.econbiz.de/10012862139
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Increased Board Independence Requirement and its Impact on Governance Inputs, Board Busyness, and Firm Performance
Wang, Chen - 2015
In response to the Sarbanes-Oxley Act and stock exchange regulation, firms are forced to increase their board independence level if they did not satisfy the requirements. This article empirically examines the impact of increased board independence requirements on the governance inputs, board...
Persistent link: https://www.econbiz.de/10013026931
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Does Independent Board of Directors Really Make a Difference? Evaluating the Treatment Effects of Increased Board Independence Requirements on Corporate Performance
Wang, Chen - 2014
In 2002, President George W. Bush signed the "Sarbanes-Oxley Act” into federal law, which increased the oversight role for independent directors. The induced consequence was that firms which did not satisfy the requirements of the regulation must improve their board independence level. This...
Persistent link: https://www.econbiz.de/10013040606
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Firms' rationales for CEO duality : evidence from a mandatory disclosure regulation
Goergen, Marc; Limbach, Peter; Scholz-Daneshgari, Meik - 2022 - [Vers. 02/2019]
Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of CEO and chairman. The stated reasons support both agency theory and organization theory. They are more numerous and...
Persistent link: https://www.econbiz.de/10013271931
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Founder CEOs and Acquirer Returns : Evidence from IPO Firms
Lee, Joon Mahn - 2016
Drawing from the literature on entrepreneurial overconfidence and M&As, we argue that founder CEO-managed firms perform worse than professional CEO-managed firms when they participate in M&A transactions. We test our predictions using a sample of acquisitions by newly listed US public firms from...
Persistent link: https://www.econbiz.de/10012999723