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Examining a set of firms from 46 countries, we explore whether busy independent directors, CEOs and audit committees effectively monitor corporate financial reporting. We find that firms with a higher proportion of busy independent directors or busy CEOs more extensively manage their earnings....
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We study the impact of board reforms implemented in 40 countries worldwide on corporate dividend policy. Using a … difference-in-differences analysis, we find that firms pay higher dividends following the reforms. The increase in dividend … external governance mechanisms. Our findings corroborate the dividend outcome model, which postulates that board reforms …
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This paper investigates the role of institutional investors in the improvement of corporate governance for the companies in which they invest (investee companies) using evidence about the attributes of boards of directors across 15 countries. Furthermore, this paper examines the extent to which...
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We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed...
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