Belot, François; Ginglinger, Edith; Slovin, Myron B.; … - Université Paris-Dauphine (Paris IX) - 2014
We examine board structure in France, which since 1966 has allowed firms freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms...