I examine the reputation and regulatory effects on the directors' turnover and their directorships when firms are accused of fraudulent financial reporting (FR). The results show that the directors at FR firms incur reputation costs from abnormal turnover in relation to the directors at non-FR...

We examine the impact of board structure on executive pay for 1,880 UK public firms over 1983-2002, using panel data analysis. Firstly, the proportion of non-executive directors tends to decrease the rate of increase in executive pay whilst board size tends to increase it. Secondly, the...

Using 196 Malaysian public listed firms, the study investigates the inter-relationship between executive compensation, earnings management and over investment. Although there is no evidence that executive directors enhance their compensation packages through earnings management, there is a...

The astonishing collapse of the largest financial institutions managed by repulsively high-paid Wall Street executives led to the Say-on-Pay rules in the Dodd-Frank legislation. However, the shareholders of S&P 500 firms do not seem to exercise their newly granted right as anticipated by the...

This paper examines the impact of independent director busyness on firm value in a setting that addresses a key challenge that the board of directors is an endogenously determined institution. We use the deaths of directors and CEOs as a natural experiment to generate exogenous variation in the...

We examine CEO turnover and firm financial performance. Accounting measures of performance relative to other firms deteriorate prior to CEO turnover and improve thereafter. The degree of improvement is positively related to the level of institutional shareholdings, the presence of an...

This study examines the relation of independent directors and their gender diversity, busyness, and experience with risk taking for 112 listed US insurance companies over 2003- 2010. Using OLS, system GMM and 3SLS, we find that board independence, females amongst independent directors and busy...

Serving as an independent director requires skills to effectively interact with management in a short period of time and obtain information necessary to perform the advising and monitoring duties. Inexperienced directors may have difficulty gaining efficiency until they learn by doing. Based on...

We study the effects of multi-layered governance on firm risk by focusing on the interaction of two types of career concerns. Two Delaware court decisions, the validation of poison pill defenses (the Unitrin decision) implemented by staggered boards (the Wallace decision), reduced...