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Cost of information acquisition and board independence : Evidence from a change in an accounting standard

Allegrucci, Alberto - 2020

Independent directors are valuable because they do not suffer from the agency coststhat afflict executive directors. Independent directors also operate at an informationaldisadvantage compared with executive directors, which makes it hard for them to carryout their duties of advising and...

Persistent link: https://www.econbiz.de/10012838921

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

How do Corporate Boards Balance Monitoring and Advising? The Situational Use of Special Committees in Corporate Takeovers

Boone, Audra L. - 2014

This paper extends the literature on corporate governance by analyzing the voluntary use of special committees during corporate takeovers. These committees are comprised of disinterested target firm directors and serve as an additional mechanism to enhance the oversight of potential conflicts....

Persistent link: https://www.econbiz.de/10013068455

Do Staggered Boards Harm Shareholders?

Amihud, Yakov - 2016

We examine Cohen and Wang's (JFE 2013, CW) conclusion that a staggered board (SB) lowers firm value based on the stock price reaction to two 2010 Delaware court rulings in the Airgas case, the first weakening the potency of an SB and the second restoring it. We find that CW's results, for their...

Persistent link: https://www.econbiz.de/10013003066

Impact of Classified Board on M&A Target Shareholder Value : Nurturing Innovation through Entrenchment

Kang, Shinwoo - 2018

We find that classified board in the M&A target firm is positively related to the target shareholder value, but only for firms with both intensive R&D investment and strong external governance. We also find that firms with classified board exhibit superior quality innovation when they have both...

Persistent link: https://www.econbiz.de/10012935021

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

The consequences to directors of deploying poison pills

Johnson, William C.; Karpoff, Jonathan M.; Wittry, … - 2019 - First complete draft: August 30, 2019

We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...

Persistent link: https://www.econbiz.de/10012120332

Estimating Private Benefits of Control from Stock Price Changes Around the Announcement of Tender Offer Bid (TOB)

Suzuki, Kazunori - 2017

This research analyzes 262 cases of tender offer bid (TOB) in which the acquired companies were expected to remain listed after the deals, from among TOB deals conducted between 1990 and 2011, and estimates the value of private benefits of control in Japan based on the premiums paid relative to...

Persistent link: https://www.econbiz.de/10012941487

Do publicly listed insurance firms in Saudi Arabia have strong corporate governance?

Al-Faryan, Mamdouh Abdulaziz Saleh; Alokla, Jassem - In: Economies : open access journal 11 (2023) 1, pp. 1-41

Saudi Arabia has now opened its markets to foreign investors in line with its strategy to diversify its economy. However, investors need to feel confident that Saudi enterprises are being monitored and regulated appropriately. This study identifies the impact of improvements in Saudi corporate...

Persistent link: https://www.econbiz.de/10013500675

Corporate philanthropic practices

Brown, William O. (contributor); Helland, Eric (contributor) - 2006

We study corporate philanthropy using an original database that includes firm-level data on dollar giving, giving priorities, governance, and managerial involvement in giving programs. Results provide some support for the theory that giving enhances shareholder value, as firms in the same...

Persistent link: https://www.econbiz.de/10003287142

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