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The Long-Term Efficacy of Activist Directors

Goodwin, PhD, Shane - 2016

Over the past two decades, hedge fund activism has emerged as a new mechanism of corporate governance that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that the entire American economy will suffer...

Persistent link: https://www.econbiz.de/10012999130

The Elusive Monitoring Function of Independent Directors

Avci, Sureyya - 2018

Federal law mandates that audit and compensation committees of public companies be comprised entirely of independent directors. The assumption underlying these legal requirements is that independent directors are more likely to act as monitors of the company's top management. In this paper, we...

Persistent link: https://www.econbiz.de/10012912592

Does the Mandatory Adoption of Outside Directors Improve Firm Performance?

Tsukioka, Yasutomo - 2018

This paper examines the economic consequences of the introduction of regulations that mandate listed firms adopt outside directors. The Japanese Companies Act was revised in June 2014, and this revision required listed firms to adopt at least one outside director. Although half of the listed...

Persistent link: https://www.econbiz.de/10012914019

Board Structure and Bondholder Agency Risk : Evidence from Board Reforms

Amiraslani, Hami - 2020

Does the structure of corporate boards affect bondholder agency risk? Using mandatory board reforms, I show that firms that transition to independent boards experience economically significant reductions in payout, financing, and event risk covenants in their bond contracts. This effect is not...

Persistent link: https://www.econbiz.de/10012848340

The Effect of Shareholder Litigation Rights on Female Board Representation : A Quasi-natural Experiment

Chatjuthamard, Pattanaporn; Kijkasiwat, Ploypailin; … - 2022

Employing as a quasi-natural experiment an unexpected judgment by the Ninth Circuit Court of Appeals that raised the difficulty of shareholder litigation, we explore the effect of shareholder litigation rights on board gender diversity. Our difference-in-difference estimates show that an...

Persistent link: https://www.econbiz.de/10013403469

Should the Board Have Control Over Shareholder Proposals? Evidence from China

Zhou, Bruce - 2023

This article empirically investigates the impacts of the board’s rejection of shareholder proposals on corporate value and the appropriate approach to regulation. Using a hand-collected dataset on shareholder-proposal-rejection incidents in China, I find that a rejection decision would on...

Persistent link: https://www.econbiz.de/10014263086

Board Gatekeepers

Nili, Yaron - 2022

For the last decade, investors, scholars and regulators have turned to independent directors in key leadership positions as a means to safeguard corporate boards' ability to serve as a robust check on management's power. As a result, a vast majority of public companies' boards are now led by an...

Persistent link: https://www.econbiz.de/10014244789

The Effect of Board Composition and Managerial Pay on Saudi Firm Performance

Al-Faryan, Mamdouh Abdulaziz Saleh - 2021

Using five empirical methodologies to account for endogeneity issues, this study investigates the effects of board independence and managerial pay on the performance of 169 Saudi listed firms between 2007 and the end of 2014. Studying board independence and managerial pay utilises the main...

Persistent link: https://www.econbiz.de/10013227123

Chapter 1. Corporate Governance and Control

Becht, Marco; Bolton, Patrick; Röell, Ailsa - 2003

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...

Persistent link: https://www.econbiz.de/10014023875

The Case for Market for Corporate Control in Korea

Kim, Hwa-Jin - 2009

discussions in respect of the market for corporate control and takeover defenses. This Article will also provide a quick overview … over the provisions in draft new Korean Commercial Code related to the market for corporate control and takeover defenses … strike a balance between the active market for corporate control and effective takeover defensive tactics for the benefit of …

Persistent link: https://www.econbiz.de/10013158454