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来源类型Working Paper
规范类型报告
DOI10.3386/w8161
来源IDWorking Paper 8161
Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature
Benjamin E. Hermalin; Michael S. Weisbach
发表日期2001-03-01
出版年2001
语种英语
摘要This paper surveys the economic literature on boards of directors. Although a legal requirement for many organizations, boards are also an endogenously determined governance mechanism for addressing agency problems inherent to many organizations. Formal theory on boards of directors has been quite limited to this point. Most empirical work on boards has been aimed at answering one of three questions: 1) How are board characteristics such as composition or size related to profitability? 2) How do board characteristics affect the observable actions of the board? 3) What factors affect the makeup of boards and how they evolve over time? The primary findings from the empirical literature on boards are: Board composition is not related to corporate performance, while board size has a negative relation to corporate performance. Both board composition and size are correlated with the board's decisions regarding CEO replacement, acquisitions, poison pills, and executive compensation. Finally, boards appear to evolve over time as a function of the bargaining power of the CEO relative to the existing directors. Firm performance, CEO turnover, and changes in ownership structure appear to be important factors affecting changes to boards.
主题Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior
URLhttps://www.nber.org/papers/w8161
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565757
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Benjamin E. Hermalin,Michael S. Weisbach. Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature. 2001.
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