| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8161 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w8161 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565757 |
| 推荐引用方式 GB/T 7714 | Benjamin E. Hermalin,Michael S. Weisbach. Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8161.pdf（117KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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