Investor perceptions of board performance: Evidence from uncontested director elections

Journal of Accounting and Economics - Tập 48 - Trang 172-189 - 2009
Paul E. Fischer1, Jeffrey D. Gramlich2,3, Brian P. Miller4, Hal D. White5
1The Smeal College of Business, The Pennsylvania State University, University Park, PA 16802, USA
2University of Southern Maine School of Business, Portland, ME 04104, USA
3Copenhagen Business School, Copenhagen, Denmark
4Kelley School of Business, Indiana University, Bloomington, IN 47405, USA
5Ross School of Business, University of Michigan, Ann Arbor, MI 48109, USA

Tài liệu tham khảo

Andersen, 2004, Board characteristics, accounting reporting integrity, and the cost of debt, Journal of Accounting and Economics, 37, 315, 10.1016/j.jacceco.2004.01.004 Ashbaugh-Skaife, 2006, The effects of corporate governance on firms’ credit ratings, Journal of Accounting and Economics, 42, 203, 10.1016/j.jacceco.2006.02.003 Balsam, 2007, The effect of equity compensation on voluntary executive turnover, Journal of Accounting and Economics, 43, 95, 10.1016/j.jacceco.2006.09.004 Bebchuk, 2007, The myth of the shareholder franchise, Virginia Law Review, 93, 675 Bethel, 2002, The impact of the institutional and regulatory environment on shareholder voting, Financial Management Journal, 31, 29, 10.2307/3666173 Borokhovich, 1996, Outside directors and CEO selection, The Journal of Financial and Quantitative Analysis, 31, 337, 10.2307/2331395 Cai, 2009, Electing directors, Journal of Finance, 64, 2389, 10.1111/j.1540-6261.2009.01504.x CalSTRS, 2003. Financial responsibility criteria as of July 2003. [electronic version]. Retrieved on September 17, 2006, from 〈http://www.calstrs.com/Investments/finRespCriteria.aspx〉. Carleton, 1998, The influence of institutions on corporate governance through private negotiations: evidence from TIAA-CREF, The Journal of Finance, 53, 1335, 10.1111/0022-1082.00055 Collins, 1990, Accounting information and corporate governance: market and analyst reactions to earnings of firms engaged in proxy contests, Journal of Accounting and Economics, 13, 213, 10.1016/0165-4101(90)90032-Y Core, 1999, Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics, 51, 371, 10.1016/S0304-405X(98)00058-0 Core, 2008, The power of the pen, Journal of Financial Economics, 88, 1, 10.1016/j.jfineco.2007.05.001 DeAngelo, 1988, Managerial competition, information costs, and corporate governance: the use of accounting performance measures in proxy contests, Journal of Accounting and Economics, 10, 3, 10.1016/0165-4101(88)90021-3 DeFond, 1999, The effect of competition on CEO turnover, Journal of Accounting and Economics, 27, 35, 10.1016/S0165-4101(98)00044-5 Del Guercio, 2008, Do board members pay attention when institutional investors ‘Just Vote No’?: CEO and director turnover associated with shareholder activism, Journal of Financial Economics, 90, 84, 10.1016/j.jfineco.2008.01.002 Denis, 1995, Performance changes following top management dismissals, Journal of Finance, 50, 1029, 10.2307/2329343 Dodd, 1983, On corporate governance: a study of proxy contests, Journal of Financial Economics, 11, 401, 10.1016/0304-405X(83)90018-1 Downs, 1957 Engel, 2003, CEO turnover and properties of accounting information, Journal of Accounting and Economics, 36, 197, 10.1016/j.jacceco.2003.08.001 Ertimur, Y., Ferri, F., Stubben, S., 2009. Board of directors’ responsiveness to shareholders: evidence from majority-approved shareholder proposals. Journal of Corporate Finance, forthcoming. Fama, 1983, Separation of ownership and control, Journal of Law and Economics, XXVI Fama, 1997, Industry costs of equity, Journal of Financial Economics, 43, 153, 10.1016/S0304-405X(96)00896-3 Farrell, 2003, Impact of firm performance expectations on CEO turnover and replacement decisions, Journal of Accounting and Economics, 36, 165, 10.1016/j.jacceco.2003.09.001 Ferri, F., Markarian, G., Sandino, T., 2005. Stock option expensing: evidence from shareholders’ votes. Unpublished working paper, Harvard Business School. Fischer. P.E., 2007. Shareholder voting, share prices, and investor disagreement. Unpublished working paper, Penn State University. Froot, 1989, Consistent covariance matrix estimation with cross-sectional dependence and heteroskedasticity, Journal of Financial and Quantitative Analysis, 24, 333, 10.2307/2330815 Fuller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, The Journal of Finance, 57, 1763, 10.1111/1540-6261.00477 Gillan, 2009, Explicit vs. implicit contracts: evidence from CEO employment agreements, Journal of Finance, 64, 1629, 10.1111/j.1540-6261.2009.01475.x Gillan, 2000, Corporate governance proposals and shareholder activism: the role of institutional investors, Journal of Financial Economics, 57, 275, 10.1016/S0304-405X(00)00058-1 Gompers, 2003, Corporate governance and equity prices, Quarterly Journal of Economics, 118, 107, 10.1162/00335530360535162 Goyal, 2002, Board leadership structure and CEO turnover, Journal of Corporate Finance, 8, 49, 10.1016/S0929-1199(01)00028-1 Hermalin, 1988, The determinants of board composition, Rand Journal of Economics, 19, 589, 10.2307/2555459 Huber, 1967, The behavior of maximum likelihood estimates under nonstandard conditions Huson, 2001, Internal monitoring mechanism and CEO turnover: a long-term perspective, The Journal of Finance, 56, 2265, 10.1111/0022-1082.00405 Ittner, 2001, Assessing empirical research in managerial accounting: a value-based management perspective, Journal of Accounting and Economics, 32, 349, 10.1016/S0165-4101(01)00026-X Iwata, E., 2004. Businesses say corporate governance can go too far. USA Today, Money Section: 1B. Klein, 2002, Audit committee, board of director characteristics, and earnings management, Journal of Accounting and Economics, 3, 375, 10.1016/S0165-4101(02)00059-9 Lambert, 1987, An analysis of the use of accounting and market measures of performance in executive compensation contracts, Journal of Accounting Research, 25, 85, 10.2307/2491081 Larcker, 2007, Corporate governance, accounting outcomes, and organizational performance, The Accounting Review, 82, 963, 10.2308/accr.2007.82.4.963 Louis, 2009, Managers’ and investors’ responses to media exposure of board ineffectiveness, The Journal of Financial and Quantitative Analysis, 44, 579, 10.1017/S0022109009990044 Lowenstein, 1988 Monks, 2004 Morgenson, G., 2006. Soviet-style proxies, made in the USA. The New York Times, June 25, 2006 online edition. Morck, 1989, Alternative mechanisms for corporate control, The American Economic Review, 79, 842 Mulherin, 1998, Proxy contests and corporate change: implications for shareholder wealth, Journal of Financial Economics, 47, 279, 10.1016/S0304-405X(97)00046-9 Murphy, 1985, Corporate performance and managerial remuneration: an empirical analysis, Journal of Accounting and Economics, 7, 11, 10.1016/0165-4101(85)90026-6 Parrino, 1997, CEO turnover and outside succession: a cross-sectional analysis, Journal of Financial Economics, 46, 165, 10.1016/S0304-405X(97)00028-7 Parrino, 2002, Voting with their feet: institutional changes around forced CEO turnover, Journal of Financial Economics, 68, 3, 10.1016/S0304-405X(02)00247-7 Pound, 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics, 20, 237, 10.1016/0304-405X(88)90046-3 Shivdasani, 1993, Board composition, ownership structure, and hostile takeovers, Journal of Accounting and Economics, 16, 167, 10.1016/0165-4101(93)90009-5 Smith, 1996, Shareholder activism by institutional investors: evidence from CalPERS, The Journal of Finance, 51, 227, 10.2307/2329308 Warner, 1988, Stock prices and top management changes, Journal of Financial Economics, 20, 432, 10.1016/0304-405X(88)90054-2 Weisbach, 1988, Outside directors and CEO turnover, Journal of Financial Economics, 20, 159, 10.1016/0304-405X(88)90053-0 White, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica, 48, 817, 10.2307/1912934