The determinants of corporate board size and composition: An empirical analysis

Journal of Financial Economics - Tập 85 - Trang 66-101 - 2007
Audra L. Boone1, Laura Casares Field2, Jonathan M. Karpoff3, Charu G. Raheja4
1University of Kansas, Lawrence, KS 66045, USA
2Pennsylvania State University, University Park, PA 16802, USA
3University of Washington, Seattle, WA 98195-3200, USA
4Wake Forest University, Winston–Salem, NC 27109, USA

Tài liệu tham khảo

Agrawal, 2001, Do some outside directors play a political role?, Journal of Law and Economics, 44, 179, 10.1086/320271 Alchian, 1950, Uncertainty, evolution and economic theory, Journal of Political Economy, 58, 211, 10.1086/256940 Anderson, 2000, Corporate governance and firm diversification, Financial Management, 21, 5, 10.2307/3666358 Baker, 2003, The determinants of board structure at the initial public offering, Journal of Law and Economics, 46, 569, 10.1086/380409 Bhagat, 1999, The uncertain relationship between board composition and firm performance, Business Lawyer, 54, 921 Bizjak, 1993, Stock-based incentive compensation and investment behavior, Journal of Accounting and Economics, 16, 349, 10.1016/0165-4101(93)90017-A Borokhovich, 1996, Outside directors and CEO selection, Journal of Financial and Quantitative Analysis, 31, 337, 10.2307/2331395 Brick, I.E., Chidambaran, N.K., 2005. Board monitoring and firm risk. Unpublished working paper, Rutgers University. Brick, I.E., Palia, D., Wang, C., 2005. Simultaneous estimation of CEO compensation, leverage, and board characteristics, and their impact on firm value. Unpublished working paper, Rutgers University. Brickley, 1999, What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and incentives, Journal of Accounting and Economics, 52, 341 Carter, 1990, Initial public offerings and underwriter reputation, Journal of Finance, 45, 1045, 10.2307/2328714 Coles, J., Daniel, N., Naveen, L. 2007, “Boards: does one size fit all? Journal of Financial Economics, Forthcoming. Crutchley, C., Garner, J., Marshall, B., 2004. Does one-size fit all? A comparison of boards between newly public and mature firms. Unpublished working paper, Drexel University. Demsetz, 1985, The structure of corporate ownership: causes and consequences, Journal of Political Economy, 93, 1155, 10.1086/261354 Denis, 2003, International corporate governance, Journal of Financial and Quantitative Analysis, 38, 1, 10.2307/4126762 Denis, 1999, Ownership and board structure in publicly traded corporations, Journal of Financial Economics, 52, 187, 10.1016/S0304-405X(99)00008-2 Fama, 1997, The industry costs of equity, Journal of Financial Economics, 43, 153, 10.1016/S0304-405X(96)00896-3 Fama, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301, 10.1086/467037 Fama, 1973, Risk, return, and equilibrium: empirical tests, Journal of Political Economy, 81, 607, 10.1086/260061 Field, 2002, Takeover defenses of IPO firms, Journal of Finance, 57, 1857, 10.1111/0022-1082.00482 Gaver, 1993, Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Accounting and Economics, 16, 125, 10.1016/0165-4101(93)90007-3 Gertner, R., Kaplan, S., 1996. The value-maximizing board. Unpublished working paper, University of Chicago and NBER. Gillan, S., Hartzell, J., Starks, L., 2004. Explaining corporate governance: boards, bylaws, and charter provisions. Unpublished working paper, University of Texas. Gompers, 2003, Corporate governance and equity prices, Quarterly Journal of Economics, 118, 107, 10.1162/00335530360535162 Harris, M., Raviv, A., 2007. A theory of board control and size. Review of Financial Studies, Forthcoming. Hermalin, 1998, Endogenously chosen boards of directors and their monitoring of the CEO, American Economic Review, 88, 96 Hermalin, 2003, Board of directors as an endogenously-determined institution: a survey of the economic literature, Economic Policy Review, 9, 7 Himmelberg, 1999, Understanding the determinants of managerial ownership and the link between ownership and performance, Journal of Financial Economics, 53, 353, 10.1016/S0304-405X(99)00025-2 Huber, 1964, Robust estimation of a location parameter, Annals of Mathematical Statistics, 35, 73, 10.1214/aoms/1177703732 Institutional Shareholder Services, Inc., 2003. ISS Comments on NYSE Governance—09/04/03—Seven recommendations include disclosure of issuer compliance. Available at 〈www.issproxy.com〉. Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323 Jensen, 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance, 48, 831, 10.2307/2329018 Kahle, 1996, The impact of industry classification on financial research, Journal of Financial and Quantitative Analysis, 31, 309, 10.2307/2331394 Kaiser, 1960, The application of electronic computers to factor analysis, Educational and Psychological Measurement, 20, 141, 10.1177/001316446002000116 Kieschnick, R., Moussawi, R., 2004. The board of directors: a bargaining perspective? Unpublished working paper, University of Texas at Dallas. Klein, A., 1998. Affiliated directors: puppets of management or effective directors? Unpublished working paper, New York University. Kole, 1997, The complexity of compensation contracts, Journal of Financial Economics, 43, 79, 10.1016/S0304-405X(96)00888-4 Lehn, K., Patro, S., Zhao, M., 2005. Determinants of the size and structure of corporate boards: 1935–2000. Unpublished working paper, University of Pittsburgh. Linck, J., Netter, J., Yang, T., 2007. A large sample study on board changes and determinants of board structure. Journal of Financial Economics, forthcoming. Lubotsky, 2007, Interpretation of regressions with multiple proxies, Review of Economics and Statistics, 88, 531 Mayers, 1997, Board composition in the insurance industry, Journal of Business, 70, 33, 10.1086/209707 Mikkelson, 1997, Ownership and operating performance of companies that go public, Journal of Financial Economics, 44, 281, 10.1016/S0304-405X(97)00006-8 National Association of Corporate Directors, 2001. Report of the NACD Blue Ribbon Commission on Director Professionalism. Raheja, 2005, Determinants of board size and composition: a theory of corporate boards, Journal of Financial and Quantitative Analysis, 40, 283, 10.1017/S0022109000002313 Smith, 1992, The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics, 32, 263, 10.1016/0304-405X(92)90029-W The Business Roundtable, 1997. Statement on Corporate Governance. Available for download at 〈http://www.brtable.org/document.cfm/11〉. White, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica, 48, 817, 10.2307/1912934 Yermack, 1995, Do corporations award CEO stock options effectively?, Journal of Financial Economics, 39, 237, 10.1016/0304-405X(95)00829-4 Yermack, 1996, Higher valuation of companies with a small board of directors, Journal of Financial Economics, 40, 185, 10.1016/0304-405X(95)00844-5