Journal ArticleDOI
Does Board Composition Matter to Institutional Investors
Shashank Bansal,M. Thenmozhi +1 more
TLDR
In this article, the authors examined the resource dependency and signalling role of independent directors from the perspective of institutional investor's and also investigated if the presence of large blockholder plays a role.Abstract:
This study examines the resource dependency and signalling role of independent directors from the perspective of institutional investor’s and also investigates if the presence of large blockholder ...read more
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Academic independent directors and corporate fraud: evidence from China
Rui Xiang,Wenyan Zhu +1 more
TL;DR: This paper examined the effect of academic independent directors on the incidence of corporate fraud in a sample of listed Chinese companies from 2007 to 2017 and found a significant inhibitory effect on fraud detection.
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Relational Investing and Agency Theory
Ian Ayres,Peter Cramton +1 more
TL;DR: In this paper, the authors define relational investing to encompass commitments to buy and hold significant blocks of a corporation's stock and use them to foreclose or reduce hostile takeover threats, replacing this form of external discipline with enhanced internal discipline by the relational investors.
References
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Journal ArticleDOI
Separation of ownership and control
Eugene F. Fama,Michael C. Jensen +1 more
TL;DR: The authors argue that the separation of decision and risk-bearing functions observed in large corporations is common to other organizations such as large professional partnerships, financial mutuals, and nonprofits. But they do not consider the role of decision agents in these organizations.
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A Survey of Corporate Governance
TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.
Journal ArticleDOI
A Survey of Corporate Governance
Andrei Shleifer,Robert W. Vishny +1 more
TL;DR: Corporate Governance as mentioned in this paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and shows that most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance.
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Outside directors and CEO turnover
TL;DR: This article examined the relation between the monitoring of CEOs by inside and outside directors and CEO resignations using stock returns and earnings changes as measures of prior performance, and found that there is a stronger association between prior performance and the probability of a resignation.
Journal ArticleDOI
Investor Protection and Corporate Valuation
TL;DR: In this article, the authors present a model of the effects of legal protection of minority shareholders and of cash-f low ownership by a controlling shareholder on the valuation of firms and test this model using a sample of 539 large firms from 27 wealthy economies.