Endogeneity and the Dynamics of Internal Corporate Governance
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Cites background from "Endogeneity and the Dynamics of Int..."
...…with the crisis period being a unique setting in which the actions of board members mattered.6 6 One common problem for governance studies is that the relation between board characteristics and firm performance may be spurious because they are endogenously determined (Wintoki et al., 2012)....
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709 citations
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Cites methods from "Endogeneity and the Dynamics of Int..."
...We next apply the dynamic panel GMM approach, which incorporates the dynamic relation between CSR and crash risk while accounting for other sources of endogeneity (Wintoki et al., 2012)....
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574 citations
References
28,298 citations
26,580 citations
"Endogeneity and the Dynamics of Int..." refers background or methods in this paper
...This dynamic panel GMM estimator, developed in a series of papers by Holtz-Eakin, 2 Newey, and Rosen (1988), Arellano and Bond (1991), Arellano and Bover (1995), and Blundell and Bond (1998), improves on ordinary least squares (OLS) or traditional fixed-effects estimates in at least one of three…...
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...Newey, and Rosen (1988), Arellano and Bond (1991), Arellano and Bover (1995), and Blundell and Bond (1998), potentially improves on ordinary least squares (OLS) or traditional fixed-effects estimates in at least one of three important ways....
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...Arellano and Bond (1991) suggest two key tests of this assumption....
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...(1988) and Arellano and Bond (1991), and further developed in a series of papers including Arellano and Bover (1995) and Blundell and Bond (1998). It exploits the dynamic relationships inherent in our explanatory variables....
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...(26) Arellano and Bond (1991) suggest that we can use these orthogonality conditions to obtain a GMM estimate of β ....
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19,132 citations
16,245 citations
"Endogeneity and the Dynamics of Int..." refers background or methods in this paper
...Arellano and Bover (1995) and Blundell and Bond (1998) suggest that we can improve on the “difference” GMM estimator using the “system” GMM estimator (see Section 3....
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...Arellano and Bover (1995) and Blundell and Bond (1998) suggest that we can improve on the “difference” GMM estimator using the “system” GMM estimator (see Section 3.3 for a discussion of the shortcomings of the “difference” estimator)....
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...This dynamic panel GMM estimator, developed in a series of papers by Holtz-Eakin, 2 Newey, and Rosen (1988), Arellano and Bond (1991), Arellano and Bover (1995), and Blundell and Bond (1998), improves on ordinary least squares (OLS) or traditional fixed-effects estimates in at least one of three…...
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...In additional (untabulated) analysis, we carry out the dynamic GMM regression using the “forward” orthogonal deviations transformation, proposed by Arellano and Bover (1995). Instead of first-differencing, as in the regular system GMM estimator, it subtracts the average of all future available observations of a variable....
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...In additional (untabulated) analysis, we carry out the dynamic GMM regression using the “forward” orthogonal deviations transformation, proposed by Arellano and Bover (1995)....
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6,611 citations
"Endogeneity and the Dynamics of Int..." refers background or result in this paper
...Yermack (1996) and Coles, Daniel, and Naveen (2008) do find a positive relation in some specifications....
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...This finding is similar (in both direction and magnitude) to those obtained by a number of prior studies including Yermack (1996), Eisenberg et al. (1998), and Bhagat and Black (2002)....
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...Most (e.g., Yermack, 1996; Eisenberg, Sundgren, and Wells, 1998) report a negative relation between firm performance and board size....
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...The static OLS estimate also suggests a negative relation between board independence and firm performance (−0.0266, t = −3.56), similar to that reported in a number of prior studies including Yermack (1996), Klein (1998), and Bhagat and Black (2002)....
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