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Board structures around the world: An experimental investigation.

Abstract:

We model and experimentally examine the board structure{ performance relationship.We examine single-tiered boards, two-tiered boards, insider-controlled boards, and outsider-controlled boards. We nd that even insider-controlled boards frequently adopt institutionally preferred rather than self-interested policies. Two-tiered boards adopt institutionally pre- ferred policies more frequently but tend to destroy value by being too conser- vative, frequently rejecting good projects. Outsider-cont...

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Publisher:
Oxford Finance
Series:
Financial Economics Working Papers
Publication date:
2008-01-01
Language:
English
UUID:
uuid:33f1225a-e34b-4bc7-a500-c1a466567d67
Local pid:
oai:economics.ouls.ox.ac.uk:14093
Deposit date:
2011-08-15

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