Boards Of Directors As An Endogenously Determined Institution
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| Author | : Benjamin E. Hermalin |
| Publisher | : |
| Total Pages | : 39 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
This paper surveys the economic literature on boards of directors. Although a legal requirement for many organizations, boards are also an endogenously determined governance mechanism for addressing agency problems inherent to many organizations. Formal theory on boards of directors has been quite limited to this point. Most empirical work on boards has been aimed at answering one of three questions:1) How do board characteristics such as composition or size related to profitability?2) How do board characteristics affect the observable actions of the board?3) What factors affect the makeup of boards and how they evolve over time?The primary findings from the empirical literature on boards are: Board composition is not related to corporate performance, while board size is negatively related to corporate performance. Both board composition and size are correlated with the quality of the board's decisions regarding CEO replacement, acquisitions, poison pills, and executive compensation. Finally, boards appear to evolve over time as a function of the bargaining power of the CEO relative to the existing directors. Firm performance, CEO turnover, and changes in ownership structure appear to be important factors affecting changes to boards.
| Author | : Benjamin E. Hermalin |
| Publisher | : |
| Total Pages | : |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
This paper develops a model in which the effectiveness of the board's monitoring of the CEO depends on the board's independence. The independence of the new directors is determined through negotiations (implicit or explicit) between the existing directors and the CEO. The CEO's bargaining position, and thus his influence over the board- selection process, depends on an updated estimated of the CEO's ability based on his prior performance. Many empirical findings about board structure and performance arise as equilibrium phenomena in this model. We also explore the implications of this model for proposed regulations of corporate governance structures.
| Author | : Felix Pütz |
| Publisher | : GRIN Verlag |
| Total Pages | : 8 |
| Release | : 2021-09-10 |
| Genre | : Business & Economics |
| ISBN | : 3346485145 |
Academic Paper from the year 2020 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Maastricht University, language: English, abstract: The board of directors is an important organizational institution, whose purpose is to reduce the agency problem inherited by the management of a firm. However, because of various accounting frauds and failures in corporate governance in the history of larger corporations, there is increasing public attention regarding the effectiveness of a board and how a perfect board should be designed to increase their oversight quality. Because of these many researchers investigated this topic. This paper reviews recent academic research regarding the characteristics of a perfect board of directors. Firstly, the paper analyses different board characteristics, then it investigates the importance of the composition and size of the audit committee.
| Author | : Peter C. Browning |
| Publisher | : John Wiley & Sons |
| Total Pages | : 213 |
| Release | : 2016-02-01 |
| Genre | : Business & Economics |
| ISBN | : 111913336X |
Directors: Improve Board Performance The Director's Manual: A Framework for Board Governance offers current and aspiring board members essential up-to-date governance guidance that blends rigorous research-based information with the wisdom found only through practical, direct experience. The book's flexible approach to solving governance issues reflects the authors' belief that no two boards and the cultural dynamics that drive them are the same. As such, the advice offered reflects recognizable leadership dynamics and real world, relevant organizational situations. The book's two authors, Peter C. Browning, an experienced CEO and member of numerous boards and William L. Sparks, a respected organizational researcher, combine their individual experiences and talents to create a book that is both innovative and applicable to directors in any industry sector. Specific best practice guidance is designed to help board members and their directors understand the unique strengths and challenges of their own board while at the same time provide targeted information that drives needed improvements in board performance and efficiency. Specifically, this book will help board members: Explore practical advice on key issues, including selection, meeting schedules, and director succession Consider board performance from multiple perspectives, including cultural and group dynamics Discover how to effectively manage classic problems that arise when making decisions as a group Access a comprehensive set of assessment questions to test and reinforce your knowledge The Director's Manual: A Framework for Board Governance offers practical advice to guide you as you lead your organization's board.
| Author | : Kenneth Nelson Dayton |
| Publisher | : |
| Total Pages | : 16 |
| Release | : 1998 |
| Genre | : Political Science |
| ISBN | : |
| Author | : Richard Leblanc |
| Publisher | : John Wiley & Sons |
| Total Pages | : 340 |
| Release | : 2010-02-10 |
| Genre | : Business & Economics |
| ISBN | : 0470739959 |
Distinguished governance experts offer cures for what ails our boards of directors In light of corporate malfeasance in recent years, the governance of corporations has been receiving great attention from regulators, researchers, shareholders, and directors themselves. Based on Richard Leblanc's in-depth five-year study of 39 boards of directors of both for- and not-for-profit organizations, Building a Better Board goes behind the scenes to reveal the inner workings of boards of directors, including how they make decisions. Recently chosen as one of Canada's "Top 40 Under 40"(TM), Dr Richard Leblanc is an award-winning teacher and researcher, certified management consultant, professional speaker, professor, lawyer and specialist on boards of directors. He can be reached at [email protected]. James Gillies, PhD (Toronto, Ontario, Canada), is Professor Emeritus at the Schulich School of Business, York University, where he serves as Chair of the Canada-Russia Corporate Governance Program.
| Author | : Jonas Gabrielsson |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 488 |
| Release | : 2019 |
| Genre | : Business & Economics |
| ISBN | : 1786439751 |
Boards of directors are complex systems, and it is imperative to understand what the contextual forces are that shape the direction and make-up of boards. This Research Handbook provides inspiration for researchers and practitioners interested in the manifold dimensions and facets of context surrounding boards of directors.
| Author | : Jay W. Lorsch |
| Publisher | : Now Publishers |
| Total Pages | : 64 |
| Release | : 2017-02-20 |
| Genre | : Business & Economics |
| ISBN | : 9781680832464 |
Understanding Boards of Directors examines why research on corporate governance has been slow and uneven, and where that research should turn next to be most valuable to practitioners. The author traces the history of research on corporate boards and analyzes the trends in that research, including the relative value of the types of data that researchers in this field have used, and ultimately identifying the best path forward in studying these complex social systems.
| Author | : Richard Thorpe |
| Publisher | : CRC Press |
| Total Pages | : 612 |
| Release | : 2016-04-22 |
| Genre | : Business & Economics |
| ISBN | : 1317125231 |
On few occasions in the history of modern management have leadership skills been in such sharp focus as they are now. The ability to direct often very large and diverse organizations; to make sense of the complex and turbulent markets and environments in which you operate; and to adapt and learn seems at an all time premium. The premise behind the fifth edition of this influential Handbook is that leadership, management and organizational development are all parts of the same process; enhancing the capacity of organizations, whatever their size, and the people within them to achieve their purpose. To this end, the editors have brought together a who's who of current writers on leadership and development and created the definitive single volume guide to the subject. The perspectives that the text provides to leadership, learning and development, embrace the formal and the informal, cultures and case examples from organizations of all kinds; and offers readers a rigorous, readable and, where appropriate, ground-breaking book. In the 14 years since the fourth edition of this classic book, very much has changed. But the need for this Handbook is as strong as ever and the Fifth Edition of Gower Handbook of Leadership and Management Development is set to become a definitive read for senior managers and those who develop them and an essential reader for the management students aspiring to become the next generation of leaders.
| Author | : J. Jay Choi |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 533 |
| Release | : 2008-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1848553218 |
Contains papers examining issues concerning the effects of national and international institutional factors on corporate governance and performance. This volume focuses on the relevance of national business systems alongside industrial and institutional infrastructure to assess the efficacy of corporate governance regimes.
