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Do Independent Directors Add Value?

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  • Zoltan Matolcsy
  • Donald Stokes
  • Anna Wright

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  • Zoltan Matolcsy & Donald Stokes & Anna Wright, 2004. "Do Independent Directors Add Value?," Australian Accounting Review, CPA Australia, vol. 14(32), pages 33-40, March.
    • Handle: RePEc:bla:ausact:v:14:y:2004:i:32:p:33-40
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    File URL: http://hdl.handle.net/10.1111/j.1835-2561.2004.tb00281.x
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    References listed on IDEAS

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    1. Chun I. Lee & Stuart Rosenstein & Nanda Rangan & Wallace N. Davidson III, 1992. "Board Composition and Shareholder Wealth: The Case of Management Buyouts," Financial Management, Financial Management Association, vol. 21(1), Spring.
    2. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, vol. 26(1), pages 3-27, July.
    3. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    4. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, vol. 40(2), pages 185-211, February.
    5. Anderson, Don & Francis, Jere R. & Stokes, Donald J., 1993. "Auditing, directorships and the demand for monitoring," Journal of Accounting and Public Policy, Elsevier, vol. 12(4), pages 353-375.
    6. Brickley, James A. & Coles, Jeffrey L. & Terry, Rory L., 1994. "Outside directors and the adoption of poison pills," Journal of Financial Economics, Elsevier, vol. 35(3), pages 371-390, June.
    7. Gaver, Jennifer J. & Gaver, Kenneth M., 1993. "Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 125-160, April.
    8. Barnhart, Scott W & Rosenstein, Stuart, 1998. "Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis," The Financial Review, Eastern Finance Association, vol. 33(4), pages 1-16, November.
    9. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    10. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    11. Brown, Stephen & Lo, Kin & Lys, Thomas, 1999. "Use of R2 in accounting research: measuring changes in value relevance over the last four decades," Journal of Accounting and Economics, Elsevier, vol. 28(2), pages 83-115, December.
    12. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    13. Penman, SH, 1996. "The articulation of price-earnings ratios and market-to-book ratios and the evaluation of growth," Journal of Accounting Research, Wiley Blackwell, vol. 34(2), pages 235-259.
    14. Jeff Coulton & Stephen Taylor, 2004. "Directors' Duties and Corporate Governance: Have We Gone Too Far?," Australian Accounting Review, CPA Australia, vol. 14(32), pages 17-24, March.
    15. Byrd, John W. & Hickman, Kent A., 1992. "Do outside directors monitor managers? *1: Evidence from tender offer bids," Journal of Financial Economics, Elsevier, vol. 32(2), pages 195-221, October.
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    Cited by:

    1. Hsien-Chang Kuo & Lie-Huey Wang & Hui-Wen Liu, 2012. "Corporate Governance and Capital Structure:Evidence from Taiwan SMEs," Review of Economics & Finance, Better Advances Press, Canada, vol. 2, pages 43-58, August.
    2. Zoltan Matolcsy & Jonathan Tyler & Peter Wells, 2011. "The Impact of Quasi-Regulatory Reforms on Boards and Their Committees During the Period 2001–2007," Australian Accounting Review, CPA Australia, vol. 21(4), pages 352-364, December.
    3. Martin Bugeja & Stephanie Fohn & Zoltan Matolcsy & Neil Fargher, 2016. "Determinants of the levels and changes in non-executive director compensation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 56(3), pages 627-667, September.
    4. Nava Subramaniam & Lisa McManus & Jiani Zhang, 2009. "Corporate governance, firm characteristics and risk management committee formation in Australian companies," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(4), pages 316-339, April.
    5. Larelle Chapple & Ernest Cheung, 2005. "Disclosure of Proxy Voting Information by Australian Managed Investment Schemes," Australian Accounting Review, CPA Australia, vol. 15(37), pages 75-83, November.
    6. Yusuf, Fatima & Yousaf, Amna & Saeed, Abubakr, 2018. "Rethinking agency theory in developing countries: A case study of Pakistan," Accounting forum, Elsevier, vol. 42(4), pages 281-292.
    7. Margaret McCabe & Margaret Nowak, 2008. "The independent director on the board of company directors," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(6), pages 545-566, June.
    8. Darren Henry, 2008. "Corporate Governance Structure and the Valuation of Australian Firms: Is There Value in Ticking the Boxes?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(7‐8), pages 912-942, September.
    9. James Lau & Philip Sinnadurai & Sue Wright, 2009. "Corporate governance and chief executive officer dismissal following poor performance: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 49(1), pages 161-182, March.
    10. Wendy Beekes & Philip Brown, 2006. "Do Better‐Governed Australian Firms Make More Informative Disclosures?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(3‐4), pages 422-450, April.
    11. Jin Sug Yang & Anna Bedford & Martin Bugeja, 2023. "Director expertise and co‐option in industry superannuation funds?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1249-1283, April.
    12. Ray Donnelly & Mark Mulcahy, 2008. "Board Structure, Ownership, and Voluntary Disclosure in Ireland," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 416-429, September.
    13. Daniel Ştefan Armeanu & Georgeta Vintilă & Ştefan Cristian Gherghina & Dan Cosmin Petrache, 2017. "Approaches on Correlation between Board of Directors and Risk Management in Resilient Economies," Sustainability, MDPI, vol. 9(2), pages 1-15, January.
    14. Jeff Coulton & Stephen Taylor, 2004. "Directors' Duties and Corporate Governance: Have We Gone Too Far?," Australian Accounting Review, CPA Australia, vol. 14(32), pages 17-24, March.

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