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Herding Behaviour Inside the Board: an experimental approach

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Author Info

  • Maximiliano González
  • Renato Modernell

    (IESA)

  • Elisa París

    (Mercantil Servicios Financieros)

Abstract

An experimental study was conducted to measure the impact of "herding behaviour" inside a board of directors based on the González (2002 PhD dissertation) theoretical model, which maintains that in a board meeting composed of a CEO and two external directors (A and B), where voting is sequential (CEO → A → B) and the directors' reputations are valuable, director B tends to copy director A's decision. Based on the observations made through the experiment, we confirm the presence of herding behaviour. Copyright (c) 2006 The Authors; Journal compilation (c) 2006 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

Volume (Year): 14 (2006)
Issue (Month): 5 (09)
Pages: 388-405

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Handle: RePEc:bla:corgov:v:14:y:2006:i:5:p:388-405

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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Cited by:
  1. Robert Grosse, 2012. "Bank regulation, governance and the crisis: a behavioral finance view," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 20(1), pages 4-25, February.

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