Perceived importance of corporate boards in October 1987
AbstractThis study provides empirical evidence from the U.S. firms that shareholders perceived corporate boards to be more important during than surrounding the October 1987 stock market crisis. The results indicate that during the crisis market-adjusted stock returns are negatively associated with CEO-chair duality, board size, and the presence of inside blockholders on board. The valuation effects of CEO-chair duality, percent of inside directors, and the presence of inside blockholders on board are stronger during than surrounding the crisis. The results are consistent with the view that corporate boards have valuation effects.
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Bibliographic InfoArticle provided by Elsevier in its journal Finance Research Letters.
Volume (Year): 5 (2008)
Issue (Month): 3 (September)
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Web page: http://www.elsevier.com/locate/frl
Board of directors Corporate governance Crisis;
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