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Board composition and firm value under concentrated ownership: the Canadian evidence

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  • Erickson, John
  • Park, Yun W.
  • Reising, Joe
  • Shin, Hyun-Han
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    File URL: http://www.sciencedirect.com/science/article/B6VFF-4F9MTRC-1/2/19c092bd4231ae2ecc0ec3a93171c83d
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    Bibliographic Info

    Article provided by Elsevier in its journal Pacific-Basin Finance Journal.

    Volume (Year): 13 (2005)
    Issue (Month): 4 (September)
    Pages: 387-410

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    Handle: RePEc:eee:pacfin:v:13:y:2005:i:4:p:387-410

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    Web page: http://www.elsevier.com/locate/pacfin

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    References

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    1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
    2. Anup Agrawal & Charles R. Knoeber, . "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 8-96, Wharton School Rodney L. White Center for Financial Research.
    3. 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.
    4. Alexander Dyck & Luigi Zingales, 2004. "Private Benefits of Control: An International Comparison," Journal of Finance, American Finance Association, vol. 59(2), pages 537-600, 04.
    5. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    6. 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.
    7. Xie, Biao & Davidson, Wallace III & DaDalt, Peter J., 2003. "Earnings management and corporate governance: the role of the board and the audit committee," Journal of Corporate Finance, Elsevier, vol. 9(3), pages 295-316, June.
    8. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
    9. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
    10. 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 301-25, June.
    11. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, . "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
    12. Booth, James R. & Deli, Daniel N., 1999. "On executives of financial institutions as outside directors," Journal of Corporate Finance, Elsevier, vol. 5(3), pages 227-250, September.
    13. Hermalin, B.E. & Weisbech, M.S., 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Papers 91-02, Rochester, Business - Financial Research and Policy Studies.
    14. Klein, April, 1998. "Firm Performance and Board Committee Structure," Journal of Law and Economics, University of Chicago Press, vol. 41(1), pages 275-303, April.
    15. Anup Agrawal & Charles R. Knoeber, . "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 08-96, Wharton School Rodney L. White Center for Financial Research.
    16. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    17. Rosenstein, Stuart & Wyatt, Jeffrey G., 1990. "Outside directors, board independence, and shareholder wealth," Journal of Financial Economics, Elsevier, vol. 26(2), pages 175-191, August.
    18. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
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    Cited by:
    1. Black, Bernard & Kim, Woochan, 2011. "The effect of board structure on firm value: a multiple identification strategies approach using Korean data," MPRA Paper 40283, University Library of Munich, Germany.
    2. Pombo, Carlos & GutiƩrrez, Luis H., 2011. "Outside directors, board interlocks and firm performance: Empirical evidence from Colombian business groups," Journal of Economics and Business, Elsevier, vol. 63(4), pages 251-277, July.
    3. Kathy Fogel & Liping Ma & Randall Morck, 2014. "Powerful Independent Directors," NBER Working Papers 19809, National Bureau of Economic Research, Inc.
    4. Vagliasindi, Maria, 2008. "The effectiveness of boards of directors of state owned enterprises in developing countries," Policy Research Working Paper Series 4579, The World Bank.
    5. Karen Benson & Marion Hutchinson & Ashwin Sriram, 2011. "Governance in the Australian Superannuation Industry," Journal of Business Ethics, Springer, vol. 99(2), pages 183-200, March.
    6. Tukur Garba PhD & Bilkisu Aliyu Abubakar, 2014. "Corporate Board Diversity and Financial Performance of Insurance Companies in Nigeria: An Application of Panel Data Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(2), pages 257-277, February.
    7. Yahya Ali Al-Matari & Abdullah Kaid Al-Swidi & Faudziah Hanim Bt Fadzil & Ebrahim Mohammed Al-Matari, 2012. "Board of Directors, Audit Committee Characteristics and Performance of Saudi Arabia Listed Companies," International Review of Management and Marketing, Econjournals, vol. 2(4), pages 241-251.

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