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Herding Behaviour Inside the Board: an experimental approach

Author

Listed:
  • 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.

Suggested Citation

  • Maximiliano González & Renato Modernell & Elisa París, 2006. "Herding Behaviour Inside the Board: an experimental approach," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(5), pages 388-405, September.
  • Handle: RePEc:bla:corgov:v:14:y:2006:i:5:p:388-405
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    References listed on IDEAS

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    1. Alan S. Blinder & John Morgan, 2000. "Are Two Heads Better Than One?: An Experimental Analysis of Group vs. Individual Decisionmaking," NBER Working Papers 7909, National Bureau of Economic Research, Inc.
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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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