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Thirty Years of Change: The Evolution of Classified Boards

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  • SCOTT GUERNSEY
  • FENG GUO
  • TINGTING LIU
  • MATTHEW SERFLING

Abstract

Based on a comprehensive data set of classified (staggered) boards covering nearly all U.S. public firms from 1991 to 2020, we show that contrary to conventional wisdom, the use of classified boards remains widespread. Moreover, classified board usage over a firm's life cycle depends significantly on the decade the firm matured or year it went public. While classified boards were rarely removed in the 1990s, firms became more likely to declassify as they matured during the following decades. Decreased collective action costs and increased innovation‐related investments, institutional ownership, and scrutiny of governance contributed to this more dynamic adjustment.

Suggested Citation

  • Scott Guernsey & Feng Guo & Tingting Liu & Matthew Serfling, 2025. "Thirty Years of Change: The Evolution of Classified Boards," Journal of Finance, American Finance Association, vol. 80(5), pages 2971-3020, October.
    • Handle: RePEc:bla:jfinan:v:80:y:2025:i:5:p:2971-3020
    DOI: 10.1111/jofi.13485
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