Financial disclosure and the Board: A case for non-independent directors
In listed companies, the Board of directors has ultimate responsibility for information disclosure. The conventional wisdom is that director independence is an essential factor in improving the quality of that disclosure. In a sense, this approach subordinates expertise to independence. We argue that effective certification may require firm-specific expertise, in particular for intangible-intensive business models. However, this latter form of expertise is negatively related to independence as it is commonly measured and evaluated. Accordingly, there exists an optimal share of independent directors for each company, related to the level of intangible resources.
|Date of creation:||Jan 2010|
|Contact details of provider:|| Postal: Piazza Scaravilli, 2, and Strada Maggiore, 45, 40125 Bologna|
Phone: +39 051 209 8019 and 2600
Fax: +39 051 209 8040 and 2664
Web page: http://www.dse.unibo.it
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barberis, Nicholas & Thaler, Richard, 2003.
"A survey of behavioral finance,"
Handbook of the Economics of Finance,
in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128
- Jeremy C. Stein, 2002. "Information Production and Capital Allocation: Decentralized versus Hierarchical Firms," Journal of Finance, American Finance Association, vol. 57(5), pages 1891-1921, October.
- Shyam NMI Sunder, 2001.
"Knowing What Others Know: Common Knowledge, Accounting, and Capital Markets,"
Yale School of Management Working Papers
ysm213, Yale School of Management.
- Shyam Sunder, 2001. "Knowing What Others Know: Common Knowledge, Accounting, and Capital Markets," Yale School of Management Working Papers ysm326, Yale School of Management, revised 01 Feb 2002.
- Sergio Scicchitano, 2007. "On the complementarity between on-the-job training and R&D: a brief overview," Economics Bulletin, AccessEcon, vol. 15(2), pages 1-11.
- Sandra E. Black & Lisa M. Lynch, 2001.
"How To Compete: The Impact Of Workplace Practices And Information Technology On Productivity,"
The Review of Economics and Statistics,
MIT Press, vol. 83(3), pages 434-445, August.
- S. Black & L. Lynch, 1997. "How to compete: the impact of workplace practices and information technology on productivity," LSE Research Online Documents on Economics 20298, London School of Economics and Political Science, LSE Library.
- Lisa M Lynch & Sandra E Black, 2002. "How to Compete: The Impact of Workplace Practices and Information Technology on Productivity," Working Papers 02-04, Center for Economic Studies, U.S. Census Bureau.
- Sandra E. Black & Lisa M. Lynch, 1997. "How to Compete: The Impact of Workplace Practices and Information Technology on Productivity," NBER Working Papers 6120, National Bureau of Economic Research, Inc.
- S Black & L Lynch, 1997. "How to Compete: The Impact of Workplace Practices and Information Technology on Productivity," CEP Discussion Papers dp0376, Centre for Economic Performance, LSE.
- Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272, December.
- Yuri Biondi & Arnaldo Canziani & Thierry Kirat, 2007. "The Firm as an Entity: Implications for Economics, Accounting, and the Law," Post-Print halshs-00203355, HAL.
- Fauver, Larry & Fuerst, Michael E., 2006. "Does good corporate governance include employee representation? Evidence from German corporate boards," Journal of Financial Economics, Elsevier, vol. 82(3), pages 673-710, December.
- Caroli, Eve & Van Reenen, John, 1999.
"Skill biased organizational change? Evidence from a panel of British and French establishments,"
CEPREMAP Working Papers (Couverture Orange)
- Eve Caroli & John Van Reenen, 2001. "Skill-Biased Organizational Change? Evidence from A Panel of British and French Establishments," The Quarterly Journal of Economics, Oxford University Press, vol. 116(4), pages 1449-1492.
- Timothy F. Bresnahan & Erik Brynjolfsson & Lorin M. Hitt, 2002. "Information Technology, Workplace Organization, and the Demand for Skilled Labor: Firm-Level Evidence," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 339-376.
- Carol A. Corrado & Charles R. Hulten & Daniel E. Sichel, 2006.
"Intangible Capital and Economic Growth,"
NBER Working Papers
11948, National Bureau of Economic Research, Inc.
- Joerg-Markus Hitz, 2007. "The Decision Usefulness of Fair Value Accounting - A Theoretical Perspective," European Accounting Review, Taylor & Francis Journals, vol. 16(2), pages 323-362.
- 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.
- Ferreira, Daniel & Ferreira, Miguel A. & Raposo, Clara C., 2008.
"Board Structure and Price Informativeness,"
CEI Working Paper Series
2008-4, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Coase, Ronald H., 1990. "Accounting and the theory of the firm," Journal of Accounting and Economics, Elsevier, vol. 12(1-3), pages 3-13, January.
- William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, 09.
- Kim, YoungGak, 2007. "A Survey on Intangible Capital," CEI Working Paper Series 2007-10, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Wagner, Alexander F., 2011. "Board independence and competence," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 71-93, January.
- repec:dau:papers:123456789/10093 is not listed on IDEAS
- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
- Antonelli, Cristiano, 2001. "The Microeconomics of Technological Systems," OUP Catalogue, Oxford University Press, number 9780199245536, December.
- Margit Osterloh & Bruno S. Frey, 2006.
"Shareholders Should Welcome Knowledge Workers as Directors,"
IEW - Working Papers
283, Institute for Empirical Research in Economics - University of Zurich.
- Margit Osterloh & Bruno Frey, 2006. "Shareholders Should Welcome Knowledge Workers as Directors," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 10(3), pages 325-345, September.
- Margit Osterloh & Bruno S. Frey, 2006. "Shareholders Should Welcome Knowledge Workers as Directors," CREMA Working Paper Series 2006-12, Center for Research in Economics, Management and the Arts (CREMA).
When requesting a correction, please mention this item's handle: RePEc:bol:bodewp:689. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dipartimento Scienze Economiche, Universita' di Bologna)
If references are entirely missing, you can add them using this form.