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Founders and Financially Affiliated Directors on Charter School Boards and Their Impact on Financial Performance and Academic Achievement


  • Charisse A. Gulosin

    () (Columbia University)

  • Elif Sisli-Ciamarra

    () (International Business School, Brandeis University)


This study uses a hand-collected dataset for charter school boards in Massachusetts between 2001 and 2009 to examine the relationship between financial performance and the presence of founders and financially affiliated directors. School-level financial performance suggests that founder presence on a board has a negative effect on both financial and academic performance of a charter school. On the other hand, the presence of financially affiliated directors on the charter school governing board is positively related to financial performance, but unrelated to academic achievement. The results are consistent with the literature on corporate and nonprofit boards that have attributed financially affiliated directors with greater incentives to monitor financial targets, while founders are less likely to achieve performance expectations.

Suggested Citation

  • Charisse A. Gulosin & Elif Sisli-Ciamarra, 2012. "Founders and Financially Affiliated Directors on Charter School Boards and Their Impact on Financial Performance and Academic Achievement," Working Papers 42, Brandeis University, Department of Economics and International Businesss School.
  • Handle: RePEc:brd:wpaper:42

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    References listed on IDEAS

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    More about this item


    Charter schools; Board governance; Financial performance; Achievement;

    JEL classification:

    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • I20 - Health, Education, and Welfare - - Education - - - General
    • L29 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Other

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