Dissertations / Theses on the topic 'Board of directors'
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Deacon, Nicola. "Board Member development: Board Member learning and attributes of experienced Board Members." Click here to access this resource online, 2009. http://hdl.handle.net/10292/750.
Full textElms, Natalie E. "An exploratory study into director selection : who do directors want on their boards and how do they select them?" Thesis, Queensland University of Technology, 2014. https://eprints.qut.edu.au/72595/1/Natalie_Elms_Thesis.pdf.
Full textHartmann, Michael C. "Continuing Education for Board Directors an Empirical Study of its Effects on Directors, Boards and Public Trust /." kostenfrei, 2008. http://www.biblio.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3506.
Full textHedström, Anna, and Elin Albåge. "Winning the Board Game : Increasing the Strategic Involvement of Boards of Directors." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-302313.
Full textBettington, Jacqueline J. "Unpacking director financial literacy." Thesis, Queensland University of Technology, 2015. https://eprints.qut.edu.au/86056/1/Jacqueline_Bettington_Thesis.pdf.
Full textLahlou, Ismail. "Corporate board of directors : structure and efficiency." Thesis, Rennes 1, 2014. http://www.theses.fr/2014REN1G022.
Full textThis thesis aims at providing contributions to the existing literature on the structure and effectiveness of corporate boards. It comprises three essays that address distinct research questions. The first study examines the trends and determinants of corporate board structure using a panel data sample. This study extends the existing literature on the determinants of board structure in three important ways. First, our results are based on one of the largest samples used in this area, with almost 16,000 firm-year observations for nearly 2,300 firms observed from 1997 to 2010. Second, in terms of methodology, a set of statistical tests was performed in order to check the robustness of our findings, including tests that account for heterogeneity and simultaneity. Finally, this is probably the first study to show that the enactment of SOX has reduced the ability of CEOs in influencing board composition. Specifically, while SOX does not fundamentally alter the economic determinants of board structure, our results show that the documented negative impact of well performing CEOs on board independence in the pre-SOX era is no longer significant post-SOX. In the second study, the principal objective is to investigate the effects of advisory directors' presence on the board and monitoring intensity on the board's overall effectiveness in value creation. This study makes some significant contributions to the literature. First, it complements and extends the growing literature on the board's advisory function by providing strong new evidence on the importance of this board function in value creation. Second, it also provides some evidence on the potential conflict between the two primary functions of corporate boards. Finally, this study adds to the literature that attempts to assess the impact of firm and industry characteristics on the effectiveness of specific governance structures. The last study has as main objective to examine the relation between director compensation structure and shareholder interests in the context of acquisitions. This study contributes to the literature in several ways. First, we add to the recent but burgeoning literature that deals with the determinants of director compensation. Guided by theoretical work in this area, we show that director compensation is mainly consistent with firm's needs for monitoring and advising. Second, we extend the body of research that highlights the importance of equity-based compensation by providing evidence that the use of incentive-based compensation schemes to reward directors also matters. Finally, although many studies have examined the relation between directors' incentives and firm performance, this work is one of the first to examine the channels through which directors' equity-based pay affects shareholders' value
Elms, Natalie E. "Exploring the effect of director tenure on director monitoring: A case-based approach." Thesis, Queensland University of Technology, 2017. https://eprints.qut.edu.au/112190/1/Natalie_Elms_Thesis.pdf.
Full textOgbechie, Christopher Ike. "Key determinants of effective board of directors : evidence from Nigeria." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/7667.
Full textBhardwaj, Sneh. "Manifestation of token behaviours on corporate boards; a qualitative study." Thesis, Federation University Australia, 2021. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/183609.
Full textDoctor of Philosophy
Horner, Stephen V. "Director ties, board experience, and firm strategic outcomes board experience effects on post-acquisition performance /." Diss., Columbia, Mo. : University of Missouri-Columbia, 2006. http://hdl.handle.net/10355/4489.
Full textThe entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on August 1, 2007) Includes bibliographical references.
Coetzee, Shaun. "Business and affairs : the widening of the board of director's powers." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/26625.
Full textDissertation (LLM)--University of Pretoria, 2012.
Mercantile Law
unrestricted
Zhang, Mao. "Three essays on board of directors in China." Thesis, University of Sheffield, 2017. http://etheses.whiterose.ac.uk/21169/.
Full textWei, Gang. "Board of directors and corporate performance in China." Thesis, Cardiff University, 2005. http://orca.cf.ac.uk/55581/.
Full textHammarling, Niclas, and Robert Gustavsson. "Boards in Family Firms : Board Member Choices and Recruitment." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-23886.
Full textMatsaba, Mohla. "Why are there so few women on South African company boards?" Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/25376.
Full textDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
McCabe, Margaret. "Directors' perceptions of best practice in corporate governance in Australia." Thesis, Curtin University, 2002. http://hdl.handle.net/20.500.11937/2479.
Full textShan, Liwei. "Board independence, excess cash and corporate payout policy /." view abstract or download file of text, 2006. http://proquest.umi.com/pqdweb?index=0&did=1196409441&SrchMode=1&sid=1&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1176828116&clientId=11238.
Full textTypescript. Includes vita and abstract. Includes bibliographical references (leaves 104-109). Also available for download via the World Wide Web; free to University of Oregon users.
Pastra, Aspasia S. "Board of directors' dynamics, board effectiveness and organisational performance : the case of Nordic region." Thesis, Brunel University, 2017. http://bura.brunel.ac.uk/handle/2438/15791.
Full textModiba, Mantsha Emelda. "Examining the relationship between board of directors' gender and sustainability disclosure." Thesis, University of Limpopo, 2016. http://hdl.handle.net/10386/2571.
Full textThis research examined whether an improved participation of women in the board of Socially Responsible Investing (SRI) firms has any relationship with sustainability disclosure. Accordingly, the objective of this research was to examine the relationship between the number of women on the board and environmental, social and gender-employment disclosure in South African firms. The research applied a purposive sampling design to study the nine best socially responsible investing firms on the Johannesburg Stock Exchange and secondary data were collected from the sustainability reports of the firms. Using a quantitative approach, the panel-data regression analysis was used to analyse the relationship between women on the board of directors, environmental, social and gender employment disclosure. Energy consumption disclosure, social investment and the number of women employment in the firms were the proxy for environmental disclosure, social investment and gender employment disclosures respectively. Findings show a positive relationship between the number of women on the board of directors and firm disclosure on energy consumption, disclosure on women employment and social investment disclosure. However, the number of women employed in the corporate is still very low in comparison with the male counterparts. The research recommends that, given the unique social and environmental sensitivity of women, the corporate should recruit more women onto the boards to enhance accelerated corporate sustainability performance and disclosures. Key words: sustainability disclosure, women in the board, sustainability performance, energy disclosure, sustainable development
Romano, G., P. Ferretti, and A. Rigolini. "Board of directors and performance in italian banking groups." Thesis, Ukrainian Academy of Banking of the National Bank of Ukraine, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63530.
Full textShivdasani, Anil. "The board of directors, ownership structure, and hostile takeovers." The Ohio State University, 1991. http://rave.ohiolink.edu/etdc/view?acc_num=osu1259096201.
Full textAbdul, Kadir Syed Muhamad. "A study on board of directors and organizational performance." Diss., Virginia Polytechnic Institute and State University, 1985. http://hdl.handle.net/10919/52329.
Full textPh. D.
Norgren, Hanna, and Emmelie Viklund. "Board of directors in small firms : An exploratory study on small business owners in Västerbotten’sperception of the role of the board, board composition and its impact onfirm performance." Thesis, Umeå universitet, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-106534.
Full textMcCabe, Margaret. "Directors' perceptions of best practice in corporate governance in Australia." Curtin University of Technology, Graduate School of Business, 2002. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=16227.
Full textBjörklund, Frida, and Hanna Dahlström. "Why have an Active Board of Directors? : A Quantitative Study of SMEs." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124661.
Full textDedman, Elisabeth. "The Cadbury Report : its effects on UK board structure and managerial entrenchment." Thesis, Lancaster University, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288948.
Full textHarris, Erica E. "University Board and Performance." Diss., Temple University Libraries, 2011. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/160965.
Full textPh.D.
This dissertation examines the impact of board of director characteristics and policies on nonprofit performance. Using data collected through a survey of nonprofit colleges and universities, I provide evidence that specific board member characteristics and board monitoring policies are vital in shaping both the financial and nonfinancial success of nonprofit institutions of higher education. Related to board characteristics, results indicate that bigger boards with more major donors are consistently associated with better performing organizations, confirming my board contribution hypothesis. These results are in addition to noteworthy relationships between nonprofit success and the number of meetings held by an organization as well as the impact of recruiting board members who serve on other nonprofit boards. In terms of board monitoring, findings confirm regulatory and advisory recommendations that the use of a conflict of interest policy, disclosure of business relationships, nominating and compensation committees are important aspects of board development in addition to longer board terms. These relationships confirm all three monitoring hypotheses, suggesting that board disclosures, organization, and independence all have an important impact on success when it is measured as organizational efficiency, one of the most studied and relied upon measures of performance in the nonprofit sector. This work makes important, initial forays into the relationships between board of director qualities and nonprofit performance. Although limited by the relatively small sample of colleges and universities, given the lack of public data available related to nonprofit boards, this study is unique in the ability to analyze nonprofit boards with both financial and nonfinancial performance measures.
Temple University--Theses
Smith, Kevin John. "Do board contacts matter? : an analysis of the relationship between boards of directors’ ties and the performance of Australia’s largest companies." Thesis, Queensland University of Technology, 2009. https://eprints.qut.edu.au/32188/1/Kevin_Smith_Thesis.pdf.
Full textOjebode, Aderemi Abayomi. "Learning in boards : a grounded theory study of UK boards of directors." Thesis, University of Wolverhampton, 2017. http://hdl.handle.net/2436/621209.
Full textSaulgrain, Julien. "Minimizing the expectation gap through an independent board of directors." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp03/MQ50963.pdf.
Full textWithaar, Ad. "Investor protection and the quality of the board of directors." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-277562.
Full textGupta, Manu. "Board independence and corporate governance: evidence from director resignations." Texas A&M University, 2005. http://hdl.handle.net/1969.1/2340.
Full textBradley, Jennifer R. "Building inclusive boards : the perspectives of nonprofit leaders and prospective board members." Scholarly Commons, 2008. https://scholarlycommons.pacific.edu/uop_etds/700.
Full textTran, Hai. "Are Good Deeds Rewarded? Director Awards and the Market for Directorships." Thesis, University of Oregon, 2015. http://hdl.handle.net/1794/19292.
Full textWu, Wei. "Board composition and firm performance : a quantitative study on Chinese listed companies." Thesis, Umeå University, Umeå School of Business, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-36075.
Full textTariq, Usman. "CEO Compensation : Relationship with Performance and Influence of Board of Directors." Thesis, Gotland University, School of the Humanities and Social Science, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hgo:diva-644.
Full textThis paper tries to find the relationship between the compensation given to the chief executive officer and the performance of the company. Further, it tries to determine the influence of the size of the Board members on the pay scale of the executive. The data consisted of the largest thirty companies in Sweden for the period of 2004-2008. After controlling for firm size and growth opportunities, I find a negative and insignificant relationship between pay and performance. Contradictory to previous studies no correlation between large board size and chief executive officers compensation was found. This paper adds more empirical evidence to the idea of chief executives pay being independent of his performance.
Hinton, Carol Anne Finkelstein. "Exploring Shared Leadership in a Social Enterprise Nonprofit Board of Directors." Thesis, The University of New Mexico, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10269289.
Full textCase study research was conducted to explore the existence of shared leadership in a social enterprise board of directors to identify the common characteristics and traits of board members, and the factors that facilitated or inhibited the development of the board as a shared leadership team. Creating and sustaining a committed and involved board of directors that works as a team were key challenges for the social enterprise board. Current research on shared leadership and the governance of social enterprises and nonprofits provided the conceptual framework for the researcher to develop and test two proposed models in a case study situated in a social enterprise.
Purposive sampling bounded the study to one social enterprise board of directors located in Southwestern region of the United States. The first model, Developing Shared Leadership in a Nonprofit Board, elucidated the researcher’s postulation of the elements necessary for shared leadership to exist in a board of directors. The second model, Best Practices of Nonprofit Boards and the Process of Developing Shared Leadership, was constructed from the benchmarks found in the current literature for board structure and composition by which the researcher measured the readiness of the social enterprise board to act as a team and share leadership.
Using a case study design, data were collected from triangulated sources that included interviews, observations, a focus group, and archival documents. Two iterations of coding comprised of first and second cycles were conducted utilizing established coding methods. The constant comparison process was applied, the resulting codes were categorized and subcategorized, and the quantities of occurrences were calculated to make inferences about the emerging themes. The results of the case study and the use of shared leadership in a social enterprise board of directors were presented using a linear-analytic approach.
The findings from the thematic analysis showed that the important antecedents of shared leadership were present in the social enterprise board. The data collected from the case study were compared to the best practices found in the literature review and the findings indicated the social enterprise board had achieved many of them. Important qualities and characteristics of shared leadership were present in the board members such as trust and transparency. Impediments to shared leadership were identified as the infrequency of board meetings and unfamiliarity with other board members which impacted board member relationships, group cohesion, and the board’s ability to act as a team.
Two models were created by the researcher in response to the findings: Dynamic Elements of Shared Leadership in a Social Enterprise Board, and Fundamental Building Blocks for Successful Boards. These models have practical implications for social enterprises and nonprofit organizations that can be replicated and tested in future research. This case study research identified the key factors contributing to the social enterprise’s board performance, that may enable social enterprises and other nonprofit boards to derive the benefits of cultivating and sustaining shared leadership.
Massie, Ruth. "Allocating effort : risk and complexity in board directors' engagement with information." Thesis, City University London, 2015. http://openaccess.city.ac.uk/13567/.
Full textAlamri, Maree Ali. "Corporate governance and the Board of Directors in Saudi-listed companies." Thesis, University of Dundee, 2014. https://discovery.dundee.ac.uk/en/studentTheses/47f5d91d-73c0-45d1-8ee7-8ea3fdee4a4e.
Full textBETTINELLI, Cristina (ORCID:0000-0003-2410-2063). "The effectiveness of the board of directors in the family business." Doctoral thesis, Università degli studi di Bergamo, 2009. http://hdl.handle.net/10446/77.
Full textLin, Michelle Ching-Yi. "Initial public offerings and board governance : an Australian study." University of Western Australia. School of Economics and Commerce, 2006. http://theses.library.uwa.edu.au/adt-WU2006.0027.
Full textToscano, Roberta. "Board members’ attitudes to CEO arrogance." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23055.
Full textDissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
Rogers, Meredith Australian Graduate School of Management Australian School of Business UNSW. "Contingent corporate governance: a challenge to universal theories of board structure." Awarded by:University of New South Wales. Australian Graduate School of Management, 2006. http://handle.unsw.edu.au/1959.4/23024.
Full textWang, Yi. "Board independence and firm performance evidence from ASX-listed companies /." Swinburne Research Bank, 2009. http://hdl.handle.net/1959.3/66774.
Full textA thesis is submitted for the degree Doctor of Philosophy, Faculty of Business and Enterprise, Swinburne University of Technology - 2009. Typescript. "August 2009". Includes bibliographical references (p. 161-189)
Sila, Vathunyoo. "Essays on corporate boards." Thesis, University of Edinburgh, 2015. http://hdl.handle.net/1842/25971.
Full textVan, Heerden Lodewyk. "Corporate governance - appraising board performance." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50305.
Full textENGLISH ABSTRACT: Picture the scene: It's Monday morning and the main article in Business Day is headlined ·Company X Board is under investigation for not diclosing the truth about its financial wellbeing". In recent times life has been very messy and difficult for many boards, but many of them are in a better position to direct their organisation and to add real shareholder value. A sequence of events triggered board changes in organisations. Many boards have realised over the last few years that the rules for direction-giving have changed. The need for accountability is high, the status quo needs to be challenged and sound strategic thinking is critical in their decision-making. Boards need to establish a performance culture with the correct people, equipped with the necessary competencies and capabilities. Leading shareholders demanded board appraisals to evaluate the continuous underperformance of board structures and processes. Some of the questions asked are, if the board is effective as a group to meet the organisation's purpose and if they can monitor the external and internal environment effectively. It is also asked whether the skills and competencies of individual members are sufficient to enable them to fulfill their risk assessment and decision-making director roles sufficiently. Board members must understand their roles to evaluate their personal development and board needs. Boards must ensure a process for appropriate development plans for their individual directorial duties. They need to define which essential strategic decisions are made during the various administrative and information sharing meetings. The annual cycles of boards are important, as is the need to check that all accountabilities are on track. This feedback does not merely concern financial matters. It is important to evaluate strategic decisions to ensure that they are carefully measured against the targets set at the beginning of the year. Many boards have adopted a triple bottom line approach, measuring their financial performance, physical environment and social responsibility reports against agreed targets. These targets need to be incorporated in a board scorecard which will graphically depict the board's value-adding activities. These scorecards will give any board an indication of its effectiveness. Boards have accepted evaluation processes and have gone through a steep learning curve in developing and implementing them. There are numerous approaches to evaluate board performance. Each board must decide whether it is better to do a peer level evaluation, outside evaluation or follow the bottom-up approach. Formal board evaluations have given boards more credibility and have helped to identify gaps in the development of board members. Boards must be developed to become more competent at direction-giving, ultimately in order to contribute to the effectiveness of the organisation. Boards must continue to drive the organisation ahead, while keeping it under control. Board members must realise that their ultimate tests are business effectiveness, in that they must add shareholder value to the balance sheet, and business efficiency, referring to the improvement realised on the profit and loss accounts.
AFRIKAANSE OPSOMMING: Stel jouself voor : Dit is Maandagoggend en die hoofartikel in Business Day is as volg: "Daar is 'n ondersoek gelas na Maatskappy X se kredietwaardigheid rakende hulle finansiele welstand." Direksies oor die laaste paar jare was in 'n warboel. Ons vind tans dat organisasies beter gelei word en dat welvaart geskep word vir alle aandeelhouers. Heelwat faktore het aanleiding gegee dat direksies verander het. Die reels om leiding te gee het verander: direksies moet meer aanspreeklikheid neem, die status quo word meer bevraagteken en goeddeurdagte strategiese denke is almal bydraende faktore. Direksies moet streef om 'n prestasie-kuItuur te vestig met lede wat oor die nodige vaardighede en vermoens beskik. Aandeelhouers dring aan dat direksies se prestasie beoordeel moet word. Tipiese vrae wat gevra word is: is die direksie effektief as 'n groep om die organisasie se primere doel na te streef en kan hulle die interne en eksterne faktore effektief monitor? Individuele direksielede moet oor die nodige bevoegdhede beskik om voldoende risk-analise en direksie-besluitnemings uit te voer. Direksielede moet hulle onderskeie ontwikkelingsrolle verstaan. Dit moet duidelik gedefinieer word watter kritiese strategiese besluite word by watter vergaderings geneem. Jaarlikse siklusse vir direksies is belangrik, dit stel hulle in staat om te evalueer of al die strategiese besluite wat geneem is, uitgevoer is teenoor die ooreengekome doelwitte. Direksies evalueer meestal hulle finansiele prestasie, fisiese omgewing en sosiale verantwoordelikheid teenoor ooreengekome doelwitte. Hierdie doelwitte word meestal ingesluit in die organisasie se telkaart. Die doel van die telkaart is om vir direksies 'n aanduiding te gee of hulle effektief is of nie. Baie direksies het een of ander vorm van evaluasie geimplimenteer. Daar is verskeie benaderings om direksie-prestasie te evalueer. Elke direksie moet self besluit watter benadering is die mees geskikte - eksterne evaluering of "peer to peer" evaluering. Formele evaluering gee meer kredietwaardigheid aan die proses en help ook met die identifisering van ontwikkelingsmoontlikhede. Direksies moet fokus op ontwikkeling sodat hulle meer bevoeg kan raak om beter leiding te gee in die organisasie. Direksies moet onthou dat die bepalende toets is besigheideffektiwiteit, waar aandeelhouer-waardetoevoeging gemeet word en of daar verbeterde besigheidsdoeltreffendheid op die wins en verliesrekening is.
Chan, Chi-hung, and 詹啟弘. "On Duties Conflicts Between Independent Directors and Board of Directors." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/02867638501280158170.
Full text東吳大學
法律學系
101
The research aims to study company governance and board of directors system. It not only discusses the related legal system of United States and United Kingdom, butalso presents the current legal system and the case studies of legal practice in Taiwan for a better understanding on the above-mentioned systems. First of all, I explain the motivation, purpose, methodology, scope and essay structure of this study in Chapter 1. In Chapter 2, I describe the content and the characteristic of company governance theory, including separation of ownership from management, effective internal control and independent directors and discuss the legal systems in the US and UK. Then, I analyze the problems of the judicial and administrative opinions in Taiwan and discuss the current legal system and different features of independent directors and board of directors in Chapter 3; I also describe the principle of separation of rights and power in this chapter. In Chapter 4, I list the conflicts and problems between current legal system and the practices in Taiwan, and try to analyze the divergence of the regulations and the judicial and administrative opinions in Taiwan. In Chapter 5, I summarize the keynotes of all chapters and propose the revision process of independent directors and board of directors; this is also the main purpose of this study.
高右佳. "Does board gender diversity improve self-interested board of directors?" Thesis, 2016. http://ndltd.ncl.edu.tw/handle/90367344530072493572.
Full text陳芳玲. "The relationship between board structure and self-interested board of directors." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/21172456598307709016.
Full text逢甲大學
金融碩士在職專班
104
This study investigates the relationship between board structure and directors compensation of fat cat company, this study collected the research samples of self-interest board of directors which is “the company of net loss with increasing board payment” listed in Taiwan Stock Exchange from 2009 until 2014.We divide the research samples into three types:the whole industry, electronics industry and non-electronics industry as comparative analysis.The research total samples is 426 observations.The empirical results of the electronics industry samples show that the higher ratio of shareholding of directors and supervisors, the lower directors compensation ,the lower degree of self-interest directors and supervisors.The higher ratio of independent directors, the higher directors compensation.The empirical results of non- electronics industry samples show that the greater of board size, the higer directors compensation,the higer degree of self-interest directors and supervisors. The higher ratio of the chairman of the firm is also its president, the lower directors compensation,the lower degree of self-interest directors and supervisors.
Huang, Yenyu, and 黃燕玉. "Outside directors, board independence, and shareholder wealth." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/96338919630483725689.
Full text國立臺北大學
會計學系
92
Management plays a dominant role in selecting outside directors, inviting skepticism about independent outsiders’ ability to make independent judgments on firm performance. This study is first to examine the wealth effects accompanying appointments of independent outside directors by companies. And also to examine independent outside directors of any particular occupation are more or less valuable than others. The first initial data set includes all United Daily, China News, and TSEC announcements of the appointment of independent outside directors and the TEJ daily stock returns data base over the 2002-2004,6 period. The final sample consists of 70 independent outside director announcements. This study use standard event-day methodology to measure abnormal returns in order to examine the wealth effects accompanying appointments of independent outside directors by companies. To explore the issue of independent outside directors occupation, this study use cross-sectional regression to examine whether abnormal returns are related to a director’s primary occupation. My examination of wealth effects surrounding independent outside director appointments finds significantly positive share-price reactions. The results are consistent with the hypothesis that independent outside directors are chosen in the interest of shareholders. The empirical results indicate that the appointment of independent outside directors is accompanied, on average, by significantly positive excess returns, even though most boards are numerically dominated by insiders before appointment. In addition, my examination of independent independent outside directors of any particular occupation are more or less valuable than others. The empirical results indicate that the coefficient for financial outsiders is significantly greater than two other occupations. The results are consistent with the hypothesis that independent outside directors of any particular occupation are more valuable than others.