메뉴 건너뛰기




Volumn 40, Issue 2, 1996, Pages 185-211

Higher market valuation of companies with a small board of directors

Author keywords

Boards of directors; Corporate governance

Indexed keywords


EID: 0030078208     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/0304-405X(95)00844-5     Document Type: Article
Times cited : (3890)

References (31)
  • 1
    • 84993917367 scopus 로고
    • Managers, owners, and the pricing of risky debt: An empirical analysis
    • Bagnani, Elizabeth Strock, Nikolaos T. Milonas. Anthony Saunders, and Nickolaos G. Travlos, 1994, Managers, owners, and the pricing of risky debt: An empirical analysis, Journal of Finance 49, 453 -477.
    • (1994) Journal of Finance , vol.49 , pp. 453-477
    • Bagnani, E.S.1    Milonas, N.T.2    Saunders, A.3    Travlos, N.G.4
  • 2
    • 77958406983 scopus 로고
    • Corporate governance and the board of directors: Performance effects of changes in board composition
    • Baysinger, Robert D. and Henry N. Butler. 1985, Corporate governance and the board of directors: Performance effects of changes in board composition, Journal of Law, Economics and Organization 1, 101-124.
    • (1985) Journal of Law, Economics and Organization , vol.1 , pp. 101-124
    • Baysinger, R.D.1    Butler, H.N.2
  • 7
    • 33845629684 scopus 로고
    • Bankruptcy, boards, banks. And bloekholders: Evidence on changes in corporate ownership and control when firms default
    • Gilson, Stuart. 1990, Bankruptcy, boards, banks. and bloekholders: Evidence on changes in corporate ownership and control when firms default, Journal of Financial Economics 27. 355-387.
    • (1990) Journal of Financial Economics , vol.27 , pp. 355-387
    • Gilson, S.1
  • 8
    • 0003962996 scopus 로고
    • Jossey-Bass, San Francisco. CA
    • Hackman, J. Richard, ed., 1990, Groups that work (Jossey-Bass, San Francisco. CA).
    • (1990) Groups that Work
    • Hackman, J.R.1
  • 9
    • 0000740902 scopus 로고
    • Panel data and unobservable individual effects
    • Hausman, Jerry A. and William E. Taylor. 1981, Panel data and unobservable individual effects, Econometrica 49, 1377-1398.
    • (1981) Econometrica , vol.49 , pp. 1377-1398
    • Hausman, J.A.1    Taylor, W.E.2
  • 10
    • 0000504678 scopus 로고
    • The determinants of board composition
    • Hermalin. Benjamin and Michael Weisbach, 1988, The determinants of board composition, Rand Journal of Economics 19, 589-606.
    • (1988) Rand Journal of Economics , vol.19 , pp. 589-606
    • Hermalin, B.1    Weisbach, M.2
  • 11
    • 0001387430 scopus 로고
    • The effects of board composition and direct incentives on firm performance
    • Hermalin, Benjamin and Michael Weisbach, 1991, The effects of board composition and direct incentives on firm performance, Financial Management 20, 101-112.
    • (1991) Financial Management , vol.20 , pp. 101-112
    • Hermalin, B.1    Weisbach, M.2
  • 14
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, Michael C., 1993, The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48, 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 15
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen, Michael C. and Kevin J. Murphy, 1990. Performance pay and top-management incentives, Journal of Political Economy 98, 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 17
    • 0000971656 scopus 로고
    • Corporate takeovers, firm performance, and board composition
    • Kini, Omesh, William Kracaw, and Shehzad Mian, 1995, Corporate takeovers, firm performance, and board composition, Journal of Corporate Finance 1, 383-412.
    • (1995) Journal of Corporate Finance , vol.1 , pp. 383-412
    • Kini, O.1    Kracaw, W.2    Mian, S.3
  • 18
    • 84911059380 scopus 로고
    • Tobin's Q, corporate diversification, and firm performance
    • Lang, Larry H.P. and René M. Stulz, 1994, Tobin's Q, corporate diversification, and firm performance, Journal of Political Economy 102, 1248-1280.
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stulz, R.M.2
  • 19
    • 21144476214 scopus 로고
    • A modest proposal for improved corporate governance
    • Lipton, Martin and Jay W. Lorsch, 1992, A modest proposal for improved corporate governance, Business Lawyer 48, no. 1, 59-77.
    • (1992) Business Lawyer , vol.48 , Issue.1 , pp. 59-77
    • Lipton, M.1    Lorsch, J.W.2
  • 20
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, John J. and Henri Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 22
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Mørck, Randall, Andrei Shleifer, and Robert Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Mørck, R.1    Shleifer, A.2    Vishny, R.3
  • 23
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, Stewart C., 1977, Determinants of corporate borrowing, Journal of Financial Economics 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 24
    • 0000748060 scopus 로고
    • Alternative constructions of Tobin's Q: An empirical comparison
    • Perfect, Steven B. and Kenneth W. Wiles, 1994, Alternative constructions of Tobin's Q: An empirical comparison, Journal of Empirical Finance 1, 313-341.
    • (1994) Journal of Empirical Finance , vol.1 , pp. 313-341
    • Perfect, S.B.1    Wiles, K.W.2
  • 25
    • 0000211393 scopus 로고
    • Outside directors, board independence, and shareholder wealth
    • Rosenstein, Stuart and Jeffrey G. Wyatt, 1990, Outside directors, board independence, and shareholder wealth, Journal of Financial Economics 26, 175-191.
    • (1990) Journal of Financial Economics , vol.26 , pp. 175-191
    • Rosenstein, S.1    Wyatt, J.G.2
  • 26
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith, Clifford W., Jr. and Ross L. Watts, 1992, The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 32, 263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith C.W., Jr.1    Watts, R.L.2
  • 29
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, Michael, 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, 431-460.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-460
    • Weisbach, M.1
  • 30
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, Halbert, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica 48, 817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 31
    • 0002644952 scopus 로고
    • Maximum likelihood estimation of misspecified models
    • White, Halbert, 1982, Maximum likelihood estimation of misspecified models, Econometrica 50, 1-26.
    • (1982) Econometrica , vol.50 , pp. 1-26
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.