Classified boards, stability, and strategic risk taking

Financial Analysts Journal

Volumn 65, Issue 1, 2009, Pages 54-65

  Faleye, Olubunmi ^a  

^a NORTHEASTERN UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79955642684     PISSN: 0015198X     EISSN: None     Source Type: Journal    
DOI: 10.2469/faj.v65.n1.9     Document Type: Article

References (25)

1. Bebchuk, L.A., and A. Cohen. 2005. "The Costs of Entrenched Boards." Journal of Financial Economics, vol. 78, no. 2 (November):409-433.
2. Bebchuk, L.A., J.C. Coates IV, and G. Subramanian. 2002. "The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy." Stanford Law Review, vol. 54, no. 5 (March):887-952.
3. Bethel, J.E., J.P. Liebeskind, and T. Opler. 1998. "Block Share Purchases and Corporate Performance." Journal of Finance, vol. 53, no. 2 (April):605-634.
4. Callahan, W.T., J.A. Millar, and C. Schulman. 2003. "An Analysis of the Effect of Management Participation in Director Selection on the Long-Term Performance of the Firm." Journal of Corporate Finance, vol. 9, no. 2 (March):169-181.
5. Chan, S.H., J.D. Martin, and J.W. Kensinger. 1990. "Corporate Research and Development Expenditures and Share Value." Journal of Financial Economics, vol. 26, no. 2 (August):255-276.
6. Crutchley, C.E., J.L. Garner, and B.B. Marshall. 2002. "An Examination of Board Stability and Long-Term Performance of Initial Public Offerings." Financial Management, vol. 31, no. 3 (Autumn):63-90.
7. Eberhart, A.C., W.F. Maxwell, and A.R. Siddique. 2004. "An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases'' Journal of Finance, vol. 59, no. 2 (April):623-650.
8. Faleye, O .2007. "Classified Boards, Firm Value, and Managerial Entrenchment." Journal of Financial Economics, vol. 83, no. 2 (February):501-529.
9. Faleye, O., V. Mehrotra, and R. Morck. 2006. "When Labor Has a Voice in Corporate Governance." Journal of Financial and Quantitative Analysis, vol. 41, no. 3 (September):489-510.
10. Frakes, M.D. 2007. "Classified Boards and Firm Value." Delaware Journal of Corporate Law, vol. 32, no. 1 (March):113-157.
11. Gompers, P., J. Ishii, and A. Metrick. 2003. "Corporate Governance and Equity Prices." Quarterly Journal of Economics, vol. 118, no. 1 (February):107-155.
12. ISS. 2003. U.S. Proxy Voting Manual. Rockville, MD: Institutional Shareholder Services.
13. ISS. 2006. 2006 Postseason Report: Spotlight on Executive Pay and Board Accountability. Rockville, MD: Institutional Shareholder Services.
14. Jarrell, G.A., and A.B. Poulsen. 1987. "Shark Repellents and Stock Prices: The Effects of Antitakeover Amendments since 1980." Journal of Financial Economics, vol. 19, no. 1 (September): 127-168.
15. Koppes, R.H., L.G. Ganske, and C.T. Haag. 1999. "Corporate Governance Out of Focus: The Debate over Classified Boards." Business Lawyer, vol. 54, no. 3 (May):1023-1055.
16. Mahoney, J.M., and J.T. Mahoney. 1993. "An Empirical Investigation of the Effect of Corporate Charter Antitakeover Amendments on Stockholder Wealth." Strategic Management Journal, vol. 14, no. 1 (January): 17-32.
17. McConnell, J.J., and C.J. Muscarella. 1985. "Corporate Capital Expenditure Decisions and the Market Value of the Firm." Journal of Financial Economics, vol. 14, no. 3 (September):399-422.
18. Morck, R., A. Shleifer, and R.W. Vishny. 1988. "Management Ownership and Market Valuation: An Empirical Analysis." Journal of Financial Economics, vol. 20, no. 1 (March):293-315.
19. Morck, R., A. Shleifer, and R.W. Vishny. 1989. "Alternative Mechanisms for Corporate Control." American Economic Review, vol. 79, no. 4 (September):842-852.
20. Rechner, P.L., and D.R. Dalton. 1991. "CEO Duality and Organizational Performance: A Longitudinal Analysis." Strategic Management Journal, vol. 12, no. 2 (February):155-160.
21. Rosenstein, S., and J. Wyatt. 1990. "Outside Directors, Board Independence, and Shareholder Wealth." Journal of Financial Economics, vol. 26, no. 2 (August):l75-192.
22. White, H. 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity." Econometrica, vol. 48, no. 4 (May):817-838.
23. Wilcox, J.C. 2002. "Two Cheers for Staggered Boards." Corporate Governance Advisor, vol. 10, no. 6 (November/December):1-5.
24. Yermack, D. 1996. "Higher Market Valuation of Companies with a Small Board of Directors." Journal of Financial Economics, vol. 40, no. 2 (February):185-213.
25. Yermack, D. 2004. "Remuneration, Retention, and Reputation Incentives for Outside Directors." Journal of Finance, vol. 59, no. 5 (0ctober):2281-2308.