The role of boards of directors in corporate governance: A conceptual framework and survey

Adams, Renee B., Hermalin, Benjamin E. and Weisbach, Michael S. (2010) The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature, 48 1: 58-107. doi:10.1257/jel.48.1.58

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Author Adams, Renee B.
Hermalin, Benjamin E.
Weisbach, Michael S.
Title The role of boards of directors in corporate governance: A conceptual framework and survey
Journal name Journal of Economic Literature   Check publisher's open access policy
ISSN 0022-0515
Publication date 2010-03
Sub-type Article (original research)
DOI 10.1257/jel.48.1.58
Volume 48
Issue 1
Start page 58
End page 107
Total pages 50
Editor Roger Gordon
Mary Kay Akerman
Place of publication Nashville, United States
Publisher American Economic Association
Collection year 2011
Language eng
Subject C1
140207 Financial Economics
910402 Management
Abstract This paper is a survey of the literature on boards of directors, with an emphasis on research done subsequent to the Benjamin E. Hermalin and Michael S. Weisbach (2003) survey. The two questions most asked about boards are what determines their makeup and what determines their actions? These questions are fundamentally intertwined, which complicates the study of boards because makeup and actions are jointly endogenous. A focus of this survey is how the literature, theoretical as well as empirical, deals - or on occasions fails to deal - with this complication. We suggest that many studies of boards can best be interpreted as joint statements about both the director-selection process and the effect of board composition on board actions and firm performance.
Keyword Powerful antitakeover force
Firm performance
CEO turnover
Executive-compensation
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Faculty of Business, Economics and Law -- Publications
Official 2011 Collection
UQ Business School Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 219 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 301 times in Scopus Article | Citations
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Created: Sun, 06 Jun 2010, 00:04:47 EST