Board of Directors

Working Paper

25 April 2017

Why Do Boards Exist? Governance Design in the Absence of Corporate Law

We study when firms choose to install boards and their roles in a historical setting where neither boards nor their duties are mandated by law. Boards arise in firms with large, heterogenous shareholder bases. We propose that an...

Mike Burkart | Salvatore Miglietta | Charlotte Ostergaard
01 August 2017

Closing the Gap: Gender Quotas and Corporate Board Composition

We study the impact of board gender quotas on firms’ hiring and retention practices. We find that female director tenure significantly increases following the introduction of a quota in France in 2011, with stronger effects among...

Daniel Ferreira | Edith Ginglinger | Marie-Aude Laguna | Yasmine Skalli
01 March 2019

Firms’ Rationales for CEO Duality: Evidence from a Mandatory Disclosure Regulation

Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of CEO and chairman. The stated reasons support both agency...

Marc Goergen | Peter Limbach | Meik Scholz-Daneshgari
06 December 2020

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

In 2017, “The Big Three” institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led firms to add at least 2.5 times as many female directors in 2019 as they...

Todd Gormley | Vishal K. Gupta | David A. Matsa | Sandra C. Mortal | Lukai Yang

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