Board of Directors

Working Paper

01 May 2013

The Present and Future of Corporate Governance: Re-Examining the Role of the Board of Directors and Investor Relations in Listed Companies

In this paper, we first shed light on the factors that underlie the differences between the ?shareholder wealth maximization? and the ?long-term commitment? models of corporate governance. By introducing a third type of governance...

Joseph McCahery | Erik Vermeulen | Masato Hisatake
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 January 2013

The Brain Gain of Corporate Boards: Evidence from China

We study the impact of directors with foreign experience on firm performance in emerging markets. We use a unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly talented...

Mariassunta Giannetti | Guanmin Liao | Xiaoyun Yu
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