| Tekijä: | Kosnik, R. D. |
| Otsikko: | Greenmail : a study of board performance in corporate governance. (!Repurchase of stocks) |
| Lehti: | Administrative Science Quarterly
1987 : JUN, VOL. 32:2, p. 163-185 |
| Asiasana: | STOCK OWNERSHIP BOARD OF DIRECTORS STOCK EXCHANGES USA |
| Kieli: | eng |
| Tiivistelmä: | The board structure of 53 companies that privately repurchased stock at a premium above the market place - i. e. paid greenmail - and 57 companies that resisted greenmail are compared. The decision to pay greenmail is used as a proxy for the board's ineffectiveness. In this case the board's outside directors are unable to prevent management from making wrong decisions, including paying greenmail. Boards that avoided greenmail had more outside directors, more experienced directors and more directors who represented interorganizational transactions than boards of companies which paid greenmail. |
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