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| Tekijä: | Subrahmanyam, V. Rangan, N. Rosenstein, S. |
| Otsikko: | The role of outside directors in bank acquisitions |
| Lehti: | Financial Management
1997 : AUTUMN, VOL. 26:3, p. 23-36 |
| Asiasana: | BANKS MERGERS DIRECTORS STOCK OWNERSHIP |
| Kieli: | eng |
| Tiivistelmä: | This paper extends the research on board composition and ownership structure to the banking industry. The results indicate that in a specialized and regulated industry such as banking, governance structures and their effectiveness cannot be generalised from nonfinancial companies. Although the results indicate that the proportion of independent outside directors and abnormal returns are negatively related to abnormal returns around the time of acquisitions, it cannot be concluded that independent outside directors are value-reducing for banking companies, or that bank boards should have fewer outsiders than they do currently. |
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