haku: @indexterm BIAS / yhteensä: 138
viite: 13 / 138
| Tekijä: | Hwang, B-H. Kim, S. |
| Otsikko: | It pays to have friends |
| Lehti: | Journal of Financial Economics
2009 : JUL, VOL 93:1, p. 138-158 |
| Asiasana: | board of directors bias compensation |
| Kieli: | eng |
| Tiivistelmä: | At the moment, the independence of a director means that he/she has no financial or family ties to the company. This article aims to study whether the social ties of a board director affect his/her independence. It is found that according to the current classification, 86% of boards are independent. However, when taking the social ties into account, only 62% of boards can be considered independent. These companies also tend to have remarkably lower levels of compensation, stronger pay-performance sensitivity ans stronger turnover-performance sensitivity than boards that are not socially independent. |
SCIMA