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| Tekijä: | Mayers, David Shivdasani, Anil Smith, C. W. Jr. |
| Otsikko: | Board composition and corporate control: Evidence from the insurance industry |
| Lehti: | Journal of Business
1997 : JAN, VOL. 70:1, p. 33-62 |
| Asiasana: | COMPANY CONTROL BOARD OF DIRECTORS INSURANCE COMPANIES COMPANY OWNERSHIP |
| Kieli: | eng |
| Tiivistelmä: | Ownership structure variation within the insurance industry enables the testing of general hypothesis about the role of board composition in the technology for corporate control. The authors investigate the role of outside directors in company control process. While in mutual companies ownership rights are not transferable, the inalienability restricts the control mechanisms and increases importance of monitoring by outside directors. The authors found that: mutual companies employ more outside directors than stocks, companies that switch between stock and mutual charters make corresponding changes in board composition, mutuals' bylaws more frequently stipulate participation by outside directors, and mutuals with more outside directors make lower costs on salaries, wages, and rent. |
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