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| Tekijä: | Dahya, J. Dimitrov, O. McConnell, J.J. |
| Otsikko: | Dominant shareholders, corporate boards, and corporate value: a cross-country analysis |
| Lehti: | Journal of Financial Economics
2008 : JAN, VOL. 87:1, p. 73-100 |
| Asiasana: | board of directors corporate governance country comparisons shareholders |
| Kieli: | eng |
| Tiivistelmä: | The study investigates the relation between corporate value and the proportion of the board made up of independent directors in 799 firms with a dominant shareholder across 22 countries. A positive relation, especially in countries with weak legal protection for shareholders, is found. The results suggest that a dominant shareholder, were he so inclined, could offset, at least in part, the documented value discount associated with weak country-level shareholder protection by appointing an ‘independentÂ’ board. The cost to the dominant shareholder of doing so is the loss in perquisites associated with being a dominant shareholder. Thus, not all dominant shareholders choose independent boards. |
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