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| Tekijä: | Nguyen, B.D. Nielsen, K.M. |
| Otsikko: | The value of independent directors: Evidence from sudden deaths |
| Lehti: | Journal of Financial Economics
2010 : DEC, VOL. 98:3 p. 550-567 |
| Asiasana: | board of directors corporate finance companies USA shareholders |
| Kieli: | eng |
| Tiivistelmä: | This paper explores contributions of independent directors to shareholder value by examining stock price reactions to sudden deaths in the US from 1994 to 2007. It is found, first, that following director death stock prices drop by 0.85% on average. Second, the degree of independence and board structure determine the marginal value of independent directors. Third, independence is more valuable in crucial board functions. Finally, controlling for director-invariant heterogeneity using a fixed effect approach, the paper identifies the value of independence over and above the value of individual skills and competences. Overall, the results indicate that independent directors provide a valuable service to shareholders. |
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