haku: @indexterm supervision / yhteensä: 119
viite: 7 / 119
| Tekijä: | Ferreira, D. Ferreira, M.A. Raposo, C.C. |
| Otsikko: | Board structure and price informativeness |
| Lehti: | Journal of Financial Economics
2011 : MAR, VOL. 99:3 p. 523-545 |
| Asiasana: | board of directors directors information supervision corporate governance |
| Kieli: | eng |
| Tiivistelmä: | This paper develops and test the hypothesis that private information incorporated into stock prices (price informativeness) influences the structure of corporate boards. A negative relation is found between measures of price informativeness and measures of board independence. Consistent with the hypothesis that price informativeness and board monitoring are substitutes, this relationship is especially strong for companies more exposed to both external and internal governance mechanisms, companies for which firm-specific knowledge is relatively unimportant, and during periods of extreme abnormal stock performance. The results indicate that companies with more informative stock prices have less demanding board structures. |
SCIMA