如果您无法下载资料，请参考说明：
1、部分资料下载需要金币，请确保您的账户上有足够的金币
2、已购买过的文档，再次下载不重复扣费
3、资料包下载后请先用软件解压，在使用对应软件打开
Highermarketvaluationofcompanieswithasmallboardofdirectors(节选)Author：DavidYermackNationality：TheU.S.Derivation:JournalofFinancialEconomics40(1996)185-211（P185-187）IntroductionAgrowingbodyofempiricalresearchexaminesthestructureandeffectivenessofcorporategovernancesystems.Animportantinsightfromthisliteratureisthattopmanagers’decisionsappeartobeinfluencedbyexecutivecompensation,takeoverthreats,monitoringbyboardsofdirectors,andothercontrolmechanisms.Icontributetothisliteraturebyevaluatingaproposalforlimitingthesizeofboardsofdirectorsinordertoimprovetheireffectiveness.Myevidencesupportsthisproposal,asIfindaninverseassociationbetweenfirmvalueandboardsizeinapanelofmajorU.S.companies.LiptonandLorsch(1992)statethat‘...thenormsofbehaviorinmostboardroomsaredysfunctional’,becausedirectorsrarelycriticizethepoliciesoftopmanagersorholdcandiddiscussionsaboutcorporateperformance.Believingthattheseproblemsincreasewiththenumberofdirectors,LiptonandLorschrecommendlimitingthemembershipofboardstotenpeople,withapreferredsizeofeightornine.Theproposalamountstoaconjecturethatevenifboards’capacitiesformonitoringincreasewithboardsize,thebenefitsareoutweighedbysuchcostsasslowerdecision-making,less-candiddiscussionsofmanagerialperformance,andbiasesagainstrisk-taking.Jensen(1993)takesupthistheme,pointingoutthe‘greatemphasisonpolitenessandcourtesyattheexpenseoftruthandfranknessinboardrooms’andstatingthat‘whenboardsgetbeyondsevenoreightpeopletheyarelesslikelytofunctioneffectivelyandareeasierfortheCEOtocontrol’.Someevidenceshowsthatreducingboardsizehasbecomeapriorityforinstitutionalinvestors,dissidentdirectors,andcorporateraidersseekingtoimprovetroubledcompanies.Kinietal.(1995)presentevidencethatboardsizeshrinksaftersuccessfultenderoffersforunder-performingfirms.AtAmericanExpress,theoutsidedirectorwhoin1993organizedtheremovalofthecompany’sCEOcitedthe‘unwieldy’19-personboardasanobstacletochange,statingthatthe‘sizeoftheboarddoesmakeadifference’,accordingtoMonksandMinow(1995).Smallerboardshavee
立即下载
