Herding Behaviour Inside the Board: an experimental approach

Maximiliano González · Renato Modernell · Elisa París

17 citations0/0 files storedCorporate Governance An International Review

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Corporate Finance and Governance Corporate Governance and Law Experimental Behavioral Economics Studies

Abstract

An experimental study was conducted to measure the impact of “herding behaviour” inside a board of directors based on the González (2002 PhD dissertation) theoretical model, which maintains that in a board meeting composed of a CEO and two external directors (A and B), where voting is sequential (CEO → A → B) and the directors’ reputations are valuable, director B tends to copy director A’s decision. Based on the observations made through the experiment, we confirm the presence of herding behaviour.

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References

1983Separation of Ownership and Control 1936The General Theory of Employment, Interest and Money.1992A Simple Model of Herd Behavior 1936The General Theory of Employment, Interest and Money, by John Maynard Keynes 1988Stock prices and top management changes 2002The Non-Correlation Between Board Independence and Long-Term Firm Performance 1998The Non-Correlation between Board Independence and Long-Term Firm Performance 1989Management turnover and financial distress

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