A Survey of Recent Evidence on Boards of Directors and CEO Incentives

Ronald W. Masulis

33 citations0/0 files storedAsia-Pacific Journal of Financial Studies

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Corporate Finance and Governance Gender Diversity and Inequality Corporate Governance and Financial Management

Abstract

Abstract This article surveys the recent literature on boards of directors and the interplay between director incentives and CEO incentives. The primary focus is on how the incentives and other characteristics of directors, boards, and CEOs interact to affect firm performance. The article reviews the recent evidence documenting a causal relationship between board independence and measures of firm performance. It also discusses the major limitations of the current measure of director independence. Finally, the article highlights how board independence provides strong incentives for CEOs to create firm value and examines the recent evidence on what other director characteristics improve board effectiveness.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 2009Women in the boardroom and their impact on governance and performance☆1990Performance Pay and Top-Management Incentives 2008What Matters in Corporate Governance?2001Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature 2007A Theory of Friendly Boards

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