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    A Lapse of Concentration Omitted Variables, Board Structure and Firm Performance

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    9b12afaeb3e45c071348de27f880ed3e1409.pdf (306.3Kb)
    Permanent Link
    http://hdl.handle.net/11603/19090
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    • UMBC Economics Department
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    Author/Creator
    Rose, Morgan Joseph
    Date
    2004-10
    Type of Work
    54 pages
    Text
    conference papers and proceedings preprints
    Citation of Original Publication
    Morgan Joseph Rose, A Lapse of Concentration: Omitted Variables, Board Structure and Firm Performance, https://pdfs.semanticscholar.org/82db/9b12afaeb3e45c071348de27f880ed3e1409.pdf?_ga=2.74164816.394368685.1593545506-2145448185.1585330375
    Rights
    This item is likely protected under Title 17 of the U.S. Copyright Law. Unless on a Creative Commons license, for uses protected by Copyright Law, contact the copyright holder or the author.
    Abstract
    Previous analyses of the relationship between board structure and firm performance have not considered how that relationship is affected by external ownership concentration. This paper illustrates how, as a result of this omission, estimates of the impact of staggered boards on firm performance have been biased downward. Including external ownership concentration also allows for the first time an examination of the interactions of that variable and board structure, permitting more informative empirical tests of whether, and in what circumstances, effective staggered boards (ESBs) benefit shareholders. Evidence from those tests is consistent with the hypothesis that ESBs represent credible commitments on the part of shareholders not to act opportunistically, and so enhance firm performance.


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    Albin O. Kuhn Library & Gallery
    University of Maryland, Baltimore County
    1000 Hilltop Circle
    Baltimore, MD 21250
    www.umbc.edu/scholarworks

    Contact information:
    Email: scholarworks-group@umbc.edu
    Phone: 410-455-3544


    If you wish to submit a copyright complaint or withdrawal request, please email mdsoar-help@umd.edu.