Board structure and price informativeness

Detalhes bibliográficos
Autor(a) principal: Ferreira, Daniel
Data de Publicação: 2011
Outros Autores: Ferreira, Miguel A., Raposo, Clara
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/24975
Resumo: We develop and test the hypothesis that stock price informativeness affects the structure of corporate boards. We find a negative relation between price informative- ness and board independence. This finding is robust to the inclusion of many firm-level controls, including firm fixed effects, and to the choice of the measure of price informativeness. Consistent with the hypothesis that price informativeness and board monitoring are substitutes, this relation is particularly strong for firms more exposed to both external and internal governance mechanisms and for firms in which firm-specific knowledge is relatively unimportant. Our results suggest that firms with more informative stock prices have less demanding board structures
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spelling Board structure and price informativenessCorporate BoardsIndependent DirectorsPrice InformativenessMonitoringTakeoversWe develop and test the hypothesis that stock price informativeness affects the structure of corporate boards. We find a negative relation between price informative- ness and board independence. This finding is robust to the inclusion of many firm-level controls, including firm fixed effects, and to the choice of the measure of price informativeness. Consistent with the hypothesis that price informativeness and board monitoring are substitutes, this relation is particularly strong for firms more exposed to both external and internal governance mechanisms and for firms in which firm-specific knowledge is relatively unimportant. Our results suggest that firms with more informative stock prices have less demanding board structuresElsevierRepositório da Universidade de LisboaFerreira, DanielFerreira, Miguel A.Raposo, Clara2022-07-25T13:17:21Z20112011-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/24975engFerreira, Daniel; Miguel A. Ferreira and Clara Raposo. (2011). “Board structure and price informativeness”. Journal of Financial Economics, Vol. 99, No. 3, pp. 523-545info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:54:36Zoai:www.repository.utl.pt:10400.5/24975Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:08:54.023432Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Board structure and price informativeness
title Board structure and price informativeness
spellingShingle Board structure and price informativeness
Ferreira, Daniel
Corporate Boards
Independent Directors
Price Informativeness
Monitoring
Takeovers
title_short Board structure and price informativeness
title_full Board structure and price informativeness
title_fullStr Board structure and price informativeness
title_full_unstemmed Board structure and price informativeness
title_sort Board structure and price informativeness
author Ferreira, Daniel
author_facet Ferreira, Daniel
Ferreira, Miguel A.
Raposo, Clara
author_role author
author2 Ferreira, Miguel A.
Raposo, Clara
author2_role author
author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Ferreira, Daniel
Ferreira, Miguel A.
Raposo, Clara
dc.subject.por.fl_str_mv Corporate Boards
Independent Directors
Price Informativeness
Monitoring
Takeovers
topic Corporate Boards
Independent Directors
Price Informativeness
Monitoring
Takeovers
description We develop and test the hypothesis that stock price informativeness affects the structure of corporate boards. We find a negative relation between price informative- ness and board independence. This finding is robust to the inclusion of many firm-level controls, including firm fixed effects, and to the choice of the measure of price informativeness. Consistent with the hypothesis that price informativeness and board monitoring are substitutes, this relation is particularly strong for firms more exposed to both external and internal governance mechanisms and for firms in which firm-specific knowledge is relatively unimportant. Our results suggest that firms with more informative stock prices have less demanding board structures
publishDate 2011
dc.date.none.fl_str_mv 2011
2011-01-01T00:00:00Z
2022-07-25T13:17:21Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/24975
url http://hdl.handle.net/10400.5/24975
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Ferreira, Daniel; Miguel A. Ferreira and Clara Raposo. (2011). “Board structure and price informativeness”. Journal of Financial Economics, Vol. 99, No. 3, pp. 523-545
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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