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Powerful independent directors
Financial Management ( IF 3.391 ) Pub Date : 2021-05-25 , DOI: 10.1111/fima.12365
Kathy Fogel 1 , Liping Ma 2 , Randall Morck 3
Affiliation  

Shareholder valuations are economically and statistically positively correlated with independent director power, gauged by a composite of social network power centrality measures. Powerful independent directors’ sudden deaths reduce shareholder value significantly; other independent directors’ deaths do not, consistent with powerful independent directors increasing firm valuations. Further tests associate more powerful independent directors with less value-destroying mergers and acquisitions, less free cash flow retention, more CEO accountability, and less earnings management. We interpret these findings as more powerful independent directors better detecting and countering CEO missteps because of better access to information, greater credibility in challenging errant top managers, or both.

中文翻译:

强大的独立董事

股东估值在经济和统计上与独立董事权力呈正相关,通过综合社交网络权力中心性指标来衡量。强大的独立董事突然离世,股东价值大幅缩水;其他独立董事的死亡则没有,这与强大的独立董事提高公司估值一致。进一步的测试将更强大的独立董事与更少破坏价值的并购、更少的自由现金流保留、更多的 CEO 责任和更少的盈余管理联系起来。我们将这些发现解释为更强大的独立董事可以更好地发现和应对 CEO 的失误,因为他们可以更好地获取信息,在挑战错误的高层管理人员时具有更高的可信度,或者两者兼而有之。
更新日期:2021-05-25
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