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Board gender diversity, firm risk, and the intermediate mechanisms: A meta‐analysis Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-03-12 Sylvia Maxfield, Liu Wang
Research questionThe primary focus of this meta‐analysis is to synthesize previously discordant findings on the relationship between board gender diversity (BGD) and different types of firm risk and to explore potential moderating and mediating mechanisms underlying these relationships.Research findingsWe statistically combine the results from 193 studies and find a negative association between BGD
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-03-12
No abstract is available for this article.
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Board gender reforms and voluntary disclosure: International evidence from management earnings forecasts Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-02-26 Yujie Wang, Muhammad Nadeem, Ihtisham Malik, Ling Xiong
Research Question/IssueThis study examines the relationship between boardroom gender diversity reforms (BGDRs) and corporate voluntary disclosure in the form of management earnings forecasts (MEFs) in a sample of 43 countries over the period 2000 to 2020.Research Findings/InsightsTaking advantage of the staggered adoption of the gender diversity reforms that aim to improve women's representation on
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Long-term value versus short-term profits: When do index funds recall loaned shares for voting? Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-02-11 Haoyi (Leslie) Luo, Zijin (Vivian) Xu
In this paper, we examine the effects of share lending or recall on proxy voting, with a particular focus on the role of index funds.
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The board gender diversity imitation game: Uncovering the resistant boards that refuse to play Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-02-06 Ruth Mateos de Cabo, Ricardo Gimeno, Patricia Gabaldón, Pilar Grau
This study examines the influence of group behavior on board gender diversity and identifies obstacles to its diffusion. It investigates whether boards are influenced by group behavior in determining their gender composition and explores barriers that impede the diffusion process.
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The lines that divide: Board demographic faultlines and proactive environmental strategy Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-02-06 Claudia Arena, Nicolas Garcia-Torea, Giovanna Michelon
The manuscript is of an empirical nature.
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The transaction cost implications from business angel ownership in the Caribbean Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-01-24 Bruce Hearn, Venancio Tauringana, Collins Ntim
This is a study of the relationship between business angel retained ownership in investee firms across the Caribbean region and their informational asymmetry costs captured in bid-ask spreads.
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-01-23
No abstract is available for this article.
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CGIR Review Issue 2024 Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-01-23
No abstract is available for this article.
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Chief Executive Officers With A Cause? CEO Activism And Firms’ Governance, Strategy, And Performance Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-01-23
No abstract is available for this article.
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CGIR Special Issues Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-01-23
No abstract is available for this article.
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Board co-option and corporate environmental orientation: New insights from the waste management perspective Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2024-01-16 Ammar Ali Gull, Hoa Luong, Muhammad Nadeem
We investigate the impact of board co-option on corporate environmental orientation from the perspective of waste management. As waste presents damaging effects on the natural environment, climate change, and human health, businesses assume an ethical responsibility to conduct their operations in a sustainable and responsible manner.
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-11-20
No abstract is available for this article.
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Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-11-20
No abstract is available for this article.
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Millennial managers Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-10-25 Ellie Luu, Silvina Rubio
This paper investigates whether and how millennial mutual fund managers differ from managers born in other generations in terms of environmental, social, and governance (ESG) orientation in portfolio choices and voting decisions.
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The impact of board gender composition on loan covenant violations Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-10-23 Md Samsul Alam, Muhammad Atif, Douglas Cumming, Md Shahidul Islam
We examine the role of board gender diversity in attenuating loan covenant violations. We also investigate whether the relationship is influenced by female independent directors. Finally, we examine the channels of this relationship.
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Does certification of corporate governance compliance pay off? Evidence from a unique regulatory setting Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-10-20 Abdus Sobhan, Sudipta Bose, Muhammad Shahin Miah, Rushdi Md. Rezaur Razzaque
Using insights from agency and signaling theories, we examine the effect on companies' market-based performance of a unique monitoring mechanism of compliance with a corporate governance (CG) code, that is, independent certification of compliance with a CG code and type of certification provider. Furthermore, we examine the impact of two boundary conditions, family company status and company-level
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Interrogating diversity: Feminism and the destructuration of Australian board appointment practices Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-10-04 Claire Wright, Corinne Cortese, Abdullah Al-Mamun, Searat Ali
How have social movements influenced the diversity of Australian corporate leadership? Although board diversity is crucial for corporate governance, the research in this topic is bifurcated between studies examining interlocking directorates and the presence of boardroom gender diversity.
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Does the age of compensation committee members matter for CEO compensation? Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-10-02 Yiwei Li, Michael Clements, Carol Padgett, Xiu-Ye Zhang
We examine the impact of the age of compensation committee (CC) members on CEO compensation. Sociological theory suggests that age is a significant demographic factor influencing behavior. We argue that monitoring intensity increases with age because older directors are more likely to commit to their fiduciary duties.
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Chief executive officer private firm experience and idiosyncratic risk Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-09-13 Dev R. Mishra
We examine chief executive officers' (CEOs) lifetime work experience in private firms and its potential influence in shaping managers' style in public firms and their corporate policies and thus the market's perception of a firm's risk.
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Proxy favors: Confidential proxy voting with institutional dual holders Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-09-08 William J. Becker, Sattar Mansi, Maryam Nazari, John K. Wald
For firms with institutional dual holders, is proxy voting affected by whether the vote is confidential? Does confidential voting affect firms' cost of debt?
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-09-03
No abstract is available for this article.
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Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-09-03
No abstract is available for this article.
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No place like home: Do local CEOs invest in labor more efficiently? Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-08-07 Yan Tong, Yuan Tian, Zhangfan Cao
This study investigates whether local CEOs make more efficient investment decisions in labor.
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Keeping them honest? Broad-based employee ownership and earnings management Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-08-03 Colin Birkhead
Does broad-based employee ownership limit accrual earnings management?
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Governance mechanisms, accounting regulation, and corporate disclosure in the aftermath of Covid-19: Novel research questions and methodological opportunities Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-08-04 Massimiliano Bonacchi, Christine A. Botosan, Dhananjay Nanda, Amedeo Pugliese
In this commentary, we sought to highlight research opportunities in terms of how governance mechanisms, accounting regulation, and corporate disclosure were affected by Covid-19 (C19) and shaped the economic landscape in the post-C19 period.
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The informativeness of earnings announcements during times of global uncertainty: Evidence from the Covid-19 pandemic Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-08-02 Michele Fabrizi, Elisabetta Ipino, Federico Longhin, Antonio Parbonetti
This study shows how investors assessed the informativeness of earnings announcements during the Covid-19 pandemic. Prior studies suggest that earnings announcements are more likely to provide value to investors during periods of heightened uncertainty. However, the massive regulatory intervention that took place during the pandemic is likely to have led investors to seek alternative sources of information
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Internal governance and internal control material weaknesses Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-12 Mai Dao, Trung Pham, Hongkang Xu
The objective of this study is to examine whether the effectiveness of internal governance is associated with internal control material weaknesses. We employ the concept of internal governance as the checks-and-balances mechanism that subordinate executives apply to the chief executive officer (CEO). We predict that with long horizons and long-term interests aligned with firms' long-term growth, subordinate
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-09
No abstract is available for this article.
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CGIR Special Issues Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-09
No abstract is available for this article.
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CGIR Junior Scholar Consortium and Paper Development Workshop Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-09
No abstract is available for this article.
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Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-09
No abstract is available for this article.
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The impact of indigenous culture and business group affiliation on corporate governance of African firms Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-05 Bruce Hearn, Lars Oxelheim, Trond Randøy
This is a study of the relationship between business group ownership and constituent firms' adoption of Anglo-American shareholder value governance in African firms at the undertaking of an initial public offering (IPO).
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Do geopolitical risks increase corporate risk-taking?—Based on the perspective of diversification expansion Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-07-02 Li Li, Xiang Cheng
Does geopolitical risk increase a firm's risk-taking, and will diversification expansion smooth out or exacerbate this effect?
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Birds of a feather flock together: How and when does the fit of CEO–CFO high promotion focus predict new venture initial public offering fraud? Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-06-25 Mijia Gong, Zhe Zhang, Xiaohua Yang, Ming Jia
This study attempts to examine how the fit of CEO and CFO high promotion focus, an important motivational-based psychological trait, can affect new venture initial public offering (IPO) fraud. Furthermore, we explore how this relationship is moderated by CEO–CFO status similarity (firm internal environment) and environmental dynamism (firm external environment).
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Bond-blockholders and corporate acquisitions Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-06-06 Chune Young Chung, Sunghoon Joo, Sanggyu Kang
We examine whether bond-blockholders provide additional, distinct monitoring roles in merger and acquisition (M&A) processes beyond those of equity-blockholders. Using a sample of 4309 M&A deals reported between 2001 and 2010, we shed new light on the monitoring spillover effects of bondholders to shareholders in the context of M&As.
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Board demographic, structural diversity, and eco-innovation: International evidence Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-06-06 Rashid Zaman, Kaveh Asiaei, Muhammad Nadeem, Ihtisham Malik, Muhammad Arif
We examine whether and how board diversity, measured by demographics (i.e., board gender, cultural diversity, tenure, social capital, expertise, and age) and structural diversity (i.e., board independence, size, board seat accumulation-chair, board compensation, and board meeting frequency), influence corporate eco-innovation.
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Do family ownership and control influence the consequences of IFRS adoption? Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-06-02 Chloe Yu-Hsuan Wu, Hwa-Hsien Hsu, Che-Hung Lin
This study investigates whether the impact of the mandatory adoption of the International Financial Reporting Standards (IFRS) on earnings management practices varies between family and non-family firms. Specifically, we examine the effects of different family ownership configurations and the CEO family identity.
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Do foreign institutional investors influence corporate climate change disclosure quality? International evidence Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-05-24 Sudipta Bose, Edwin KiaYang Lim, Kristina Minnick, Syed Shams
We examine the association between foreign institutional ownership and climate change disclosure quality from 2006 to 2018 across 34 countries. We find that firms with a higher level of foreign institutional ownership demonstrate better quality climate change disclosures, whereas domestic institutional ownership has immaterial impacts on such disclosures. We utilize a difference-in-differences (DiD)
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-05-07
No abstract is available for this article.
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CGIR Special Issues Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-05-07
No abstract is available for this article.
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Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-05-07
No abstract is available for this article.
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Does the presence of a general counsel in top management affect securities class action lawsuits? Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-04-16 Audrey Wen-Hsin Hsu, Sophia Liu
This study investigates the effect of the presence of a firm's general counsel on the top management team on the likelihood that a US publicly traded company is targeted by a securities class action (SCA).
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All in the family? The impact of founder directors and family governance on microfinance institutions' social performance Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-04-03 Shahadat Hossain, Jeremy Galbreath, Mostafa Monzur Hasan, Trond Randøy
This study investigates the impact of family governance, including founder directors and their ties to family members on the board, on the social performance of microfinance institutions (MFIs), a special kind of social enterprise with dual objectives.
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Correction Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-29
In an article (Bonini & Lagasio, 2022) titled “Board meetings dynamics and information diffusion” by Stefano Bonini and Valentina Lagasio, there was an error on page 99, paragraph 3.1. The correct sentence is shown below: In this paper, we exploit a unique feature of the Italian regulation that requires mandatory publication of board meeting minutes if the item discussed is “price sensitive” (Art.
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A matter of time: The influence of underperformance duration on corporate misconduct Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-29 Amy Tong Zhao, Shufeng Xiao
This study examines firms' reactions to the duration of underperformance. We posit that firms are more likely to engage in misconduct to solve the problem of underperformance as the length of time a firm has been underperforming prolongs. Further, we investigate how divergent external governance actors shape underperforming firms' motivation for misconduct and consequently affect their responses to
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Women directors, board attendance, and corporate financial performance Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-22 Jasmin Joecks, Kerstin Pull, Katrin Scharfenkamp
Using insights from an in-depth qualitative interview study, we propose an input-process-output model where the link between women directors (input) and corporate financial performance (output) is mediated by board attendance and where board attendance serves as a proxy of several intermediate but latent board processes. Further, we dig deeper into the nonlinearities of female boardroom representation
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Connecting the right knots: The impact of board committee interlocks on the performance of Indian firms Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-21 Saneesh Edacherian, Ansgar Richter, Amit Karna, Balagopal Gopalakrishnan
Information processing, agency, and resource dependence perspectives provide diverging predictions regarding the relationship between board interlocks and firm performance, which are rooted in different perspectives on the roles of boards of directors. This study argues that these various approaches are reconcilable when considering the nature of board committees to which the interlocked directors
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Board characteristics and firm resilience: Evidence from disruptive events Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-20 Ettore Croci, Gerard Hertig, Layla Khoja, Luh Luh Lan
We study the contribution of board characteristics such as independence, size, busyness, and CEO duality, to firm resilience at times of firm-specific crises.
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Seen and not heard: A comparative case study of women on boards and process loss beyond critical mass Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-16 Louise Tilbury, Ruth Sealy
Building on a classic model of socio-cognitive board processes, we consider the behaviors of men and women directors in boardrooms. We question whether having a critical mass of women on boards, defined as three or more women, removes barriers to women's participation in the boardroom, asking “How does gender influence board processes in boards with three or more women?”
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The impact of share-pledging purposes on firm performance and innovation Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-15 Xiao Jia, Ellen Jin Jiang, Rui Wang
Share pledging by controlling shareholders can be motivated by business or personal purposes. We investigate whether the firm performance and innovation outputs are different for firms with controlling shareholders pledging shares to support their firm's financing (business-pledging firms) and those pledging shares for increasing personal wealth (individual-pledging firms).
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Issue Information Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-10
No abstract is available for this article.
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CGIR Paper Development Workshop Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-10
No abstract is available for this article.
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CGIR Special Issues Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-10
No abstract is available for this article.
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Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-03-10
No abstract is available for this article.
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Social capital and stock price crash risk: Evidence from US terrorist attacks Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-02-08 Hyejin Mun, Seongjae Mun, Hyeong Joon Kim
This study examines whether social capital's monitoring role intensifies during post-terrorism periods, as terrorism influences citizens' willingness to change society and increases stakeholder participation. Focusing on firms' stock price crash risk, caused by managers' opportunistic behavior (viz., bad news hoarding), we hypothesize that social capital under terrorism reduces stock price crash risk
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Stock market response to the statement on the purpose of a corporation: A vindication of stakeholder theory Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-02-02 Mina Glambosky, Surendranath Rakesh Jory, Thanh Ngo
On August 19, 2019, the Business Roundtable (2019) released a statement signed by 181 chief executive officers (CEOs) of well-known US corporations, in which they pledged “a fundamental commitment” to “deliver value to all” stakeholders. This study examines the stock market reaction to this new statement on the purpose of a corporation.
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How boards manage the tension between cognitive conflict and cohesiveness: Illuminating the four board conflict climates Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-01-28 Marilieke Engbers, Svetlana N. Khapova
Although both cognitive conflict and cohesiveness are quintessential for a supervisory board to fulfill its monitoring and advisory role, cognitive conflict may equally create tension that negatively affects board cohesiveness and performance. How boards manage this tension between conflict and cohesiveness is the key concern of this paper.
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Unification of power and responsibilities for state-owned enterprises: A quasi-natural experiment Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-01-28 Ning Hu, Shilei Yu, Yanan Cao, Savannah (Yuanyuan) Guo, Yu Wang
Based on Property Rights Theory and Empowerment Theory, this paper uses the establishment of local State-Owned Assets Supervision and Administration Commissions (SASACs) as a quasi-natural experiment to investigate whether and how SASACs improve the efficiency of state-owned enterprises (SOEs).
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CEO turnover: Cross-country effects Corp. Gov. Int. Rev. (IF 5.66) Pub Date : 2023-01-20 Natasha Burns, Kristina Minnick, Laura Starks
We examine how countries' cultural and legal environment, in addition to firm-level governance mechanisms, affects firms' retention and termination decision of the CEO.