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CEO Involvement in the Selection of New Board Members: An Empirical Analysis
Abstract
We study whether CEO involvement in the selection of new directors influences the nature of appointments to the board. When the CEO serves on the nominating committee or no nominating committee exists, firms appoint fewer independent outside directors and more gray outsiders with conflicts of interest. Stock price reactions to independent director appointments are significantly lower when the CEO is involved in director selection. Our evidence may illuminate a mechanism used by CEOs to reduce pressure from active monitoring, and we find a recent trend of companies removing CEOs from involvement in director selection.
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Cited by
The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey
Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010) · Journal of Economic Literature · doi:10.1257/jel.48.1.58 · Cited by 2,358
Are Busy Boards Effective Monitors?
Fich, E. M., & Shivdasani, A. (2012) · Corporate Governance · doi:10.1007/978-3-642-31579-4_10 · Cited by 1,051
Self-citationWomen on board: Does boardroom gender diversity affect firm risk?
Sila, V., Gonzalez, A., & Hagendorff, J. (2016) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2015.10.003 · Cited by 804
The Supply of Corporate Directors and Board Independence
Knyazeva, A., Knyazeva, D., & Masulis, R. W. (2013) · Review of Financial Studies · doi:10.1093/rfs/hht020 · Cited by 678
CEO compensation and incentives: Evidence from M&A bonuses
Grinstein, Y., & Hribar, P. (2004) · Journal of Financial Economics · doi:10.1016/j.jfineco.2003.06.002 · Cited by 650
Metadata
- Authors
- Shivdasani, A., & Yermack, D.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-10
- Volume
- 54
- Issue
- 5
- Pages
- 1829-1853
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122991787
- Cited by
- 1,295
- References
- 0
- FWCI
- 57.76
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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