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dc.contributor.authorBelot, François
dc.contributor.authorGinglinger, Edith
dc.contributor.authorSlovin, Myron B.
dc.contributor.authorSushka, Marie E.
dc.date.accessioned2014-03-05T10:56:49Z
dc.date.available2014-03-05T10:56:49Z
dc.date.issued2014
dc.identifier.issn0304-405X
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/12816
dc.language.isoenen
dc.subjectUnitary board
dc.subjectCorporate governance
dc.subjectTwo-tier board
dc.subjectBoard of directors
dc.subjectMonitoring
dc.subject.ddc658.1en
dc.subject.classificationjelG32en
dc.subject.classificationjelG34en
dc.titleFreedom of Choice between Unitary and Two-Tier Boards: An Empirical Analysis
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité de Cergy-Pontoise;France
dc.contributor.editoruniversityotherArizona State University;États-Unis
dc.description.abstractenWe examine board structure in France, which since 1966 has allowed firms freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms with a potential for private benefits extraction tend to adopt two-tier boards. There is enhanced sensitivity of CEO turnover to performance at firms with two-tier boards, indicating greater monitoring. Our results are broadly consistent with the Adams and Ferreira (2007) model and suggest there are gains from allowing freedom of contract about board structure.
dc.relation.isversionofjnlnameJournal of Financial Economics
dc.relation.isversionofjnlvol112
dc.relation.isversionofjnlissue3
dc.relation.isversionofjnldate2014
dc.relation.isversionofjnlpages364–385
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jfineco.2014.02.011
dc.relation.isversionofjnlpublisherElsevier
dc.subject.ddclabelOrganisation et finances d'entreprisesen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2017-01-13T17:31:07Z


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