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Voluntary Listing Requirements and Corporate Performance: The Case of the Dey Report and Canadian FirmsChristine PanasianUniversity of Richmond Andrew K. PrevostOhio University - Department of Finance Harjeet S. BhabraConcordia University, Quebec - John Molson School of Business The Financial Review, Vol. 43, No. 1, February 2008 Abstract: We investigate the determinants and consequences of compliance with the Dey Committee recommendations encouraging greater board independence in Canada. Companies that acted on this recommendation appear to have done so to improve their performance and not for cosmetic purposes. Poorly performing firms that modified their boards experienced a greater increase in performance compared to those that did not. Overall, it appears that the primary function of the Dey Report was to refocus firms' attention on the quality of board monitoring, particularly those with poor relative performance.
Keywords: Corporate Governance, Board Composition JEL Classification: G34 Accepted Paper SeriesDate posted: December 3, 2007Suggested CitationContact Information
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