Abstract

http://ssrn.com/abstract=134488
 
 

Citations (35)



 
 

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Director Ownership, Corporate Performance, and Management Turnover


Sanjai Bhagat


University of Colorado at Boulder - Department of Finance

Dennis C. Carey


Spencer Stuart

Charles M. Elson


University of Delaware - John L. Weinberg Center for Corporate Governance



Abstract:     
One of the goals of the corporate governance movement has been to replace the current procedurally based duty of care with an equity-based model. For such an approach to be viable, a linkage between better director management monitoring and heightened board equity ownership must be demonstrated. This Article finds such a linkage empirically. The authors report that based on an examination of a substantial number of public companies, the greater the dollar value of the outside director equity ownership: (i) the better the company?s overall performance, and (ii) the more likely in a poorly performing company that there will be a disciplinary-type CEO turnover.

Number of Pages in PDF File: 61

JEL Classification: G31, G32, G34

working papers series





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Date posted: December 31, 1998  

Suggested Citation

Bhagat, Sanjai and Carey, Dennis C. and Elson, Charles M., Director Ownership, Corporate Performance, and Management Turnover. Available at SSRN: http://ssrn.com/abstract=134488 or http://dx.doi.org/10.2139/ssrn.134488

Contact Information

Sanjai Bhagat (Contact Author)
University of Colorado at Boulder - Department of Finance ( email )
Campus Box 419
Boulder, CO 80309
United States
303-492-7821 (Phone)
Dennis C. Carey
Spencer Stuart ( email )
2005 Market St.
Suite 2350
Philadelphia, PA 19103
United States
215-814-1601 (Phone)
215-814-1682 (Fax)
Charles M. Elson
University of Delaware - John L. Weinberg Center for Corporate Governance ( email )
Alfred Lerner Hall, Room 104
Newark, DE 19716
United States
302-831-6157 (Phone)
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