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http://ssrn.com/abstract=1361255
 
 

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The Determinants and Performance Impact of Outside Board Leadership


Steven Balsam


Temple University - Department of Accounting

John Puthenpurackal


University of Nevada, Las Vegas - Department of Finance

Arun Upadhyay


University of Nevada, Reno

Decmber 22, 2011


Abstract:     
Using a large panel dataset from 1996 to 2005, we find that having an outside board chair positively and significantly impacts firm performance. Consistent with recent literature on optimal board structures, we find that the costs and benefits of having an outside chair depend on firm characteristics. Specifically, we find that having an outside chair is more valuable when the CEO has greater bargaining power or when monitoring costs to external investors are high. An outside chair however appears to be less valuable in operationally complex firms. Finally, we document that shareholders react favorably to announcements of outside chair appointments.

Number of Pages in PDF File: 70

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Date posted: March 17, 2009 ; Last revised: April 19, 2014

Suggested Citation

Balsam, Steven and Puthenpurackal, John and Upadhyay, Arun, The Determinants and Performance Impact of Outside Board Leadership (Decmber 22, 2011). Available at SSRN: http://ssrn.com/abstract=1361255 or http://dx.doi.org/10.2139/ssrn.1361255

Contact Information

Steven Balsam
Temple University - Department of Accounting ( email )
306 Speakman Hall
Philadelphia, PA 19122
United States
215-204-5574 (Phone)
215-204-5587 (Fax)
HOME PAGE: http://www.sbm.temple.edu/~drb/

John Puthenpurackal (Contact Author)
University of Nevada, Las Vegas - Department of Finance ( email )
4505 S. Maryland Parkway
Box 456008
Las Vegas, NV 89154-6008
United States
Arun Upadhyay
University of Nevada, Reno ( email )
Reno, NV 89557
United States
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