Abstract

http://ssrn.com/abstract=2162549
 
 

Citations (1)



 


 



Matching Directors with Firms: Evidence from Board Structure Following Corporate Spinoffs


David J. Denis


University of Pittsburgh

Diane K. Denis


University of Pittsburgh - Katz School of Business

Mark D. Walker


North Carolina State University

October 12, 2012


Abstract:     
We analyze board structure surrounding corporate spinoffs. Our findings indicate that there are substantial differences in the composition of the boards of spun off units and post-spinoff corporate parents. There is little overlap in the two boards and the majority of the unit directors have no prior connection to the parent company. Placement on either the parent or unit board is strongly associated with a director having expertise that is unique to that firm’s industry. These findings are consistent with the spinoff allowing the parent and unit firms to tailor their boards to the specific assets and operating needs of their firms. We also find that pre-spinoff parent board ties between individual directors and the CEO have a meaningful impact on the composition of both the parent and the unit board.

Number of Pages in PDF File: 46

Keywords: Board of directors, spinoffs, governance

JEL Classification: G34

working papers series





Download This Paper

Date posted: October 17, 2012  

Suggested Citation

Denis, David J. and Denis, Diane K. and Walker, Mark D., Matching Directors with Firms: Evidence from Board Structure Following Corporate Spinoffs (October 12, 2012). Available at SSRN: http://ssrn.com/abstract=2162549 or http://dx.doi.org/10.2139/ssrn.2162549

Contact Information

David J. Denis (Contact Author)
University of Pittsburgh ( email )
Katz Graduate School of Business
Pittsburgh, PA 15260
United States
412-648-1708 (Phone)
Diane K. Denis
University of Pittsburgh - Katz School of Business ( email )
368B Mervis Hall
Pittsburgh, PA 15260
United States
412-624-0296 (Phone)
Mark D. Walker
North Carolina State University ( email )
Raleigh, NC 27695
United States
Feedback to SSRN


Paper statistics
Abstract Views: 1,045
Downloads: 165
Download Rank: 109,320
Citations:  1

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo4 in 0.297 seconds