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The Supply of Corporate Directors and Board Independence
2013
The Review of financial studies
Empirical evidence on the relations between board independence and key board decisions, CEO incentives and firm performance is generally confounded by major endogeneity issues. We circumvent these endogeneity problems by demonstrating the strong impact of the local director labor market on corporate board structure for all but the largest quartile of S&P 1500 firms. Specifically, we show that proximity to larger pools of local director talent leads to significantly more independent boards.
doi:10.1093/rfs/hht020
fatcat:5q6xevab5fdr3cczwvslhab6de