Corporate Board of Directors

Structure and Efficiency

Authors: Lahlou, Ismail

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  • Shows that director compensation is mainly consistent with firm’s needs for monitoring and advising
  • Assesses the impact of firm and industry characteristics on the effectiveness of specific governance structures
  • Examines the relationship between director compensation structure and shareholder interests in the context of acquisitions
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eBook $84.99
price for USA (gross)
  • ISBN 978-3-030-05017-7
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $109.99
price for USA
  • ISBN 978-3-030-05016-0
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  • Usually dispatched within 3 to 5 business days.
About this book

Corporate governance, a subject that a few decades ago escaped the attention of all but a handful of academics and shareholders, has gradually become a central concern worldwide. This book contributes to the existing literature on the structure and effectiveness of corporate boards. It comprises three topics that address distinct research questions on board structure, the deployment of board resources to monitoring and advisory duties, and the use of equity-based incentives in the compensation packages of directors. Firstly, the book provides strong new evidence on the importance of corporate board functions in value creation. Secondly, it provides some evidence of the potential conflict between the two primary functions of corporate boards. The results indicate that while the board’s advising quality weakens when the board is principally devoted to monitoring duties, the presence of advisory directors on the board does not have any impact on the effectiveness of board oversight, which offers a more complete view on the tradeoffs between the board’s two major functions. Finally, the results suggest that the closer directors' compensation is tied to the firm's stock, the more consistent corporate acquisition decisions are with shareholder interests.


About the authors

Ismail Lahlou is an Associate Professor of Finance at the University of Burgundy, France. He is also a Research Associate in Corporate Finance at the Management of Organizations Research Centre. Lahlou earned his Ph.D. from the University of Rennes and was a visiting scholar at HEC Paris. His research interests are corporate finance, corporate governance, board of directors and director compensation. He teaches corporate finance, corporate governance, and financial management.

Reviews

“This book offers an important empirical study of the relationship between the board of directors and the performance of U.S. firms. It highlights the effect of the SOX law, the conflicting influences of the monitoring and advising functions of the board, and how the compensation of the directors determines the acquisition process.” (Gérard Charreaux, Emeritus Professor, Université de Bourgogne, France)

“This excellent book provides fascinating evidence showing that corporate boards matter. Boards have been at the center of corporate governance reforms in the last two decades, and Ismail Lahlou’s book helps understand why. It offers a fantastic source for readers interested in the optimal role, functioning, and composition of boards.” (Ulrich Hege, Professor of Finance and Economics, Toulouse School of Economics, France)

 

Table of contents (4 chapters)

Table of contents (4 chapters)

Buy this book

eBook $84.99
price for USA (gross)
  • ISBN 978-3-030-05017-7
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $109.99
price for USA
  • ISBN 978-3-030-05016-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Corporate Board of Directors
Book Subtitle
Structure and Efficiency
Authors
Copyright
2018
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG, part of Springer Nature
eBook ISBN
978-3-030-05017-7
DOI
10.1007/978-3-030-05017-7
Hardcover ISBN
978-3-030-05016-0
Edition Number
1
Number of Pages
XVIII, 204
Number of Illustrations
2 b/w illustrations, 2 illustrations in colour
Topics