Article ID Journal Published Year Pages File Type
5089108 Journal of Banking & Finance 2013 20 Pages PDF
Abstract
► We test the effect of opacity on the relation between staggered boards and firm value. ► Staggered boards become increasingly beneficial to firm value as opacity increases. ► Such interaction effect applies to both R&D and CEO pay-performance sensitivity. ► Staggered boards reduce firm value only in transparent firms. ► In summary, corporate opacity affects the value impact of takeover protection.
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Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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Staggered boards, corporate opacity and firm value
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