摘要
Executives trade more profitably and opportunistically over the course of the tenure of independent directors (IDs). IDs’ increased connections with and hence allegiance to executives are likely the channel through which ID tenure can affect executive trading. Executive opportunism is mitigated by disciplinary factors that include the presence of a firm’s internal trading policy, blockholders, and IDs with legal expertise as well as the risk of shareholder-initiated derivative lawsuits. These results point to an association between long-tenured IDs and weakened corporate governance.
源语言 | 英语 |
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期刊 | Journal of Financial and Quantitative Analysis |
DOI | |
出版状态 | 已出版 - 2022 |
成果物的来源
- ABDC-A*
- SSCI
- FT