The effect of staggered boards on firm value during market shocks

IF 1.5 Q3 BUSINESS, FINANCE

Financial Markets and Portfolio Management Pub Date : 2023-10-09 DOI:10.1007/s11408-023-00434-1

Tristan Oliver Stenzaly

引用次数: 0

Abstract

Abstract This paper analyzes the effect of staggered boards on firm value during market shocks, adding to the ongoing debate regarding whether staggered boards are value-enhancing or value-destroying. To examine the relationship between staggered boards, market shocks, and firm value, this study employs several alterations of an ordinary least squares regression, controlling for various firm-level characteristics. The findings suggest no homogeneous association between staggered boards and firm value during market shocks. Instead, the effect depends on specific firm characteristics such as R&D intensity, size, and S&P 1500 membership. I show that especially small non-S&P 1500 firms benefit from a staggered board during market shocks. The results support the theory that the effect of staggered boards is heterogeneous and that firms should therefore be allowed to decide independently whether to stagger their boards.

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在市场震荡中，交错董事会对公司价值的影响

摘要本文分析了在市场震荡中，交错董事会对公司价值的影响，为目前关于交错董事会是增值还是破坏价值的争论增添了新的内容。为了检验交错董事会、市场冲击和公司价值之间的关系，本研究采用了几种普通最小二乘回归的变化，控制了各种公司层面的特征。研究结果表明，在市场冲击期间，交错董事会与公司价值之间没有同质关联。相反，这种影响取决于具体的企业特征，如研发强度、规模和标准普尔1500会员资格。我指出，在市场震荡期间，非标准普尔1500指数的小型公司尤其受益于交错董事会。研究结果支持了这样一个理论，即交错董事会的影响是异质的，因此企业应该被允许独立决定是否错开董事会。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Markets and Portfolio Management BUSINESS, FINANCE-

CiteScore

3.20

自引率

0.00%

发文量

期刊介绍： The journal Financial Markets and Portfolio Management invites submissions of original research articles in all areas of finance, especially in – but not limited to – financial markets, portfolio choice and wealth management, asset pricing, risk management, and regulation. Its principal objective is to publish high-quality articles of innovative research and practical application. The readers of Financial Markets and Portfolio Management are academics and professionals in finance and economics, especially in the areas of asset management. FMPM publishes academic and applied research articles, shorter ''Perspectives'' and survey articles on current topics of interest to the financial community, as well as book reviews. All article submissions are subject to a double-blind peer review. http://www.fmpm.org Officially cited as: Financ Mark Portf Manag