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Does Industry-Specific Expertise Improve Board Functioning? Evidence From Forced Bank Ceo Turnovers, Zhongdong Chen
Does Industry-Specific Expertise Improve Board Functioning? Evidence From Forced Bank Ceo Turnovers, Zhongdong Chen
Doctoral Dissertations
This study investigates whether independent directors’ expertise in the industry in which the firm operates improves board functioning. To assess the quality of board functioning, I examine firm performance following a CEO turnover. Using a sample of 173 bank CEO turnovers from 1995 to 2010, I find that the market responds more favorably to forced CEO turnover decisions when they are made by a board with more independent financial industry experts. I document that following a forced bank CEO turnover, improvements in bank performance are positively related to independent financial industry expertise on the board, while bank-risk taking is negatively …
Two Essays On Ceo Inside Debt Compensation, Nilakshi Borah
Two Essays On Ceo Inside Debt Compensation, Nilakshi Borah
Doctoral Dissertations
In the first chapter, I examine the effect CEO inside debt holdings on firm cash holdings, as measured by the ratio of cash and marketable securities to net assets using a sample of EXECUCOMP firms over the period of 2006 to 2008. Following prior literature on CEO inside debt holdings (Cassell et al., 2012), I use the following two measures as proxies for CEO inside debt compensation: (1) the CEO to firm debt/equity ratio, which is calculated as the CEO's debt/equity ratio scaled by the firm's debt to equity ratio and 2) an indicator variable equal to one when the …