How do independent directors view generalist vs. specialist CEOs? Evidence from an exogenous regulatory shock

被引：6
|
作者：
Chatjuthamard, Pattanaporn [1 ,2 ]
Jiraporn, Pornsit [3 ]
Treepongkaruna, Sirimon [4 ,5 ]
机构：
[1] Chulalongkorn Univ, Sasin Sch Management, Bangkok, Thailand
[2] Chulalongkorn Univ, Sasin Sch Management, Ctr Excellence Management Res Corp Governance & B, 254 Phayathai Rd, Bangkok 10330, Thailand
[3] Penn State Univ, Sch Grad Profess Studies, University Pk, PA 16802 USA
[4] Univ Western Australia, UWA Business Sch, 35 Stirling Hwy, Perth, WA 6009, Australia
[5] Chulalongkorn Univ, Sasin Sch Management, Res Unit Sustainabil Finance & Capital Market Dev, 254 Phayathai Rd, Bangkok 10330, Thailand
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2021年 / 78卷
关键词：
Generalist CEOs; Specialist CEOs; Independent directors; Board independence; Corporate governance; Sarbanes-Oxley; SARBANES-OXLEY-ACT; GOVERNANCE EVIDENCE; COMPENSATION; EXPERIENCE;
D O I：
10.1016/j.irfa.2021.101957
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Exploiting the passage of the Sarbanes-Oxley Act as a quasi-natural experiment, we explore how independent directors view generalist vs. specialist CEOs. Generalist CEOs possess the general managerial skills that can be applied across firms and industries. Our difference-in-difference estimates show that independent directors view generalist CEOs unfavorably. Firms forced to raise board independence experience a lower increase in CEO general ability than those not required to change board composition. Additional analysis confirms the results, including fixed- and random-effects regressions, propensity score matching, instrumental-variable analysis, and Oster's (2019) technique for testing coefficient stability.
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页数：10
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