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Article dans une revue Journal of Financial Economics Année : 2014

Freedom of choice between unitary and two-tier boards: an empirical analysis

Edith Ginglinger
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Myron B. Slovin
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Marie E. Sushka
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Résumé

We examine board structure in France, which since 1966 has allowed firms freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms with a potential for private benefits extraction tend to adopt two-tier boards. There is enhanced sensitivity of CEO turnover to performance at firms with two-tier boards, indicating greater monitoring. Our results are broadly consistent with the Adams and Ferreira (2007) model and suggest there are gains from allowing freedom of contract about board structure.
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Dates et versions

halshs-00973546, version 1 (04-04-2014)

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Edith Ginglinger, François Belot, Myron B. Slovin, Marie E. Sushka. Freedom of choice between unitary and two-tier boards: an empirical analysis. Journal of Financial Economics, 2014, 112, pp.364-385. ⟨10.1016/j.jfineco.2014.02.011⟩. ⟨halshs-00973546⟩
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