Ownership and board structures in publicly traded corporations

• 成果类型: Article
• 署名作者: Denis, DJ; Sarin, A
• 署名单位: Purdue University System; Purdue University; Santa Clara University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(99)00008-2
• 发表日期: 1999
• 页码: 187-223
• 关键词: ownership structure; BOARD COMPOSITION

摘要

We examine the equity ownership structure and board composition of a sample of 583 firms over the ten-year period 1983-1992. Our evidence suggests that a substantial fraction of firms exhibit large changes in ownership and board structure in any given year. These changes are correlated with one another and are not reversed in subsequent years. Ownership and board changes are strongly related to top executive turnover, prior stock price performance, and corporate control threats, but only weakly related to changes in firm-specific determinants of ownership and board structure. Furthermore, large ownership changes are typically preceded by economic shocks and followed by asset restructurings. (C) 1999 Elsevier Science S.A. All rights reserved.