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«Three essays on corporate boards R. Øystein Strøm A dissertation submitted to BI Norwegian School of Management for the degree of Dr.Oecon SERIES ...»

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Kaplan, S. N. (1994a). Top executive rewards and firm performance: A comparison of Japan and the United States. Journal of Political Economy 102(3), 510–546.

Kaplan, S. N. (1994b). Top executives, turnover and firm performance in Germany. Journal of Law, Economics, and Organization 10, 142–159.

Kaplan, S. N. and B. A. Minton (1994). Appointments of outsiders to Japanese boards. Determinants and implications for managers. Journal of Financial Economics 36, 225–258.

McConnell, J. and H. Servaes (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27, 595–612.

Monks, R. A. and N. Minow (2001). Corporate Governance (2nd ed.).

Malden, MA: Blackwell Publishing.

Morck, R., A. Shleifer, and R. Vishny (1988, Jan-Mar). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20, 293–315.

Murphy, K. J. and J. L. Zimmermann (1993). Financial performance surrounding CEO turnover. Journal of Accounting and Economics 16, 273–315.

Pagano, M. and P. F. Volpin (2005, Apr). Managers, workers, and corporate control. Journal of Finance 60(2), 841–868.

Parrino, R. (1997). CEO turnover and outside succession: A cross-sectional analysis. Journal of Financial Economics 46, 165–197.

Roe, M. J. (2003). Political Determinants of Corporate Governance. Oxford, UK: Oxford University Press.

Scharfstein, D. (1988). The disciplinary role of takeovers. Review of Economic Studies 55, 185–199.

Shleifer, A. and R. W. Vishny (1986). Large shareholders and corporate control. Journal of Political Economy 94(3), 461–486.

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Tirole, J. (2006). The Theory of Corporate Finance. Princeton: Princeton University Press.

Warner, J. B., R. L. Watts, and K. H. Wruck (1988). Stock prices and top management changes. Journal of Financial Economics 20, 461–492.

Wasserman, S. and K. Faust (1994). Social Network Analysis: Methods and Applications. Cambridge, UK: Cambridge University Press.

Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics 20, 431–460.

Woolridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data.

Cambridge, Mass.: The MIT Press.

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Figure 4.2 The percentage chairman change relative to CEO change.

The line represents the chairman changes, while bars are the number of observations in a given year (right hand scale).

Per cent chairman change

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Figure 4.3 The average number of new shareholder elected directors relative to CEO change.

The line represents the director changes, while bars are the number of observations in a given year (right hand scale).

Director change

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1.75 1.75 56 1.50 1.50 48

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1.00 1.00 32 0.75 0.75 24 0.50 0.50 16 0.25 0.25 8

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“New CEO” is the percentage of new CEOs in the population of firms, “New chairman” is the percentage of new chairmen in the population of firms, and “New directors” is the percentage of new directors. “Avg.” is the average size of the change in e.g. the number of new directors, “Std.” is the standard deviation to the change, and “ N” is the number of firms for the respective variable. “Stock return” is defined as the yearly stock return adjusted for dividends and stock splits. ROA is earnings before interest, taxes and extraordinary items on the book value of assets. Stock return and ROA averages and standard deviations are unweighted.

4.10. TABLES 143

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Probit estimations using maximum likelihood, see (4.3) and explanations there.

“CEO turnover” is defined as all turnovers, simultaneous turnover of CEO and chairman, and as forced dismissal. “Firm performance” is specified as either stock return or return on assets.

Pseudo-R2 is calculated as 1 − Lur /Lo (Woolridge, 2002, page 465) where Lur is the log-likelihood function for the estimated model, and Lo is the the log-likelihood function in the model with only an intercept. In board turbulence, the chairman’s impact has been removed in CEO and chairman turnover regressions. All regressions contain full sets of unreported year and industry dummies.

The exclusion turbulence test (Greene, 2003, p. 102) is a test of the null hypothesis that the board Turbulence coefficients are both zero.

CHAPTER 4. BOARD CONTROL

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The same probit model as in table 4.3 is estimated here, except that lagged dummy variables showing various definitions of busy directors have replaced the lagged Network variable.

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“Firm performance” is specified as either stock return or return on assets.

Pseudo-R2 is calculated as 1 − Lur /Lo (Woolridge, 2002, page 465) where Lur is the log-likelihood function for the estimated model, and Lo is the the log-likelihood function in the model with only an intercept. In board turbulence, the chairman’s impact has been removed.

All regressions contain full sets of year and industry dummies. These are not reported.

4.10. TABLES 145

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A full set of year and industry dummies are included as instruments in all regressions in addition to instruments from the explanatory variables and transformations. ‘Improved FP dummy’ is a binary variable taking the value 1 if the CEO turnover has resulted in an improved firm performance (FP). ‘Reduced FP dummy’ is a binary variable taking the value 1 if the CEO turnover led to reduced firm performance. ‘Exclusion FP dummies’ is an exclusion test (Greene, 2003, p. 102) of the two firm performance dummies for improved or reduced firm

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