Boards,ownership structure,and involuntary delisting from the New York Stock Exchange |
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Authors: | Andreas Charitou Christodoulos Louca Nikos Vafeas |
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Institution: | 1. Department of Public and Business Administration, University of Cyprus, Cyprus;2. Durham Business School, Durham University, United Kingdom |
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Abstract: | This study examines whether the likelihood of becoming involuntarily delisted from NYSE is associated with a firm’s board of directors and ownership characteristics. To this end we compare 161 firms that were delisted from NYSE between 1998 and 2004 to a set of industry and size-matched control firms. Consistent with our expectations, we find that the likelihood of delisting is related to a firm’s governance characteristics. Our results on the importance of the board of directors are new to this setting and add to a large body of evidence linking corporate boards and ownership characteristics to corporate performance. |
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Keywords: | Board of directors Delisting NYSE |
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